First published 22 May 2017
Final date for submissions
5pm, Friday 9 June 2017
(this consultation has concluded)
|E-mail for email@example.com (please use the title of the consultation paper for the subject line)|
|Resulting documents||Financial Markets Conduct (Financial Statements for Schemes Consisting Only of Separate Funds) Exemption Notice 2017|
Under the Securities Act 1978 (SA) a number of managers of managed investment schemes (MIS) operated unit trusts under a ‘bundled unit trust’ structure.
With a change in definitions between the SA and the Financial Markets Conduct Act, these managers now have an additional financial reporting requirement - to prepare financial statements for the registered scheme, consolidating the results of all of the constituent unit trusts.
We think this requirement will cause unnecessary costs for fund managers – with no added benefits to investors. We are therefore proposing an exemption from this obligation. If granted, managers will still be required to prepare financial statements for each unit trust.
We seek your feedback on this proposed exemption.
Submissions closed on Friday 9 June 2017.
If you have questions, please contact us at firstname.lastname@example.org