Seeking feedback on current standard conditions

The FMA is seeking feedback on the current standard conditions and where these can be streamlined.

As part of financial service reforms, the Government is proposing legislative changes to require the FMA to issue a single licence to firms that have been approved to provide two or more market services.

Alongside the FMC Act changes, we will look to make operational changes to reflect the single licence structure, such as simplifying how we supervise and communicate with licensees. This could mean, for example, licensees completing a single form instead of multiple forms to advise the FMA about changes to their business.

We will also undertake a programme of work to streamline the standard conditions, licence application process and regulatory returns to better align these across the various market services. For example, we will standardise how we receive licence applications so that all are made through our online portal, eventually meaning the end of paper-based licence applications.

To help shape our work, we would like to hear from licensees and other relevant stakeholders. We’re seeking feedback on the current standard conditions and where these can be streamlined.