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Financial Markets Authority Act 2011

Miscellaneous provisions - Transitional provisions - Disestablishment of Securities Commission

76: Registers

You could also call this:

“The FMA keeps using old records without needing to change names”

When the Securities Commission was replaced by the Financial Markets Authority (FMA), the people who keep official records didn’t have to change the Commission’s name to FMA in their books, registers, or documents. This was to make things easier for them.

If the FMA wants to show that it now owns something that used to belong to the Commission, it can give the record keeper a special document. This document doesn’t have to be a transfer form, but it needs to:

  1. Be signed by the FMA
  2. Be about something the Commission owned before the change happened
  3. Come with a note from the FMA saying they now own it because of the new law

If the FMA gives this document to a record keeper, it’s usually enough to prove that the FMA owns the property, unless someone can show it’s not true.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3231785.

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Part 4 Miscellaneous provisions
Transitional provisions: Disestablishment of Securities Commission

76Registers

  1. The Registrar-General of Land or any other person charged with keeping books or registers is not required to change the name of the Commission to the FMA in the books or registers, or in a document, solely because of the provisions of this Act.

  2. If the FMA presents an instrument referred to in subsection (3) to a Registrar or another person, the presentation of that instrument by the FMA is, in the absence of proof to the contrary, sufficient evidence that the property is vested in the FMA.

  3. For the purposes of this section, the instrument need not be an instrument of transfer, but must—

  4. be executed or purport to be executed by the FMA; and
    1. relate to a property held by the Commission immediately before the commencement date; and
      1. be accompanied by a certificate by the FMA that the property became vested in the FMA by virtue of the provisions of this Act.