Consultation on proposed open-ended term for FMCA licences

Wednesday 28 Nov 18 1:09pm
The Financial Services Council (FSC) submitted a response to the Financial Markets Authority on the proposed open-ended term for Financial Markets Conduct Act (FMCA) licences.

In the response, the FSC supports the proposed open-ended term for all Financial Markets Conduct Act (FMCA) licenses as it would significantly reduce compliance costs and expended resources by both licensees and the FMA.

The FSC also encouraged continued and further emphasis on a risk-based approach to monitoring and supervision, investigations and enforcement, policy and guidance, and education and information as opposed to an even allocation of FMA resources to all licence types.

This risk-based approach may mean:
  • developing principles for where licence re-application is considered necessary; and
  • considering a different approach for those, likely smaller, licensees who may not be subject to ongoing FMCA review.
Read the full submission.

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