An MIS pools money from a number of investors, who rely on the investment expertise of the scheme manager. The definition in the FMC Act (section 9) is broad and includes collective investment schemes, and most schemes involving participatory securities.
These schemes can be structured in different ways and may invest in a wide range of investments. They can be open-ended (offered continuously) or close-ended (more equity-like).
A discretionary investment management service (DIMS), insurance contract, or a scheme that only involves managing separate and direct interests in underlying property are not considered to be an MIS.
We’re here to help you, but there are also some things you can do to ensure your application runs as smoothly as possible:
Please contact us to get a copy of a licence application, either by email fmcapplications@fma.govt.nz or phone 0800 434 567.
Click here to view the Licensing Checklist
Note: MIS manager licence applications take time to get right, so get in early: based on our experience, 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.
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 but 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.
PART A
This guide contains information about the licensing process and includes many FAQs you might have and explains how to use our online application form(currently unavailable); create a RealMe® identity, if you don't already have one and pay your licensing fee.
Download the licensing guide Part A: How do I apply for a licence? PDF, 510KB.
PART B
This guide contains all the specific questions you’ll be asked and the minimum standards you’ll need to show you meet. It also details the information and supporting documents you’ll need to provide when you submit your application.
Download the licensing guide Part B: Managed investment scheme (MIS) manager PDF, 1MB.
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.
This licensing guide for MIS managers of forestry schemes supplements Part B of our licensing application guides. It explains to businesses providing an MIS service of a forestry scheme on how to approach their licence application under the FMC Act.
Download the Licensing guide for MIS managers of forestry schemes PDF, 600KB.
We have granted some compliance obligations exemptions as below:
In your application, you'll need to demonstrate how you can meet the minimum standards and conditions for your licence - or ask us for a limit or variation using the forms below. This is very important because when a licence is granted, they contain conditions that support your licensee obligations. They include conditions imposed by the FMC Act, the regulations, and any conditions imposed by the FMA.
Download Standard Conditions for managed investment scheme manager licences PDF, 550KB.
Application for approval of a single person self-managed superannuation scheme as a Schedule 3 approved scheme should be lodged to Compliance@fma.govt.nz
The sole member of the scheme must be one of the trustees of the scheme or if the scheme has a sole corporate trustee one of the Directors of the corporate trustee. The fee payable with the application is currently $178.25 including GST and will be billed to the applicant.
Ongoing obligations once approved are:
The accounts must be completed within 5 months of the balance date and a copy of the annual report and unaudited accounts must be lodged to FMA Compliance@fma.govt.nz within 28 days of completion. Currently, there is no fee for the lodgement of the annual report and accounts.
Any questions regarding the trust deed content, application process or ongoing obligation can be made to questsons@fma.govt.nz
It is helpful to read the Licensing overview report alongside the guide to the FMA’s view of conduct. Together, these documents give a good indication of our areas of future focus, our overall approach to monitoring; and what we expect of licensed providers of financial products and services.
Download the Licensing overview report (2017) PDF, 1.3MB.
SD1.0 Certificate of compliance and authority to apply (applicant or their authorised person)
SD1.1 Declaration by current/proposed director of licence applicant
SD1.2 Declaration by current/proposed senior manager of licence applicant
SD1.3 Curriculum vitae of management team member of licence applicant
SD1.4 Declaration by Independent trustee (individual) - a combined certificate and declaration
This notification form must be completed and emailed to compliance@fma.govt.nz.
We understand that some people may not be able to print, sign and scan documents at the moment, due to the COVID-19 alert levels. If that is the case for you:
Download Notification of change of director or senior manager by licensee and/or key personnel of authorised body DOC.
(Refer Financial Markets Conduct Regulations 2014 r 191).
To notify us of a change to your key people and managers as required by the licensing standard conditions, please send an email to compliance@fma.govt.nz outlining what the changes are and the qualifications and experience of the new or replacing personnel, e.g. attach their c.v.
Note that this is a standard condition for the following licence types: DIMS, crowdfunding, independent trustee (for corporates), MIS and peer-to-peer lending.