You'll need a licence if you are appointed as an independent trustee of a restricted KiwiSaver scheme or a workplace superannuation or legacy scheme.
Every restricted managed investment scheme must have at least one licensed independent trustee. They must meet the definition of independent in the Act (section 131).
Licensees have a number of obligations, in addition to the minimum standards and standard conditions set out in their licence. These obligations include notifying the FMA of certain events and providing us with information. All notifications should be emailed to the FMA at email@example.com, noting the relevant obligation in the subject line of your email.
You must be a fit and proper person for the role of independent trustee.
You or your business must be capable of performing the service effectively and in keeping with your licence conditions.
We must have no reason to think you’re likely to contravene your licensee obligations.
There are other important requirements. You can find out more about the minimum licensing standards and conditions in our licensing guide.
All licensed independent trustees have obligations.
For example you must:
Meet the relevant professional standard of care.
Monitor your compliance, identify material changes of circumstance, and meet reporting obligations.
Notify us when a new director or senior manager is appointed by completing a declaration form.
There will also be a number of other important obligations.
If we grant you a licence it will contain conditions that support your market services licensee obligations. These include conditions imposed by the FMC Act and regulations, as well as conditions imposed by us.
In your application, you’ll need to demonstrate that you can meet these conditions – or ask us for a limit or variation in your licence.
The FMC Act sets out minimum compliance standards of behaviour for people operating in the financial markets.
Misleading or deceptive conduct.
False or misleading representations.
Offers of financial products in the course of unsolicited meetings.
The fair dealing provisions of the FMC Act apply to all members of the public (regardless of whether they're a retail or wholesale customer) and are based on equivalent provisions in the Fair Trading Act 1986 (FTA).
You must provide a written risk assessment of the money laundering and financing of terrorism activity you could expect in the course of running your business.
You are required to implement an anti-money laundering and countering financing of terrorism programme that includes procedures to detect, deter, manage and mitigate money laundering and the financing of terrorism.
You are required to appoint a compliance officer to administer and maintain your programme.
You are required to perform due diligence processes on your customers. This includes customer identification and verification of identity.
You are required to report suspicious transactions.