Please read the following information and documents carefully as they contain all you need to know to complete and submit your application online.
A 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 a MIS.
We also recommend reading Licensing overview report 2017: what we found and what you need to know to meet your licence obligations.
MIS manager licence applications take time to get right, so get in early
Based on our experience with DIMS licensing, 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.
To ensure we can give you the right level of support, we strongly recommend you talk to your supervisor and to us about your application, before you submit it.
Make your application easier
We’re here to help you, but there are also some things you can do to ensure your application runs as smoothly as possible:
You can contact us via email firstname.lastname@example.org or phone 0800 434 567.
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. However, regardless of your business size or type, 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.
Property and forestry investment schemes need a licence too
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.
While standard licensing and governance obligations apply for property investment schemes, we have recently granted exemptions from some compliance obligations. Find more information about these exemptions.
For forestry managed investment schemes (MIS) we have published a licensing guide to help businesses get started. The guide also explains when a scheme is not an MIS, and does not have to have a licensed manager.
We have also recently granted some exemptions for forestry MISs and their custodians from some compliance obligations. If you would like to find out more about these, see page 13 of our Regulatory Update: FMA legislative notices supporting the FMC Act regime or contact us at email@example.com
To begin the application process click here. If you have any questions please call us on 0800 434 567.
This guide contains information about the licensing process and includes many FAQs you might have. It also explains how to:
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.
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.
Before you apply there are some things you can do to ensure your application runs as smoothly as possible:
Licensing declarations and certificates
|For related bodies of the applicant|
|For relevant parties to the applicant|
Amendments and changes
Notification required by FMC Regulations
For changes to directors or senior managers of a licensee and/or key personnel of an authorised body
This notification form must be completed and emailed to firstname.lastname@example.org.
Notification required by licensing standard conditions
To notify us of a change in your key people and managers as required by the licensing standard conditions, please send an email to email@example.com outlining what the changes are and the qualifications and experience of the new or replacement personnel, e.g. attach their c.v.Note that this is a standard condition for the following licence types: DIMS, crowd funding, independent trustee (for corporates), MIS and peer- to-peer lending.
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