The fee payable to the FMA when you apply for a new FMC Act licence for an Independent trustee of a restricted scheme is $2,139 (excl. GST). The fee includes 15 hours of assessment hours.
We may change an additional fee at the FMA hourly rate where our assessment of an application exceeds the included number of hours. If an additional fee is changed for your application, we will let you know in advance and provide you with a reason for this. We may also invoice you for any costs of external advice or assistance.
Licensees have a number of obligations, in addition to the minimum standards and standard conditions set out in their licence. These obligations include notifying the FMA of certain events and providing us with information. All notifications should be emailed to the FMA at email@example.com, noting the relevant obligation in the subject line of your email.
You must be a fit and proper person for the role of independent trustee.
You or your business must be capable of performing the service effectively and in keeping with your licence conditions.
We must have no reason to think you’re likely to contravene your licensee obligations.
There are other important requirements. You can find out more about the minimum licensing standards and conditions in our licensing guide.
If we grant you a licence it will contain conditions that support your market services licensee obligations. These include conditions imposed by the FMC Act and regulations, as well as conditions imposed by us.
You must provide a written risk assessment of the money laundering and financing of terrorism activity you could expect in the course of running your business.
You are required to implement an anti-money laundering and countering financing of terrorism programme that includes procedures to detect, deter, manage and mitigate money laundering and the financing of terrorism.
You are required to appoint a compliance officer to administer and maintain your programme.
You are required to perform due diligence processes on your customers. This includes customer identification and verification of identity.
You are required to report suspicious transactions.