The Ministry of Business, Innovation and Employment (MOBIE) has given NZ investment managers financial product suppliers the hurry-up to register official documents on the Disclose website with the deadline looming in less than 14 days.
All retail managers and schemes (including superannuation funds) wishing to operate under the Financial Markets Conduct Act (FMC) are required to file a wide range of official documents on Disclose prior to the December 1 deadline.
In a release last week, MOBIE says: “We’re aware that a large number of managers haven’t yet started their scheme and offer registrations on the Disclose Register and with the end of the transition period fast approaching, this is becoming a concern.”
As at last week the Financial Markets Authority (FMA) had listed 60 of the expected 70 entities expected to be licensed as managed investment schemes (MIS) – the first phase for many operators prior to filing documents on Disclose.
The most recent MIS list includes a number of household fund manager names plus a handful of less familiar brands such as Forest Enterprises, Ranfurly Strategic and Roger Dickie (NZ) Limited.
Currently, Disclose lists just over 130 registered schemes composed of MIS managers and superannuation schemes transitioning to FMC. Furthermore, the site has registered almost 600 ‘offer’ documents, which includes detail information about a range of retail products included those offered under the trans-Tasman mutual recognition regime.
In its release, MOBIE says managers should start registering scheme and offer docs in draft form to ensure a timely transition.
“Don’t underestimate the amount of data that is required for the register entries, or how long it will take you to enter that information,” the statement says.