The Financial Markets Authority is removing the expiry dates for all licences issued under the Financial Markets Conduct Act in a process it expects to be complete by mid-2019. Open-ended terms will apply to all new and existing licences, unless an expiry date is specified on a case by case basis. Current licence holders won't have to apply to be relicensed before the expiry date of their licence. The FMA initially imposed a 5-year term on all licences but has revisited this approach following the development of its risk monitoring framework. A notice of variation has been sent to all licence holders, with the FMA saying it doesn't believe the costs associated with re-licensing would be matched by the benefits gained.