Manager licence
MIS Manager licence
The FMA-issued licence required to act as Manager of a registered Managed Investment Scheme in New Zealand under section 388 of the Financial Markets Conduct Act 2013.
A MIS Manager licence is the FMA-issued authorisation required to act as Manager of a Managed Investment Scheme under section 388 of the FMC Act. The Manager is the entity responsible for investment decisions, scheme operation, investor reporting and compliance with the SIPO and trust deed.
To hold the licence the applicant must satisfy the FMA on fit-and-proper-person tests for directors and senior managers, demonstrate adequate capability and resources, hold required capital, and have systems to comply with the FMC Act and the scheme's governing documents. Licences can be conditional and can be varied, suspended or cancelled by the FMA.
The FMA publishes the full register of licensed MIS managers on its website. The Supervisor is a separate licensed party — see the supervisor entry. A single corporate group can hold both a MIS-manager licence and a separate FAP licence for an advice business operating alongside the scheme.
Primary sources
Related terms
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MIS · Scheme
Managed Investment Scheme (MIS)
The legal vehicle under the Financial Markets Conduct Act 2013 that holds investor money in a pooled fund. Every NZ retail managed fund is part of a registered MIS.
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MIS supervisor · Trustee
Supervisor
A licensed independent entity that holds the assets of a managed-investment scheme in trust and supervises the manager's compliance with the SIPO and FMC Act.
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FMC Act
Financial Markets Conduct Act 2013 (FMC Act)
The principal NZ statute governing the issue, supervision and conduct of managed-investment schemes, securities offers, and financial-product disclosure.
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FMA · Te Mana Tātai Hokohoko
Financial Markets Authority (FMA)
New Zealand's integrated financial-markets conduct regulator. Licenses fund managers, supervisors and financial-advice providers; enforces the Financial Markets Conduct Act; runs the Disclose register.