First published 17 December 2015
Final date for submissions
|Submission form||Feedback form|
|E-mail for submission||[email protected] (please use the title of the consultation paper for the subject line)|
|Response to submissions||FMA approves class exemptions from some detailed compliance requirements for property schemes|
We are considering possible exemptions to address some of the issues faced by existing property schemes or syndicates in complying with certain requirements under the Financial Markets Conduct Act 2013 (FMC Act).
Submissions closed on Friday 19 February 2016.
All comments should be submitted to [email protected] with the subject line: ‘Proposed exemptions for existing property schemes: [Your entity name]’.
17 May 2016
The FMA believes that property schemes generally can and should comply with the same licensing and governance requirements under the FMC Act as other managed investment schemes (MIS).
However given the characteristics of property schemes, we recognise that full compliance with some specific requirements may be unnecessary, and the cost is likely to outweigh benefits for investors.
As a result, we have approved class exemptions for property schemes and their custodians to address these matters.