Welcome to the fifteenth in our series of tips and insights that aim to help ensure you're ready for the challenges and opportunities posed by the Financial Markets Conduct Act (FMCA).
We're into the knockout stages of the Rugby World Cup and we're also moving towards the business end of the transition period under the FMCA. A good time then for a reminder about how to get play underway with quick ball so that we can all build forward momentum:
- Crouch! Your preparatory work should be well underway by now. This part of the set piece is where you determine your FMCA processes and procedures, lay a platform and organise yourself for transition. If you get this right then transition should run smoothly.
- Bind! While you're getting your FMCA processes and procedures in place, you should also be engaging with your professional advisers and the Financial Markets Authority (FMA) - any delays will mean that you'll be trying to get your shove on at the same time as everyone else. There's only so much regulatory and professional resource to go around and 1 December 2016 is a firm deadline. There's no TMO who can step in for a last minute review and the FMA won't go into extra time.
- Set! Don't underestimate the time required to get yourself set on the Disclose Register. There will be a lot of information to be uploaded and it will require a dedicated resource to coordinate and undertake this task. You'll need numbers at the breakdown to get the ball back in play.
So far only 11 managers have been licensed under the FMCA and only 7 managed investment schemes have been registered. We've been involved in and around the majority of these, and we've learned a lot about the process.
There are only 13 months left before the end of the transition period and there's a lot of work to do. We're very interested in your views on the transition process and how ready you and your business are for the knockout stages - you can find a short survey here.
If you require any assistance with the transition process, please contact us.