Over 2015, the FMA has been working with stakeholders to support the implementation of the Financial Markets Conduct Act 2013 (FMC Act) regime.
One of the ways they have been doing this is by considering use of their legislative tools such as class exemptions, designations, frameworks, methodologies, and public accountability notices.
This consultation details the FMA's proposed exemptions to provide relief on four issues affecting overseas businesses, and trustees for restricted schemes. The issues are:
•balance date alignment for FMC reporting entity subsidiaries
•recognition of overseas auditors for custodian assurance engagements
•treatment of overseas banks offering simple debt securities to existing investors resident in New Zealand
•independence requirements for licensed trustees appointed as directors of sole corporate trustees for restricted schemes.
The FMA is requesting feedback on the exemption proposals discussed in this paper.
Submissions close on Thursday, 24 March 2016
All comments should be submitted to email@example.com with the subject line: ‘Exemptions impacting overseas businesses, and restricted schemes: [your organisation’s name]’