17 May 2016
Exemption notice - some property schemes
The FMA believes that property schemes generally can and should comply with the same licensing and governance requirements under the FMC Act as other managed investment schemes (MIS). However given the characteristics of property schemes, we recognise that full compliance with some specific requirements may be unnecessary, and the cost is likely to outweigh benefits for
investors. As a result, we have approved class exemptions for property schemes and their custodians to address these matters.