Financial Markets Conduct (FNZ Group) Exemption Notice 2020

Summary: The exemptions in this notice allow FNZ Group (FNZ Limited and FNZ Custodians Limited) who act as brokers and custodians to co-mingle firm money with the scheme property of self–select managed investment schemes, on conditions that reflect in general those granted for brokers in an exemption under the Financial Advisers Act 2008 (FAA exemption). The exemptions are primarily required to allow FNZ to co-mingle client and firm money under the FAA exemption but also where it acts as a custodian for a self-select scheme under the Financial Markets Conduct Act 2013, which prohibits the co-mingling of firm money with scheme property. The exemptions in this notice extend the exemptions under the Financial Markets Conduct  (FNZ Group) Exemption Notice 2018 that expired on 30 November 2020, until the Financial Services Legislation Amendment Act 2019 takes effect on 15 March 2021.