134 Changes to registration as particular type of registered scheme

(1)

The FMA may direct the removal of the registration of a registered scheme as a particular type of scheme—

(a)

if the FMA is satisfied that the scheme does not meet the registration requirements for that type of scheme that apply to it under sections 128 to 132; or

(b)

on the written request of the manager of the scheme, if the supervisor certifies or, if there is no supervisor, the manager certifies that—

(i)

the removal has been approved by a special resolution of the scheme participants (subject to any restrictions in the governing document); or

(ii)

there is no material adverse effect on scheme participants from the removal.

(2)

The FMA must not direct removal under subsection (1)(a) unless—

(a)

the FMA gives the manager of the scheme no less than 10 working days’ written notice of the following matters before it exercises the power:

(i)

that the FMA may direct removal; and

(ii)

the reasons why it may exercise that power; and

(b)

the FMA gives the manager or the manager’s representative an opportunity to make written submissions on the matter within that notice period.

(3)

The FMA may direct that a registered scheme be registered as a particular type of scheme on the written request of the manager of the scheme if the FMA is satisfied that the scheme meets the registration requirements for that type of scheme that apply to it under sections 128 to 132.

(4)

A direction under subsection (1)(a) in relation to the removal of a registration as a restricted scheme must not take effect before the expiry of 6 months after the direction is made (unless the manager consents to an earlier date).

(5)

If the FMA makes a direction under this section,—

(a)

the FMA must notify the manager and the supervisor of the registered scheme of the direction; and

(b)

as soon as practicable after being notified of the direction, the manager must notify the scheme participants of the direction.

Compare: 2006 No 40 s 168A

Section 134(1)(b): amended, on 9 August 2017, by section 54 of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).