Most Read Contributor in New Zealand, September 2016
Chapman Tripp has lodged two submissions on the Financial
Markets (Regulators and KiwiSaver) Bill – one on the
financial markets aspects and the other on the KiwiSaver
We have also updated our Superannuation and KiwiSaver
legislation compendium to reflect amendments since the March 2009
Recommendations in brief
We consider that the Bill should avoid pre-empting the
Securities Law Review wherever possible and should confine itself
to those changes which are necessary to allow the Financial Markets
Authority (FMA) to be established in the first
quarter of 2011.
Particular matters we consider would be more appropriately
addressed within the longer timetable of the Securities Law Review,
enabling more consideration, are:
whether the FMA should have the power to bring civil actions on
behalf of investors, and
whether substantial reform is required to the process for
registering securities offers.
We support the proposed changes in principle. However, we
consider that the downstream effects on the detail of the KiwiSaver
Act, and on the Securities Regulations which govern KiwiSaver
schemes, have not been fully thought through.
The decision to change the trustee's role from issuer to
statutory supervisor is the right one, in our view, but requires
that certain of the powers and duties which are currently held by
trustees be transferred to managers.
Managers and trustees will also need compliance relief from
certain Securities Act provisions, and the changes encompassed in
the Bill will need to be better integrated into the Securities Act
We are pleased to note that the 15 November report back of the
Taxation (GST and Remedial Matters) Bill has picked up on the
leasehold estates issue which we mention at page 9 of the KiwiSaver
Hard copies of the Superannuation and KiwiSaver legislation
compendium can be obtained by contacting Emma Harding.
The information in this article is for informative purposes
only and should not be relied on as legal advice. Please contact
Chapman Tripp for advice tailored to your situation.
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