1. Compliance
  2. Consultation
  3. Consultation: Proposed class exemption for restricted schemes from certain disclosure and reporting obligations

Consultation: Proposed class exemption for restricted schemes from certain disclosure and reporting obligations

Page last updated: 17 November 2021

Final date for submission

5pm, Wednesday 21 April 2021

Consultation document

Proposed class exemption for restricted schemes from certain disclosure and reporting obligations

Submission form

CLOSED

Email for submission

consultation@fma.govt.nz - please use the title of the consultation paper in the subject line

We are considering using our exemption power to exempt restricted schemes from certain disclosure and reporting obligations under the Financial Markets Conduct Regulations 2014.

If granted, the exemption would provide relief for certain defined benefit restricted schemes in respect of annual fund updates and confirmation information, and for all restricted schemes in respect of quarterly reporting requirements. We propose including conditions requiring alternate disclosure and reporting.

We welcome your feedback on the exemption proposals.

UPDATE: November 2021

After carefully considering submissions, the FMA has agreed in principle to grant exemptions for 5 years to:

  • managers of defined benefit restricted schemes that have members entitled to receive an interest-based withdrawal benefit or payments from a voluntary contribution account, from annual fund update requirements under regulation 56(2) of the FMC Regulations;
  • managers of restricted schemes:
    • from quarterly reporting requirements in regulations 95 and 100 of the FMC Regulations when there have been no relevant limit breaks or related party transaction certificates given (‘nil’ reports); and
    • by extending the period for quarterly reports to be provided from 10 working days to 15 working days; and
  • managers of defined benefit restricted schemes from annual confirmation information requirements under regulation 70B of the FMC Regulations.”

 We aim to have a notice in place to give effect to this decision in Q1 2022.