Provisions brought into force under the first implementation phase of the Financial Markets Conduct Act 2013 (FMC Act) allow FMA to process applications for six new types of financial market service licences. These are for:
- crowd funding service providers;
- peer-to-peer lending service providers;
- managed investment scheme managers;
- discretionary investment management service providers;
- derivatives issuers; and
- independent trustees.
FMA has published application guides for all six of the new licences. The guides outline the minimum standards for the licences, set out what applicants will be asked in the application form, and provide guidance on what applicants might need to tell FMA and the types of documents they will need to provide.