Under the Securities Trustees and Statutory Supervisors Act 2011, securities trustees and statutory supervisors have to 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. They must then complete their full licence application and submit it to FMA, along with a fee.
Persons not already acting as securities trustees or statutory supervisors who wish to be licensed to do so can also apply from 1 October 2011. The temporary licence provisions do not apply to new applicants.
For full details of the application process, see the licensing guidance note. A summary of key information is provided below.
Applicants will need to provide supporting documentation. The application form page has information about how to submit this information.
Licence duration and conditions
A licence may be granted for up to eight years. The actual duration granted will be assessed on a case-by-case basis and conditions may apply. See the guidance note for more details.