Supervisors are appointed to look after investors' interests for some types of financial products and the interests of residents of retirement villages. Supervisors covered by the Financial Markets Supervisors Act 2011 (the FMS Act) are those who supervise the following:
Registered schemes, in these categories:
specified managed funds
Trustees of restricted KiwiSaver schemes are not covered by the FMS Act. Under the requirements of the FMC Act 2013, restricted schemes must have a licensed independent trustee. See independent trustees for more information.
Supervisors must comply with the Financial Markets Supervisors Act 2011 (the FMS Act) and supporting regulations. Read more about your obligations.
Part 4 of the FMC Act resets the accountability framework for managed investment schemes and debt securities. It imposes statutory duties of care on licensed supervisors and on managers of managed investments schemes.
The Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act) 2009 and its Regulations place obligations on New Zealand’s financial institutions to detect and deter money laundering and terrorism financing. Find out how it affects you.