The FMA ran a good session on adviser transitional licencing yesterday - and they are on the road, coming to a venue near you. Very worthwhile attending to get an initial look at the application process for transitional licensing and to be able to ask officials direct questions. It is complicated, but there were some good general guidelines and help for specific situations. We are working through some of the more complicated structures in a series of examples to explore the operation of interposed persons in the new regime - and the extent of flexibility that can be expected by adviser businesses through transition. At the moment it all seems quite encouraging.