MIS manager licence applications take time to get right, so get in early
Based on our experience with DIMS licensing, we expect your MIS application will involve at least some engagement with us before it is ready to be approved. Some applications will take longer than others and therefore require more input from us.
To ensure we can give you the right level of support, we strongly recommend you talk to your supervisor and to us about your application, before you submit it.
Make your application easier
We’re here to help you, but there are also some things you can do to ensure your application runs as smoothly as possible:
- Review the licensing guides on our website (see below)
- Set up your account on the Disclose Register early and get familiar with the system – you can create and discard test registrations for practice
- Let us know when you intend to apply
- Focus on the minimum standards – we will assess your business against them when processing your application
- Work closely with your supervisor, as they can provide advice on how to address any gaps in your application
- Contact us if you are unsure of how something in the guide applies to your business.
You can contact us via email fmcapplications@fma.govt.nz or phone 0800 434 567.
Our assessments are tailored to your business
Our assessments are adapted to the unique aspects of your business, such as its size, nature and complexity. However, regardless of your business size or type, you must meet the legal requirements in the FMC Act and applicable regulations.
Where a particular standard does not seem relevant to your application, you will need to explain how you came to that view. You will also need to explain how you will meet the intent of that standard, and the summary statement for that particular category.
In limited cases, we will consider requests for an exemption from certain requirements of the Financial Markets Conduct Act.
Property and forestry investment schemes need a licence too
Businesses providing property investment schemes or property syndication funds, or forestry managed investment schemes, also need to get their licence application in as soon as possible.
While standard licensing and governance obligations apply for property investment schemes, we have recently granted exemptions from some compliance obligations. Find more information about these exemptions.
For forestry managed investment schemes (MIS) we have just published a licensing guide to help businesses get started. The guide also explains when a scheme is not an MIS, and does not have to have a licensed manager.
We have also recently granted some exemptions for forestry MISs and their custodians from some compliance obligations. If you would like to find out more about these, see page 13 of our Regulatory Update: FMA legislative notices supporting the FMC Act regime or contact us at exemptions@fma.govt.nz
To begin the application process click here. If you have any questions please call us on 0800 434 567.
|
