Financial Markets Conduct (Revocation of Exemptions) Notice 2025
2025/130
Financial Markets Conduct (Revocation of Exemptions) Notice 2025
This notice is made by the Financial Markets Authority under section 556 of the Financial Markets Conduct Act 2013 after being satisfied of the matters set out in section 557 of that Act.
Notice
1 Title
This notice is the Financial Markets Conduct (Revocation of Exemptions) Notice 2025.
2 Commencement
This notice comes into force on 12 June 2025.
Amendments to Financial Markets Conduct (Restricted Schemes—Custodian Assurance Engagement) Exemption Notice 2024
3 Principal notice
4 Clause 3 amended (Revocation)
In clause 3, replace “29 September 2029”
with “30 November 2025”
.
5 Clause 5 amended (Exemption from assurance engagement requirement)
In clause 5(a)(ii), replace “1 April 2029”
with “12 June 2025”
.
Amendment to Financial Markets Conduct (Restricted Schemes—Disclosure and Reporting) Exemption Notice 2022
6 Principal notice
7 Clause 3 amended (Revocation)
In clause 3, replace “30 August 2027”
with “30 November 2025”
.
Revocations
8 Notices revoked
The following notices are revoked:
(a)
Dated at Wellington this 29th day of May 2025.
Liam Mason,
General Counsel,
Financial Markets Authority.
Statement of reasons
This note is not part of the notice but is intended to indicate its general effect.
This notice, which comes into force on 12 June 2025, revokes the following notices:
The notice also amends the following notices to give both earlier dates for revocation:
The Financial Markets Conduct Amendment Regulations 2025 (the amendment regulations), which come into force on 12 June 2025, amend the Financial Markets Conduct Regulations 2014 (the FMC regulations) to incorporate the policies contained in all 4 of those exemption notices (the affected notices).
The Financial Markets Conduct (Restricted Schemes—Custodian Assurance Engagement) Exemption Notice 2024 and the Financial Markets Conduct (Restricted Schemes—Disclosure and Reporting) Exemption Notice 2022 are now revoked on 30 November 2025, instead of 29 September 2029 and 30 August 2027, which allows time for the exemption conditions to be satisfied in respect of relevant periods ending before the commencement date of this notice.
The Financial Markets Authority (the FMA), after satisfying itself as to the matters set out in section 557 of the Financial Markets Conduct Act 2013 (the Act), considers it appropriate to revoke the notices because—
the amendment regulations incorporate the policies from the affected notices, which means that the reduced compliance pathways are now permanently provided for in the FMC regulations. Financial markets participants that previously relied on the affected notices can now comply with the amended provisions of the FMC regulations; and
as such, the FMA considers the affected notices are no longer necessary or desirable in order to promote the purposes of the Act, nor necessary to address the matters that gave rise to them.
Date of notification in Gazette: 4 June 2025.
This notice is administered by the Financial Markets Authority.