This notice, which comes into force on 30 July 2025, amends the Financial Markets Conduct (Overseas Custodians of Scheme Property—Assurance Engagement) Exemption Notice 2025 (the principal notice).

The principal notice exempts certain overseas custodians of scheme property from the requirement in regulation 87 of the Financial Markets Conduct Regulations 2014 (the Regulations) to obtain an assurance engagement from a New Zealand auditor that covers the New Zealand assurance engagement matters specified in regulation 88 of the Regulations.

The exemption in the principal notice applies to an overseas custodian who obtains assurance engagements in 1 or more of the jurisdictions listed in the Schedule of the principal notice that together cover all of the scheme property of registered schemes held by the custodian or its sub-custodians.

This notice amends the principal notice to include Luxembourg in the list of overseas jurisdictions in the Schedule. It was always intended that Luxembourg be included in the principal notice and accordingly this notice rectifies an error.

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 amend the principal notice to ensure that it has its intended effect. The FMA is satisfied that the policy reasons for granting the exemption in the principal notice remain valid and relevant, and that the exemption continues to be desirable to promote 1 or more of the purposes of the Act. The FMA is further satisfied that the amendment is not broader than reasonably necessary to address the matters that give rise to it.