Examples of FMC Act in a sentence
For example section 412 of the FMC Act requires you to report various matters to the FMA as soon as practicable, including any breach (or likely breach) of your market services licensee obligations and any other material changes of circumstances.
The licence is subject to standard licence conditions under the FMC Act and the FMC Regulations that apply to all managers of managed investment schemes.
Also, section 438 of the FMC Act requires you to report material breaches of certain limits under your investment authority (limit breaks) to the FMA.
Who is involvedThe ManagerKernel is a registered financial services provider, FSP 644609, incorporated under the Companies Act 1993 on 25 September 2018 (Company number 7050334).We were granted a licence to act as manager of a registered scheme under the FMC Act on 19 August 2019.
Appendix 2 sets out these regulations, but you should refer to the FMC Act and Regulations in full to understand your market service licensee obligations.Appendix 1Net tangible assets (NTA)For the purposes of Standard Condition 8 (Financial Resources) Net tangible assets (NTA) has the following meaning:1.
Conditions imposed under RegulationsRegulations made pursuant to the FMC Act may impose additional conditions on your licence.
Qualified auditor has the meaning set out in section 461E of the FMC Act.
Some submitters also noted that this would allow for finance companies to be treated differently to deposit takers under the FMC Act.
Application processPlease send us a cover letter or email stating that you wish to apply for FMA consent under Clause 26 of Schedule 4 of the FMC Act.
These regulations may change from time to time, so you will need to keep abreast of any new regulations.The FMC Act and regulations also contain many obligations that you will need to comply with when you have a licence even though they are not called licence conditions.