Supervisors

1.  Application form (TRU1.1)

This form helps you start processing your application. It contains information about how to submit your application, the fee, and how to pay it.

2. Information checklist and statutory declaration form (TRU2.1) 

This form contains:

• a checklist of supporting information that you must submit with the application form 
• an appendix of cover sheets to help us track the information you provide 
• a list of all directors and senior managers who need to submit director/senior manager statutory declaration forms (DIR1.1) - see below.

3. Director/senior manager statutory declaration form (DIR1.1)

Every director and senior manager named in the information checklist and statutory declaration form (see above) must separately complete one of these forms. 

The application fee for a new or replacement licence is determined by the Financial Markets Authority (Fees) Regulations 2011 and is $8,021.25 (inclusive of GST). Where time worked on an application by members and employees of FMA exceeds 52 hours, we will write to tell the applicant why, and charge the applicant (additional) hourly fees:

• for each hour of work by a qualified or professional employee of the FMA       $178.25
• for each hour of work by a member of the FMA             $230 13.

The same fee applies to all application types irrespective of the number or type of supervisor’s roles being applied for. The fee must be paid at the time the application is made. We will only consider an application after the licence fee has been paid. The fee is not refundable if the licence application is rejected. Refer to our Guidance Note: Supervisor Licensing for payment options and instructions.

Completed PDF versions of the application form, declarations, and supporting forms can be submitted to the FMA by email to renewals@fma.govt.nz. Alternatively, the completed application form and supporting documents can be submitted in one package to the FMA addressed to:

Licensing Manager
Level 2
1 Grey Street
PO Box 1179
Wellington 6140

To issue a supervisor licence, we must be satisfied that the applicant is capable of effectively performing the functions of a supervisor, including meeting any conditions imposed on the licence.

We assess the application against the requirements set out in section 16 of the Financial Markets Supervisors Act 2011 and in the Financial Markets Supervisors Regulations 2014.

We will fully review all material submitted by applicants. This includes taking into account any information from our monitoring of the applicant where the applicant holds an expiring licence.

During 2016 the International Monetary Fund (IMF) undertook a review of the New Zealand financial sector. The Financial Stability Assessment Programme report recommended that the FMA ”continue to engage with Supervisors to ensure that they take a consistent approach to their supervision of Managed Investment Scheme (MIS) managers”. 

1. Form TRU1.1 Var is the application form. It has the detail to help you start your application. The form contains:

• information about how to submit your application 
• the application fee and how to pay it.

2. Form TRU2.1 Var has a checklist of the supporting information and the statutory declaration form that you must submit with your application.

It contains an appendix of cover sheets to help us track the information you provide. It also requires you to list all directors and senior managers who will be submitting DIR1.1 Var forms.

3. Form DIR1.1 Var collects the information and statutory declarations by directors and senior managers. A separate DIR1.1 Var form must be completed for every director and senior manager named in form TRU2.1 Var.

The application fee to vary a licence is determined by the Financial Markets Authority (Fees) Regulations 2011, and is $115 (inclusive of GST). We will also charge an hourly rate:

• for each hour of work by a qualified or professional employee of FMA $178.25
• for each hour of work by a member of FMA $230

The same fee applies for all applications to vary a licence. The fee must be paid at the time the application is made. A licence application will not be considered until the licence fee has been paid. The licence fee is not refundable if the licence application is rejected. Refer to our Guidance Note: Supervisor Licensing for payment options and instructions.

Completed PDF versions of the application form, declarations and supporting forms can be submitted to the
FMA by email to renewals@fma.govt.nz. Alternatively, the completed application form and supporting
documents can be submitted in one package to the FMA addressed to:

Licensing Manager
Level 2
1 Grey Street
PO Box 1179
Wellington 6140

A licensed supervisor should not assume they will be granted an extension for a class licence simply because they hold a licence in one or more than one class of licence. Any request for an extension into a new licence class must be fully assessed against the statutory tests (under section 16).

In practice, we must be satisfied that the applicant can effectively perform the role of supervisor (for the new class), and that adding the new class will not adversely impact their existing activities. The request to vary an existing class licence should therefore include:

• written operational procedures tailored to the new class
• proof to show the applicant understands the different reporting requirements of the new class, and how the applicant will adapt its existing monitoring procedures to encompass these
• details of how staff and management have updated skills to make sure they have the right skills to effectively carry out supervisory functions for the new class
• details of the peer review and supervisory processes for any new class
• levels of staffing resources 
• confirmation that work on existing supervised entities will not be adversely affected.

We expect the licensee to have clearly identified the risks associated with any new class of licence and how they will adapt their existing monitoring processes to address these risks.

We expect this exercise to be more than a simple transfer of existing processes to another class.

You should review your original licensing application and any supplementary material provided, or disclosures made to us when the original licensing application was made.

Where there are changes, please submit amended or updated material for those sections. To help you with this, refer to the licensing Guidance Note: Supervisor licensing, Part C. Where there has been no change to the information already submitted as part of the initial licensing application, please note the relevant sections on the application form.

To vary a licence, we must be satisfied that the applicant is, or will be, capable of effectively performing the functions of a supervisor, including any imposed conditions, after the licence variation. We assess the variation application on the same basis as the initial licence application. What we will assess is set out in section 16 of the Financial Markets Supervisors Act 2011 and in the Financial Markets Supervisors Regulations 2014.

We will review all material received and will also take into account information we gather from our monitoring of the licensee’s operations. We might ask you to provide more information, update previously submitted material or verify the information you provided.

We will assess whether the licence duration and the current conditions are still appropriate. As a result, we may reduce the duration, vary current conditions or add new conditions.