Guidance note cover

Guidance Note: Reporting limit breaks and related party transactions

All DIMS licence holders have an obligation to provide quarterly reporting to the FMA relating to limit breaks and related party transactions. If a licensee has had no limit breaks or issued no related party certificates in the quarter, there is still a requirement to submit a nil return.

The reports are required to be provided in accordance with section 411 of the FMC Act 2013 and sections 231 and 236 of FMC Regulations and are due within 10 working days of 31 March, 30 June, 30 September and 31 December each year.

It is a civil offence under the FMC Act to not comply with reporting obligations. This includes not filing on time and/or falsifying the report.

Strategi has developed a guidance note outlining what those obligations are and provides a template for submitting the quarterly reports.

It is recommended a licensee's Compliance Assurance Programme contain the dates that reports are required to be submitted. Additionally, NEVER automatically report NIL in the template. Take time each quarter to customise the template and refresh one’s mind as to whether any limit break or related party transaction occurred.

Guidance Note: Reporting limit breaks and related party transactions Single licence

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