An 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 an MIS.
Before you apply for a licence
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 and documents below as they contain all the information you need to know so you can complete and submit your application
set up your account on the Disclose Register early and get familiar with the system – you can create and discard test registrations for practice
set up your RealMe® login details early
let us know when you intend to apply and 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
Note: 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.
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 but 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.
Our two licensing guides (PART A and PART B)
PART A This guide contains information about the licensing process and includes many FAQs you might have and explains how to use our online application form(currently unavailable); create a RealMe® identity, if you don't already have one and pay your licensing fee.
PART B 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.
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.
This licensing guide for MIS managers of forestry schemes supplements Part B of our licensing application guides. It explains to businesses providing an MIS service of a forestry scheme on how to approach their licence application under the FMC Act.
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.
Application for approval of a single person self-managed superannuation scheme as a Schedule 3 approved scheme should be lodged to Compliance@fma.govt.nz
Please include in the subject line of your email “Application for Schedule 3 Scheme Approval”
The application needs to include a pdf copy of the executed trust deed which needs to comply with the requirements specified in FMC Act and Regulations.
The application needs to include the address for service for future correspondence from FMA and the balance date for the scheme.
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 fee payable with the application is currently $178.25 including GST and will be billed to the applicant.
Ongoing obligations once approved are:
an annual report the content of which is covered in the FMC Regulations
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 Compliance@fma.govt.nz 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 can be made to email@example.com
Licensing overview report 2017: what you need to know to meet your licence obligations.
It is helpful to read the Licensing overview report alongside the guide to the FMA’s view of conduct. Together, these documents give a good indication of our areas of future focus, our overall approach to monitoring; and what we expect of licensed providers of financial products and services.
We understand that some people may not be able to print, sign and scan documents at the moment, due to the COVID-19 alert levels. If that is the case for you:
If you have an electronic signature, please affix that to the signature block and return the form to us.
If you do not have an electronic signature, rather than sign the document, please read it carefully, fill in all of the text boxes and then email it back to us with the following text in your email: “I confirm that, when making the personnel change(s) notified in this form, we have followed our internal policies and processes and maintain the fit the proper standards for licensing.”
To notify us of a change to your key people and managers as required by the licensing standard conditions, please send an email to firstname.lastname@example.org outlining what the changes are and the qualifications and experience of the new or replacing personnel, e.g. attach their c.v.
Note that this is a standard condition for the following licence types: DIMS, crowdfunding, independent trustee (for corporates), MIS and peer-to-peer lending.