The complete set of managed investment scheme (MIS) managers list should tally to about 70, according to the latest figures supplied by the regulator.
A spokesperson for the Financial Markets Authority (FMA) told Investment News NZ that 42 managers have already been granted a MIS licence with a further 18 “in various stages of assessment”. The FMA spokesperson said another two managers were currently proving prerequisite conditions for MIS licensing.
“As part of our engagement with industry we are aware of seven still to apply,” the spokesperson said.
While the implied MIS count of just under 70 providers falls about 30 shy of original FMA forecasts, the spokesperson said the regulator was “satisfied” that most of the expected entities would make the FMC transition in time.
She said all KiwiSaver providers “are now licensed or close to being so”.
With the licensing process expected to take up to three months, the FMA has warned prospective MIS licensees to file their application papers by the end of August at the latest to be ready in time for the December 1 regime change.
Currently, 44 schemes (with some providers responsible for multiple entities) have published documents on the Disclose register – a mandatory next step for MIS managers and all schemes operating under the FMC aegis.
“In regards to the Disclose Register aspect which must also be done by 30 November,” the FMA spokesperson said. “You can start your registration and downloading documents before you’re licensed – you’ll just need to be licensed before you can submit it for approval by the registrar.”