New Zealand Financial Markets Authority has agreed in principle to grant a five-year class exemption providing relief from certain reporting, audit and assurance obligations for managers and custodians of registered Managed Investment Schemes that are in wind-up under the Financial Markets Conduct Act 2013. The relief would apply to obligations under Parts 3, 4 and 7 of the Financial Markets Conduct Act 2013 and the Financial Markets Conduct Regulations 2014. The exemption is framed around the shift in a scheme’s objectives and priorities during wind-up, where the cost of complying with some requirements may outweigh the benefits when the original purpose of the obligation would not be met, or only partially met; submissions on the proposals were sought by 5pm on 12 May 2025. Next, an exemption notice will be drafted to give effect to the decision, and the FMA indicated it may consult stakeholders during the drafting process.
New Zealand Financial Markets Authority 2025-03-17
New Zealand Financial Markets Authority agrees in principle to grant five-year class exemption from reporting and audit requirements for managed investment schemes in wind-up
The New Zealand Financial Markets Authority plans to grant a five-year class exemption from certain reporting, audit, and assurance obligations for managers and custodians of registered Managed Investment Schemes in wind-up under the Financial Markets Conduct Act 2013. This exemption, subject to stakeholder consultation, addresses the cost-benefit imbalance of compliance during wind-up, with submissions due by 12 May 2025.