The FMA has called for submissions on a draft Securities Trustees and Statutory Supervisors Licensing Guidance Note which it intends to publish to assist licence applicants in compiling and submitting their licence applications for the new licensing regime introduced under the Securities Trustees and Statutory Supervisors Act 2011.

The Guidance Note sets out who needs to be licensed and when applications need to be received. It then sets out the licensing criteria, by stating the Act requirement, the corresponding requirement of the regulation (if there is one) and providing the detail of the documentation applicants will be required to provide with their licence application.

The closing date for submissions is 6 October 2011.