SIPOs for fund managers
Fund managers now have to develop a Statement of Investment Policy and Objectives (SIPO) for the FMA.
A SIPO sets out the investment governance and management framework, philosophy, strategies and objectives of a managed investment scheme and its investment funds or portfolios. Under the FMC Act any material breach of any specified SIPO limits must be reported to the supervisor, or FMA where required.
The FMA has released consultation paper which provides a brief description of SIPOs and outlines its thinking on the principles behind developing one. It explains the key components of a SIPO and what it expects to see.
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