The Financial Markets Conduct Act 2013 (the FMC Act) introduces a new licensing regime, which will be overseen by FMA, for providers offering certain types of financial services.

In November, FMA released consultation documents on the proposed minimum standards and conditions for licensing the following market services providers under the FMC Act:

  • managed investment schemes (MIS) managers;
  • discretionary investment management service providers;
  • independent trustees of restricted schemes;
  • derivatives issuers;
  • peer-to-peer lending services; and
  • crowd-funding platforms.

Copies of the consultation documents are available here.

The FMC Act provisions which allow FMA to accept license applications for these market services providers will come into effect on 1 April 2014.