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Financial Markets Authority urges fund managers to take action

4 August 2016

The deadline is looming for fund managers to get licensed under the Financial Markets Conduct Act (FMCA) and the Financial Markets Authority (FMA) is putting out the final call to those that want to stay in the game. Read the full article on the FMA website.

Under the FMCA, fund managers, discretionary investment management service providers and derivatives issuers must meet new governance and capability standards before 1 December 2016.

The FMA advise that most firms have now completed licensing but those firms who have not yet put in applications must get their applications in by 30 August. The licensing process can take up to 12 weeks so the sooner businesses start talking to the FMA’s licensing team, the sooner they can iron out any challenges the application may bring.

Firms offering financial products under the FMC Act also need to make sure they leave enough time to prepare a PDS and upload detailed information about their schemes and offers on the Companies Office Disclose Register by 30 November 2016.


Disclose Register

It may take longer than expected to get documents in order and gather everything needed to register offers and schemes on the Disclose Register. If you haven’t already begun to transition your offers and schemes, you need to start now. Even if you aren’t quite ready to begin registration, we strongly recommend you set up your organisation account now – refer to Getting Started.

If you don’t yet have licence approval from FMA, don’t let this hold you up. You can start your registration before you’re licensed - you’ll just need to be licensed before you can submit it for approval by the Registrar.

There are a number of key legislative reference guides available to explain what issuers and managers need to provide on the Disclose Register.