Hon Simon Power
Government Bill
114—3
As reported from the committee of the whole House
Key
1 Title
2 Commencement
Part 1Preliminary provisions
3 Purpose
4 Interpretation
5 Act binds the Crown
Part 2Regulation of trustees and statutory supervisors
Subpart 1—Licensing of trustees and statutory supervisors
Requirement to be licensed, etc
6 Trustee or statutory supervisor must be licensed
7 Licensee must comply with conditions imposed on licence
8 Requirement to be licensed: offences
8A Requirement to be licensed: exception for certain FMA appointees
Licences: general
9 FMA may license trustee, etc
10 FMA may impose conditions on licence
11 Duration of licence
12 Information to be stated in licence
13 FMA must send licence and details to licensee and others
Applications for, to vary, or to cancel licences
14 Application for, or to vary, licence
15 Decision on application for, or to vary, licence
16 Application to cancel licence
17 Review of Commission's decision on application
17 Notice, consultation, and submissions concerning decision under section 15(1)
18 Appeal to High Court against FMA's decision on application
Expiry of licences
19 Effect of expiry of licence
20 Licensee must apply for new licence or notify issuer or operator before licence expires
21 Rejection of application for new licence: FMA may replace existing appointee
22 Expiry of licence: issuer or operator may replace existing appointee or FMA appointee
23 Expiry of licence: existing appointee must provide documents
Subpart 2—Monitoring and enforcement
Reports and investigations
24 Licensee must deliver regular reports to FMA
25 Licensee must report breach of licensee obligation, etc
26 Commission may investigate breach of licensee obligation, etc
Action plans
27 FMA may require licensee to submit action plan
28 Approval or rejection of action plan
29 FMA's powers if action plan rejected
Variation of licences
30 FMA may vary licence because of material change of circumstances, etc
31 Review of Commission's decision to vary licence
32 Appeal to High Court against FMA's decision to vary licence
Removal of licensee and variation and cancellation of licences
33 FMA's powers if action plan not submitted, etc
34 Removal notice
35 Variation notice
36 Cancellation notice
37 Removal notice: FMA may give direction to existing appointee
38 Removal notice: FMA may replace existing appointee
39 Replacement notice: affected person may replace existing appointee or FMA appointee
40 Notice requiring documents: existing appointee, etc, must provide documents
41 Appeal to High Court against removal notice, etc
Pecuniary penalty and compensation orders
42 Pecuniary penalty orders
43 Compensation orders
43A Further provisions relating to pecuniary penalty orders and compensation orders
Part 3FMA's functions in relation to issuers and operators
Duties of trustees and statutory supervisors to FMA in relation to issuers
43B Application of Part 3 to statutory supervisors of retirement villages
44 FMA may require trustee or statutory supervisors to attest as to issuer's compliance with issuer obligations
45 Trustee or statutory supervisor must report breach or possible breach of issuer obligation
46 Trustee or statutory supervisor must disclose information to FMA in certain circumstances
47 Commission may require trustee or statutory supervisor to disclose information about issuer or operator
48 Protection for trustee or statutory supervisor in respect of disclosure
FMA's powers in relation to issuers
49 FMA may give direction to trustee or statutory supervisor to avoid material prejudice
50 FMA may apply to High Court for orders relating to securities
Part 4Miscellaneous and amendments to other Acts
Subpart 1—Miscellaneous
Commission's powers under Securities Act 1978
51 Commission may exercise powers under Securities Act 1978
Information
52 Commission may use information provided by Reserve Bank
53 Commission may use information obtained under this Act in exercise of other functions
54 Confidentiality of information
55 Limits on further disclosure of information
Directions
56 FMA may vary or cancel direction
57 Protection for trustee, etc, who complies with FMA's direction
Levy
58 Licensees must pay levy
Regulations
59 Regulations
Transitional provision
60 Temporary licence for trustee, etc, appointed before commencement
60 Temporary licences
60A Limitation of Act in relation to existing KiwiSaver schemes
60B FMA may grant exemptions
Subpart 2—Amendments to other Acts
Amendments to Corporations (Investigation and Management) Act 1989
61 Amendments to Corporations (Investigation and Management) Act 1989
62 New section 11 substituted
11 Disclosure of information to Registrar by trustees or statutory supervisors
11 Disclosure of information to Registrar by statutory supervisor of retirement village
63 Section 12 repealed
63A Amendment to Financial Markets (Regulators and KiwiSaver) Act 2010
Amendment to Financial Service Providers (Registration and Dispute Resolution) Act 2008
64 Amendment to Financial Service Providers (Registration and Dispute Resolution) Act 2008
Amendments to KiwiSaver Act 2006
64A Amendments to KiwiSaver Act 2006
Amendments to Retirement Villages Act 2003
65 Amendments to Retirement Villages Act 2003
66 Section 37 repealed
67 Operator must appoint statutory supervisor
68 Registrar's consent required for termination or non-renewal of appointment
Amendments to Securities Act 1978
69 Amendments to Securities Act 1978
70 Restrictions on offer of securities to the public
71 Contents of deeds
72 New section 48 substituted
48 Removal of trustees and statutory supervisors
73 Trustees and statutory supervisors may apply to court for orders relating to securities
74 New section 50C inserted
50C Protection for auditors
75 When court may make management banning orders
76 Appeals to High Court on questions of law only
77 Restrictions on use of self-incriminating statements obtained by summons
78 Regulations and Orders in Council
79 Schedule 1 amended
Amendment to Securities Markets Act 1988
80 Amendment to Securities Markets Act 1988
Amendment to Takeovers Act 1993
81 Amendment to Takeovers Act 1993
Amendments to Trustee Companies Act 1967
82 Amendments to Trustee Companies Act 1967
Amendments to Unit Trusts Act 1960
83 Amendments to Unit Trusts Act 1960
84 Section 5 repealed
85 Appointment of trustee
86 New section 10 substituted
10 Removal of trustees
87 Implied provisions in trust deed
88 Meeting of unit holders
89 New section 19A inserted
19A Trustee may apply to High Court for orders relating to unit trust
90 Regulations
Legislative history
The Parliament of New Zealand enacts as follows: