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Securities trustees and statutory supervisors

Under the Securities Trustees and Statutory Supervisors Act 2011, securities trustees and statutory supervisors must now be licensed.

If, on 1 October 2011, a person was acting as a securities trustee or statutory supervisor, they are deemed to have a temporary licence.

On the FSPR, there are four financial services that can only be provided by licensed entities:

  • Trustee in respect of securities offered to the public;
  • Unit trustee;
  • KiwiSaver trustee (a subset of Superannuation trustees); and
  • Statutory supervisor of participatory securities.

 

The Financial Markets Authority (FMA) is the licensing authority for securities trustees and statutory supervisors.  Temporary licences will expire on 30 September 2012, or sooner if a full licence is granted or an applicant advised an application to be licensed is declined. The FMA is able to issue full licences from 1 April 2012.

FSPs that have been licensed by the FMA (either a temporary or a full licence) will show a licence statement against each applicable service on their FSP details page, to indicate that they have met the licensing requirements for that service.

For more information on how to apply to become licensed, or the obligations that apply to securities trustees and statutory supervisors under the Act, visit the FMA website.

Visit the Financial Markets Authority (FMA) website 

 

Last updated 11 June 2012