|Name of Notice||Financial Markets Conduct (Silverwood Land 2015 Limited Partnership) Exemption Notice 2021|
|Gazette Notification Date||2021-05-25|
|Date In Force||2021-05-21|
|Act||Financial Markets Conduct Act 2013|
|Type||Individual Exemption Notice|
Summary: Silverwood Land 2015 Limited Partnership is a forestry scheme that has been winding up for several years. The scheme has few remaining real estate assets that it seeks to sell. The scheme was the subject of the Financial Markets Conduct (Silverwood Land 2015 Limited Partnership) Exemption Notice 2016 that expired on 31 March 2021. The scheme applied for the same exemptions to apply for another three years to complete the wind up. Download the exemption notice PDF.
The notice exempts the scheme from various licensing, governance and financial reporting obligations under of the Financial Markets Conduct Act 2013 and Financial Markets Conduct Regulations 2014. Their effect is that the Scheme will not need to have a licensed manager, will not need to update its governing documents, its assets will not need to be held by the supervisor. The scheme also will be exempt from obtaining an annual assurance engagement, reconciling cash daily and submitting quarterly reports where no limit break occurred.
The exemptions are subject to conditions to ensure adequate protection for scheme participants. Briefly, the conditions require the scheme’s property to be held by the manager on trust for the supervisor with a registered encumbrance in favour of the supervisor, the frequency of obtaining annual assurance engagements and performing cash reconciliations is to be determined by the custodian subject to certain criteria. The manager does not have to be licensed and the scheme does not have to update its governing documents, but the manager has to prepare a wind up plan and report to the supervisor of an material changes or deviations from the plan.