Financial Markets Conduct Regulations 2014

Fund updates for managed funds

56 Duty to make fund update publicly available

(1)

Every manager of a registered scheme that is a managed fund must make publicly available, within 20 working days after the last day of each quarter of each disclosure year,—

(a)

a fund update for each specified fund in the registered scheme; and

(b)

a fund update for each specified multi-fund investment option in the registered scheme; and

(c)

a fund update for each specified life cycle stage in a life cycle investment option in the registered scheme.

(2)

However, if the managed fund is a restricted scheme or a closed scheme or the managed fund has a closed section,—

(a)

subclause (1) does not apply to the restricted scheme, closed scheme, or closed section; and

(b)

the manager must make a fund update for each specified fund, specified multi-fund investment option, and specified life cycle stage in that scheme or section publicly available within 3 months after—

(i)

the last day of each disclosure year; or

(ii)

the balance date of the scheme in each year.

(2A)

If a managed fund is a defined benefit scheme, subclause (1) or (2) applies if, and only if, contributions are allocated on a defined basis to any member.

(2B)

If a specified fund, specified multi-fund investment option, or specified life cycle stage relates to both a closed section and an open section of a superannuation scheme or workplace savings scheme, the manager must,—

(a)

for the purposes of the open section, make the fund update for the fund, option, or stage publicly available in accordance with subclause (1); and

(b)

for the purposes of the closed section, make the fund update for the fund, option, or stage publicly available in accordance with subclause (2)(b).

(3)

This regulation and regulations 57 to 61 apply for the purposes of section 97 of the Act.

(4)

See regulation 5(3) (which defines publicly available).

(5)

In this regulation,—

closed scheme means a superannuation scheme, or workplace savings scheme, that—

(a)

was closed to new members on its registration as a registered scheme; and

(b)

remains closed to new members

closed section means a section of a superannuation scheme, or workplace savings scheme, that—

(a)

was closed to new members on the scheme’s registration as a registered scheme; and

(b)

remains closed to new members

open section means a section of a superannuation scheme, or workplace savings scheme, that is not a closed section

working day means a day that is not—

(a)

Saturday, Sunday, Good Friday, Easter Monday, Anzac Day, Labour Day, the Sovereign’s birthday, or Waitangi Day; or

(b)

a day in the period commencing on 25 December in one year and ending on 15 January in the next year; or

(c)

if Waitangi Day or Anzac Day falls on a Saturday or a Sunday, the following Monday.

Regulation 56(1): replaced, on 17 December 2015, by regulation 18(1) of the Financial Markets Conduct Amendment Regulations 2015 (LI 2015/276).

Regulation 56(2): replaced, on 28 October 2016, by regulation 9(1) of the Financial Markets Conduct Amendment Regulations (No 2) 2016 (LI 2016/249).

Regulation 56(2A): inserted, on 17 December 2015, by regulation 18(3) of the Financial Markets Conduct Amendment Regulations 2015 (LI 2015/276).

Regulation 56(2B): inserted, on 28 October 2016, by regulation 9(2) of the Financial Markets Conduct Amendment Regulations (No 2) 2016 (LI 2016/249).

Regulation 56(5): replaced, on 28 October 2016, by regulation 9(3) of the Financial Markets Conduct Amendment Regulations (No 2) 2016 (LI 2016/249).