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ARTICLE · 16 JANUARY 2020

FMA Report - MIS Custody Review

DLA Piper UK LLP
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The long awaited thematic review of custody arrangements (Review) has now been completed and FMA have released their summary findings...

United KingdomFinance and Banking
DLA Piper
DLA Piper

The long awaited thematic review of custody arrangements (Review) has now been completed and FMA have released their summary findings: https://www.fma.govt.nz/assets/Reports/Thematic-review-of-MIS-custody-arrangements.pdf

The findings of the Review were overall positive with 99.95% of MIS assets being held in custody appropriately. However, some key areas for consideration/improvement include:

Longer-term licensing

Whether there should be a requirement for licensing of custodians has been a long standing issue following recommendations from the IMF back in 2017. The FMA has not provided a definitive view on this but it does identify issues with the current regulatory regime for custodians (set out below) and licencing may be considered in the longer term. At this stage, the FMA first plans to consider the issues that arose from the Review and provide guidance to industry on its expectations. 

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