Financial Markets Conduct (Futurity Investment Group Limited) Exemption Notice 2025

The Financial Markets Conduct (Futurity Investment Group Limited) Exemption Notice 2025 (Notice) applies to Futurity Investment Group Limited (ACN 087 648 879) (manager) as manager, and Covenant Trustee Services Limited (supervisor) as supervisor, of five registered schemes (specified schemes) and seven funds that relate to the specified schemes (specified funds). The specified funds are approved benefit funds as defined in Prudential Standard LPS 700 Friendly Society Benefit Funds as determined by the Australian Prudential Regulation Authority (APRA) Life Insurance (prudential standard) determination No. 1 of 2019 (LPS 700). 

The Notice exempts:

• the manager and the supervisor, in respect of the specified schemes, from sections 212 and 213 of the Financial Markets Conduct Act 2013 (the Act); and
• the manager from sections 460, 461A(1) to (3), 461D and 461H(1A) of the Act and regulations 56 and 62 of the Financial Markets Conduct Regulations 2014 (the Regulations). 

Whilst the exemptions exempt the manager and the supervisor from the requirements under the Act and Regulations relating to the winding up of, and financial and other reporting on, the specified schemes and the specified funds, the exemptions are subject to conditions that require compliance with applicable Australian law requirements, specifically: 

• the manager must comply with all requirements of the Life Insurance Act 1995 (Aust) and LPS 700 relating to the closure or termination of each specified fund; and
• the manager or the supervisor must give to the Financial Markets Authority (FMA) and, in certain cases, members of the specified fund, copies of the documents lodged with APRA relating to the closure or termination of each specified fund including copies of the application for termination or closure, each resolution closing or terminating, or consenting to the closure or termination of, each specified fund, the audited accounts, or accounts in a form approved by APRA, for the specified fund and additional information relating to the distribution of the assets of the specified fund. 

The exemptions from the financial reporting and continuous disclosure requirements only apply where neither the specified scheme nor any specified fund that relates to the specified scheme has assets during the relevant reporting period and only in respect of reporting periods in respect of which the FMA is permitted by the Act to grant exemptions.

The key reasons for granting the exemptions are set out in the Statement of Reasons in the Notice. 

Download Financial Markets Conduct (Futurity Investment Group Limited) Exemption Notice 2025 [PDF 265KB]