The FMA has completed consultation on property schemes and announced its response:
The FMA believes that property schemes generally can and should comply with the same licensing and governance requirements under the FMC Act as other managed investment schemes (MIS).
However given the characteristics of property schemes, we recognise that full compliance with some specific requirements may be unnecessary, and the cost is unlikely to outweigh benefits for investors.
As a result, we have approved class exemptions for property schemes and their custodians to address these matters.
The exemptions relate to custody of real property assets and to cash reconciliations. There are also individual exemptions available for qualifying property investment schemes in active wind-up.
Despite the above, managed investment schemes (MIS) generally will need to have licensed managers and meet the new governance standards outlined in the FMC Act by 1 December 2016.