Consultation: Proposed reporting, audit and assurance exemptions for schemes in wind-up

December 2025

After carefully considering submissions, the FMA has agreed in principle to grant a class exemption for five years to provide relief from certain reporting, audit and assurance obligations under Parts 3, 4 and 7 of the Financial Markets Conduct Act 2013 (FMC Act) and the Financial Markets Conduct Regulations 2014 (FMC Regs) for managers and custodians of registered Managed Investment Schemes in wind-up (the process of formally closing down the scheme, which is governed by sections 212 and 213 of the FMC Act). 
Next steps include drafting the exemption notice giving effect to the decision. If you would like to be added to the list of stakeholders who may be consulted on drafting the notice, please email your request to us at [email protected]. 

March 2025

We are considering a class exemption to provide relief from certain reporting, audit and assurance obligations under the Financial Markets Conduct Act 2013 and the Financial Markets Conduct Regulations 2014 for registered Managed Investment Schemes that are in wind-up.  

During wind-up, a scheme’s objectives and priorities shift. The cost of complying with some reporting, audit and assurance obligations may outweigh the benefits of compliance where the original purpose of the obligation will not be met (or will only be partially met).

With our proposals we are aiming to strike the right balance between reducing unnecessary compliance costs and promoting flexibility, while still providing timely, accurate, and understandable information for investors and ensuring appropriate governance arrangements apply.

Read the consultation paper and have your say by 5pm on Monday 12 May 2025 [PDF 466KB]