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Financial Markets Authority Act 2011

Miscellaneous provisions - Amendments to other enactments

83: Transitional provisions relating to consequential amendments to Unit Trusts Act 1960

You could also call this:

“Rules for changing how unit trusts work when the new law starts”

When this law came into effect, it changed some things about how unit trusts work. Here’s what you need to know:

If a Minister approved someone to do something with unit trusts before this law started, the Financial Markets Authority (FMA) will now treat that person as if they approved them.

If a Minister asked the court to do something about a unit trust before this law started, but the court hadn’t decided yet, the FMA can now continue with that request.

If a Minister chose someone to investigate a unit trust before this law started, that person can keep investigating. But now they have to tell the FMA what they found out, not the Minister.

If someone got permission to do something with a unit trust before this law started, that permission is still okay even though the law has changed.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3565229.

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82: Amendments to other enactments, or

"This law changes other laws to keep everything up to date"

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Part 4 Miscellaneous provisions
Amendments to other enactments

83Transitional provisions relating to consequential amendments to Unit Trusts Act 1960

  1. Every person who, before the commencement of this section, was approved by a Minister under section 4(2) of the Unit Trusts Act 1960 must, after that commencement, be treated as having been approved by the FMA under that provision.

  2. If, before the commencement of this section, an application has been made by a Minister under section 19(1) of the Unit Trusts Act 1960 and the court has not yet made a decision on the application, the FMA may continue with the application.

  3. If, before the commencement of this section, an inspector is appointed by a Minister under section 21 of the Unit Trusts Act 1960, the inspector—

  4. may continue the investigation as if section 21 had not been amended by this Act; but
    1. must make his or her report to the FMA rather than the Minister.

      1. A consent under section 25(3) of the Unit Trusts Act 1960 given before the commencement of this section remains valid despite the amendment made to that provision by this Act.