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Regulations to improve supervision regime for trustees

Hon Simon Power
Minister of Commerce

30 August 2011
Media Statement

Regulations to improve supervision regime for trustees

Cabinet has approved regulations to support the licensing regime for trustees and statutory supervisors, Commerce Minister Simon Power announced today.

The Securities Trustees and Statutory Supervisors Act 2011 creates a licensing regime for all corporate trustees, including trustees of non-restricted KiwiSaver schemes and supervisors of retirement villages.

The Act gives the Financial Markets Authority (FMA) the power to grant licences, provided applicants satisfy certain conditions, such as having satisfactory monitoring systems, processes, experience, infrastructure, financial strength, and ‘good character’ requirements.

“The regime addresses failures highlighted in the finance company collapses, and will help to protect investors’ interests, and enhance market confidence,” Mr Power said.

The Securities Trustees and Statutory Supervisors Regulations 2011 prescribe:

• The matters that the FMA must consider when processing applications for licences under the Act, including assessing whether an applicant meets the mandatory ‘good character’ requirements.
• The content of regular reports that licence holders must provide to the FMA under the Act.

The Financial Markets Authority (Fees) Regulations 2011 prescribe the licence application fee and the fee to vary a licence under the Act.

The Securities Amendment Regulations (No 2) 2011 prescribe the matters and terms to be included in trust deeds of KiwiSaver schemes, unit trusts, and debt issuers.

“These regulations will help strengthen the quality of supervision provided by trustees and statutory supervisors.”

The Securities Trustees and Statutory Supervisors Act 2011 and associated regulations come into force on 1 October.

The regulations are available at www.med.govt.nz/trustees

ENDS

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