FMA has released a consultation paper setting out FMA’s current high level thinking about how debt issuers, managed investment scheme managers (including restricted scheme trustees), and supervisors will need to approach their roles under the new Financial Markets Conduct Act 2013 (FMCA). It also sets out FMA’s proposed approach to core governance documentation and to some key processes under Part 4 of the Act.

The consultation paper is also seeking feedback in relation to participatory securities which will be covered by the FMCA.

On completion of the consultation, FMA intends to develop the following guidance:

  • Governance and accountability: Role of licensed supervisors;
  • Governance and accountability: Role of managers of managed investment schemes;
  • Governance and accountability: Restricted managed investment schemes and the role of trustees;
  • Governance and accountability: Governing document amendments; and
  • Governance and accountability: Statement of investment policy and objectives (SIPOs), which will be subject to a separate consultation.

FMA is also considering developing a framework or methodology on the materiality of limit breaks under a registered scheme’s SIPO.