1. Compliance
  2. Licensing and registration
  3. Applying for a financial service provider licence
  4. Managed investment scheme (MIS) manager

Managed investment scheme (MIS) manager

Page last updated: 21 Mar 2019

We are in the process of improving our online application services. The service is currently unavailable. We apologise for the inconvenience. Please contact us if you have questions about an existing application, wish to apply for a licence or have questions about the licensing process.

Before you start

Please read the following information and documents carefully as they contain all you need to know to complete and submit your application online. 

A MIS pools money from a number of investors, who rely on the investment expertise of the scheme manager. The definition in the FMC Act (section 9) is broad and includes collective investment schemes, and most schemes involving participatory securities.

These schemes can be structured in different ways, and may invest in a wide range of investments. They can be open-ended (offered continuously) or close-ended (more equity-like).

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.

We have provided a two-part licensing application guide to help you fill out your application. You need to read both PART A and PART B.

We also recommend reading Licensing overview report 2017: what we found and what you need to know to meet your licence obligations.

MIS manager licence applications take time to get right, so get in early

Based on our experience, we expect your MIS application will involve at least some engagement with us before it is ready to be approved. Some applications will take longer than others and therefore require more input from us.

To ensure we can give you the right level of support, we strongly recommend you talk to your supervisor and to us about your application, before you submit it.

Make your application easier

We’re here to help you, but there are also some things you can do to ensure your application runs as smoothly as possible:

  • Review the licensing guides on our website (see below)
  • Set up your account on the Disclose Register early and get familiar with the system – you can create and discard test registrations for practice
  • Let us know when you intend to apply
  • Focus on the minimum standards – we will assess your business against them when processing your application
  • Work closely with your supervisor, as they can provide advice on how to address any gaps in your application
  • Contact us if you are unsure of how something in the guide applies to your business. 

You can contact us via email fmcapplications@fma.govt.nz or phone 0800 434 567.

Our assessments are tailored to your business

Our assessments are adapted to the unique aspects of your business, such as its size, nature and complexity. However, regardless of your business size or type, you must meet the legal requirements in the FMC Act and applicable regulations.

Where a particular standard does not seem relevant to your application, you will need to explain how you came to that view. You will also need to explain how you will meet the intent of that standard, and the summary statement for that particular category.

In limited cases, we will consider requests for an exemption from certain requirements of the Financial Markets Conduct Act.

Property and forestry investment schemes need a licence too

Businesses providing property investment schemes or property syndication funds, or forestry managed investment schemes, also need to get their licence application in as soon as possible.

While standard licensing and governance obligations apply for property investment schemes, we have granted exemptions from some compliance obligations. Find more information about these exemptions.

For forestry managed investment schemes (MIS) we have published a licensing guide to help businesses get started. The guide also explains when a scheme is not an MIS, and does not have to have a licensed manager.

We have granted some exemptions for forestry MISs and their custodians from some compliance obligations. If you would like to find out more about these, see page 13 of our Regulatory Update: FMA legislative notices supporting the FMC Act regime or contact us at exemptions@fma.govt.nz

To begin the application process click hereIf you have any questions please call us on 0800 434 567.



This guide contains information about the licensing process and includes many FAQs you might have. It also explains how to:

  • use our online application form
  • create a RealMe® identity, if you don't already have one
  • pay your licensing fee.


This guide contains all the specific questions you’ll be asked and the minimum standards you’ll need to show you meet. It also details the information and supporting documents you’ll need to provide when you submit your application.

Standard conditions

In your application you'll need to demonstrate how you can meet the minimum standards and conditions for your licence - or ask us for a limit or variation using the forms below. This is very important because when a licence is granted, they contain conditions that support your licensee obligations. They include conditions imposed by the FMC Act, the regulations, and any conditions imposed by the FMA.

Make your application easier

Before you apply there are some things you can do to ensure your application runs as smoothly as possible:

  • review the licensing guides on our website 
  • set up your RealMe® login details early 
  • focus on the minimum standards – we will assess your business against them when processing your application 
  • use our checklist to make sure you have not missed out any relevant information.
  • we’re here to help so please contact us if you have any questions either by email fmcapplications@fma.govt.nz or phone 0800 434 567.


Licensing declarations and certificates
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)

Amendments and changes

Notification required by FMC Regulations

For changes to directors or senior managers of a licensee and/or key personnel of an authorised body

(Refer Financial Markets Conduct Regulations 2014 r 191)

This notification form must be completed and emailed to compliance@fma.govt.nz.

Notification of change of director or senior manager by licensee and/or key personnel of authorised body

Notification required by licensing standard conditions

To notify us of a change in your key people and managers as required by the licensing standard conditions, please send an email to compliance@fma.govt.nz outlining what the changes are and the qualifications and experience of the new or replacement personnel, e.g. attach their c.v.

Note that this is a standard condition for the following licence types: DIMS, crowd funding, independent trustee (for corporates), MIS and peer- to-peer lending.