|Name of Notice
|Financial Markets Conduct (FNZ Group) Exemption Amendment Notice 2021
|Gazette Notification Date
|Date In Force
|Financial Markets Conduct
|Individual Exemption Amendment
The exemptions in the Financial Markets Conduct (FNZ Group) Exemption Notice 2021 (Principal notice) allow FNZ Group Members, who act as client money and property service providers and custodians, to co-mingle firm money with the scheme property of self–select managed investment schemes, on conditions that reflect in general the permitted co-mingling regime for client money and property service providers set out in the Financial Markets Conduct Act 2013 (FMC Act). The exemptions are primarily required to allow FNZ Group to co-mingle client money and firm money under the FMC Act regime but also where it acts as a custodian for a self-select scheme under the FMC Act, which prohibits the co-mingling of firm money with scheme property.
This notice amends the definition of ‘FNZ group member’ in the Principal notice to include an additional group entity, FNZ Services (New Zealand) Limited. Following a group restructuring, FNZ Services (New Zealand) Limited now has responsibility for certain operational aspects of providing client money or property services or scheme custodian services, including the operation of buffers. FNZ Limited and FNZ Custodians Limited remain the entities responsible for scheme custodian obligations.