Financial Markets Conduct Act 2013

If you need more information about this Act, please contact the administering agency: Ministry of Business, Innovation, and Employment
127 Initial and ongoing registration requirements for all managed investment schemes

(1)

Every registered scheme must meet the following registration requirements:

(a)

it must not have a name that, in the opinion of the Registrar, is misleading or offensive or the use of which would contravene an enactment; and

(b)

its governing document must comply with sections 135 to 137; and

(c)

it must have a licensed manager designated or appointed under the governing document (or this Act) whose licence covers management of the scheme; and

(d)

it must have a licensed supervisor designated or appointed under the governing document (or the Financial Markets Supervisors Act 2011) whose licence covers supervision of the scheme; and

(e)

the manager and the supervisor of the scheme must not be the same or associated persons; and

(f)

the scheme property must be held by the supervisor or another person who meets the custodianship requirements in section 156 (to the extent that it is not held directly by scheme participants).

(2)

However, subsection (1)(c) to (e) do not apply to a restricted scheme (and any reference in this Act to a supervisor in relation to a registered scheme does not apply in relation to a restricted scheme (unless the context otherwise requires)).

Compare: 1960 No 99 s 3(1), (4); 2006 No 40 ss 116F, 116G