A standard condition is a requirement of a licence and is imposed by the Financial Markets Authority (FMA) under sections 402 and 403 of the Financial Markets Conduct Act 2013 (FMC Act) and Part 6 of Schedule 4 of the FMC Act. If you accept a transitional FAP licence, then you are accepting the standard conditions and the FAP MUST ensure it always meets those standard conditions. You will be in breach of your licence obligations if you fail to meet the standard conditions.