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

152 Functions of supervisor

(1)

The supervisor of a registered scheme is responsible for the following functions:

(a)

acting on behalf of the scheme participants in relation to—

(i)

the manager; and

(ii)

any matter connected to the governing document or the terms of any regulated offer; and

(iii)

any contravention or alleged contravention of the issuer obligations; and

(iv)

any contravention or alleged contravention of this Act by any other person in connection with the registered scheme; and

(b)

supervising—

(i)

the performance by the manager of its functions and its issuer obligations; and

(ii)

the financial position of the manager and the scheme in respect of the managed investment product to ascertain that it is adequate; and

(c)

holding the scheme property, or ensuring that the scheme property is held, in accordance with sections 156 to 158; and

(d)

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

(2)

The supervisor must not delegate its functions under subsection (1) (except as expressly permitted by section 156 in relation to its function under subsection (1)(c) and otherwise by this Act or as permitted by, and then subject to, conditions imposed under the Financial Markets Supervisors Act 2011).

Compare: 2006 No 40 s 116D(3), (4)