Financial Markets Conduct Act 2013

If you need more information about this Act, please contact the administering agency: Ministry of Business, Innovation, and Employment

Role of supervisor

111 Functions of supervisor

(1)

The supervisor of a debt security is responsible for the following functions:

(a)

acting on behalf of the holders of the debt security in relation to—

(i)

the issuer of the debt security; and

(ii)

any matter connected with the trust deed for the debt security or the terms of the regulated offer; and

(iii)

any contravention or alleged contravention of the issuer obligations; and

(b)

supervising the issuer’s performance—

(i)

of its issuer obligations; and

(ii)

in order to ascertain whether the assets of the issuer and of each guarantor that are or may be available, whether by way of security or otherwise, are sufficient or likely to be sufficient to discharge the amounts of the debt securities as they become due; and

(c)

performing or exercising any other functions, duties, and powers conferred or imposed on the supervisor by or under this Act, the Financial Markets Supervisors Act 2011, or the governing document.

(2)

The supervisor must not delegate any of its functions under subsection (1) (except as expressly permitted by this Act or as permitted by, and then subject to, conditions imposed under the Financial Markets Supervisors Act 2011).