Financial Markets Conduct (Obsidian Contributory Mortgage Scheme) Exemption Notice 2024

The Notice is in effect an almost identical renewal of the Financial Markets Conduct (Obsidian Contributory Mortgage Scheme) Exemption Notice 2019. Due to the self-select nature of the scheme, the applicable FMC Regulations are not a good fit and would prevent Obsidian from providing investors with timely, accurate and understandable information. The exemptions and related conditions require disclosure of information which is relevant at the individual investor level (as opposed to at the scheme level). The exemption allows Obsidian to provide each investor with bespoke quarterly and annual reports, together with the scheme’s audited financial statements and annual report.  The Notice requires that appropriate warning statements are included in the PDS for the scheme and in each set of financial statements, that explain that financial statements are only prepared at scheme level, and as a result investors will need to read the scheme’s financial statements together with the relevant loan disclosure and quarterly reports. 

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