Securities Trustees and Statutory Supervisors Bill

  • enacted

Hon Simon Power

Securities Trustees and Statutory Supervisors Bill

Government Bill

114—3

As reported from the committee of the whole House

Contents

Key

1 Title

2 Commencement

Part 1
Preliminary provisions

3 Purpose

4 Interpretation

5 Act binds the Crown

Part 2
Regulation of trustees and statutory supervisors

Subpart 1Licensing of trustees and statutory supervisors

Requirement to be licensed, etc

6 Trustee or statutory supervisor must be licensed

7 Licensee must comply with conditions imposed on licence

8 Requirement to be licensed: offences

8A Requirement to be licensed: exception for certain FMA appointees

Licences: general

9 FMA may license trustee, etc

10 FMA may impose conditions on licence

11 Duration of licence

12 Information to be stated in licence

13 FMA must send licence and details to licensee and others

Applications for, to vary, or to cancel licences

14 Application for, or to vary, licence

15 Decision on application for, or to vary, licence

16 Application to cancel licence

17 Review of Commission's decision on application

17 Notice, consultation, and submissions concerning decision under section 15(1)

18 Appeal to High Court against FMA's decision on application

Expiry of licences

19 Effect of expiry of licence

20 Licensee must apply for new licence or notify issuer or operator before licence expires

21 Rejection of application for new licence: FMA may replace existing appointee

22 Expiry of licence: issuer or operator may replace existing appointee or FMA appointee

23 Expiry of licence: existing appointee must provide documents

Subpart 2Monitoring and enforcement

Reports and investigations

24 Licensee must deliver regular reports to FMA

25 Licensee must report breach of licensee obligation, etc

26 Commission may investigate breach of licensee obligation, etc

Action plans

27 FMA may require licensee to submit action plan

28 Approval or rejection of action plan

29 FMA's powers if action plan rejected

Variation of licences

30 FMA may vary licence because of material change of circumstances, etc

31 Review of Commission's decision to vary licence

32 Appeal to High Court against FMA's decision to vary licence

Removal of licensee and variation and cancellation of licences

33 FMA's powers if action plan not submitted, etc

34 Removal notice

35 Variation notice

36 Cancellation notice

37 Removal notice: FMA may give direction to existing appointee

38 Removal notice: FMA may replace existing appointee

39 Replacement notice: affected person may replace existing appointee or FMA appointee

40 Notice requiring documents: existing appointee, etc, must provide documents

41 Appeal to High Court against removal notice, etc

Pecuniary penalty and compensation orders

42 Pecuniary penalty orders

43 Compensation orders

43A Further provisions relating to pecuniary penalty orders and compensation orders

Part 3
FMA's functions in relation to issuers and operators

Duties of trustees and statutory supervisors to FMA in relation to issuers

43B Application of Part 3 to statutory supervisors of retirement villages

44 FMA may require trustee or statutory supervisors to attest as to issuer's compliance with issuer obligations

45 Trustee or statutory supervisor must report breach or possible breach of issuer obligation

46 Trustee or statutory supervisor must disclose information to FMA in certain circumstances

47 Commission may require trustee or statutory supervisor to disclose information about issuer or operator

48 Protection for trustee or statutory supervisor in respect of disclosure

FMA's powers in relation to issuers

49 FMA may give direction to trustee or statutory supervisor to avoid material prejudice

50 FMA may apply to High Court for orders relating to securities

Part 4
Miscellaneous and amendments to other Acts

Subpart 1Miscellaneous

Commission's powers under Securities Act 1978

51 Commission may exercise powers under Securities Act 1978

Information

52 Commission may use information provided by Reserve Bank

53 Commission may use information obtained under this Act in exercise of other functions

54 Confidentiality of information

55 Limits on further disclosure of information

Directions

56 FMA may vary or cancel direction

57 Protection for trustee, etc, who complies with FMA's direction

Levy

58 Licensees must pay levy

Regulations

59 Regulations

Transitional provision

60 Temporary licence for trustee, etc, appointed before commencement

60 Temporary licences

60A Limitation of Act in relation to existing KiwiSaver schemes

60B FMA may grant exemptions

Subpart 2Amendments to other Acts

Amendments to Corporations (Investigation and Management) Act 1989

61 Amendments to Corporations (Investigation and Management) Act 1989

62 New section 11 substituted

62 New section 11 substituted

63 Section 12 repealed

63A Amendment to Financial Markets (Regulators and KiwiSaver) Act 2010

Amendment to Financial Service Providers (Registration and Dispute Resolution) Act 2008

64 Amendment to Financial Service Providers (Registration and Dispute Resolution) Act 2008

Amendments to KiwiSaver Act 2006

64A Amendments to KiwiSaver Act 2006

Amendments to Retirement Villages Act 2003

65 Amendments to Retirement Villages Act 2003

66 Section 37 repealed

67 Operator must appoint statutory supervisor

68 Registrar's consent required for termination or non-renewal of appointment

Amendments to Securities Act 1978

69 Amendments to Securities Act 1978

70 Restrictions on offer of securities to the public

71 Contents of deeds

72 New section 48 substituted

73 Trustees and statutory supervisors may apply to court for orders relating to securities

74 New section 50C inserted

75 When court may make management banning orders

76 Appeals to High Court on questions of law only

77 Restrictions on use of self-incriminating statements obtained by summons

78 Regulations and Orders in Council

79 Schedule 1 amended

Amendment to Securities Markets Act 1988

80 Amendment to Securities Markets Act 1988

Amendment to Takeovers Act 1993

81 Amendment to Takeovers Act 1993

Amendments to Trustee Companies Act 1967

82 Amendments to Trustee Companies Act 1967

Amendments to Unit Trusts Act 1960

83 Amendments to Unit Trusts Act 1960

84 Section 5 repealed

85 Appointment of trustee

86 New section 10 substituted

87 Implied provisions in trust deed

88 Meeting of unit holders

89 New section 19A inserted

90 Regulations

Legislative history


The Parliament of New Zealand enacts as follows: