Licensing and registration guide for Managed Investment Scheme (MIS) Managers

Preparing for your MIS Manager Licence Application

• Review the licensing guides and documents provided below to understand the process and requirements.
•  Create your account on the Disclose Register early and familiarize yourself with the system; practice by creating and discarding test registrations.
• Set up your RealMe® login credentials in advance.
• We recommend scheduling a meeting with the FMA early in your preparations (optional). This helps clarify your business model and identify any application areas needing further focus.
• Communicate your intended application timeline to us and ensure you meet the minimum standards, as these are central to our assessment.
• Collaborate closely with your supervisor for advice on addressing any gaps in your application.

Application Assessment Process

Our assessments consider your business’s unique size, nature, and complexity. However, all applicants must satisfy the legal requirements of the FMC Act and applicable regulations. If you believe a particular standard does not apply to your business, provide a rationale and explain how you will meet the intent of that standard. Exemptions from certain FMC Act requirements may be considered in limited circumstances.

Licensing Guides and Key Documents

• Licensing Guide Part A: Explains the licensing process, FAQs, RealMe® identity creation, and fee payment.
• Licensing Guide Part B: Outlines specific application questions, minimum standards, and required supporting documents.
• Standard Conditions for MIS Document: Details the minimum standards and conditions for your licence, including those imposed by the FMC Act, regulations, and the FMA.

Application submission process

• Contact us at [email protected] to request a licence application form.
• Download and complete all relevant forms before emailing them to [email protected].

Key declarations and certificates (SD Series)

For applicants

SD1.0 Certificate of compliance and authority to apply (applicant or their authorised person)

SD1.1 Declaration by current/proposed director of licence applicant

SD1.2 Declaration by current/proposed senior manager of licence applicant

SD1.3 Curriculum vitae of management team member of licence applicant

SD1.4 Declaration by Independent trustee (individual) - a combined certificate and declaration

For related bodies of the applicant

SD2.1 Declaration by executive director of related body to licence applicant

SD2.2 Declaration by senior manager of related body to licence applicant

For relevant parties to the applicant

SD3.1 Declaration by director of relevant party to licence applicant

SD3.2 Declaration by senior manager of relevant party to licence applicant

SD3.3 Declaration by individual relevant party to licence applicant (such as owner)

Cancelling an FMCA Licence

Guidance on how to cancel an FMCA licence

Special Licensing Categories

Property and forestry investment schemes licensing

• Businesses offering property investment schemes, property syndication funds, or forestry MIS must submit applications promptly.
• The forestry schemes licensing guide supplements Part B: it explains the unique requirements for forestry MIS managers under the FMC Act. Download the Licensing guide for MIS managers of forestry schemes PDF.
• Compliance exemptions for property and forestry schemes are available. Download Class exemptions from some detailed compliance requirements for property schemes PDF
• For forestry MIS or custodian exemptions, refer to page 13 of the Regulatory Update: FMA legislative notices supporting the FMC Act regime

Single person self-managed superannuation scheme licensing

• Apply for approval as a Schedule 3 approved scheme by emailing [email protected].
• Include an executed trust deed (must meet FMC Act and Regulation requirements), the service address, and the balance date for the scheme.
• The sole member must be a trustee or a director (if a corporate trustee).
• The sole member of the scheme must be one of the trustees of the scheme or if the scheme has a sole corporate trustee one of the Directors of the corporate trustee. 
• The application fee is $178.25 (including GST), billed to the applicant.

Ongoing obligations once approved are:

• Annual report (as per FMC Regulations). The accounts must be completed within 5 months of the balance date and a copy of the annual report and unaudited accounts must be lodged to FMA.
• A set of unaudited accounts which comply with GAAP.
• The accounts must be completed within 5 months of the balance date and a copy of the annual report and unaudited accounts must be lodged to FMA within 28 days of completion. Currently, there is no fee for the lodgement of the annual report and accounts.

Any questions regarding the trust deed content, application process or ongoing obligation should be emailed to the FMA.

KiwiSaver Schemes

• All managers of new KiwiSaver schemes must be licensed as a MIS manager.
• In addition if you are intending to launch a new KiwiSaver, superannuation, or workplace savings scheme you will need a certificate from the FMA before applying to register the scheme. See our information sheet on the FMA certification process for registration of new KiwiSaver, superannuation and workplace savings schemes to find out how to get started.
• Some KiwiSaver managers are appointed by the Government as default scheme providers. This is a process administered by the Ministry of Business, Innovation and Employment at fixed periods. MBIE is likely to begin consulting on the next default KiwiSaver provider arrangements in 2026 / 2027.

Discretionary Investment Management Services (DIMS)

• A discretionary investment management service (DIMS), insurance contract, or a scheme that only involves managing separate and direct interests in underlying property are not considered to be a MIS and would need a separate licence to provide DIMS. Read more about DIMS.