If you are a supervisor of a debt security, you must be careful and diligent when making decisions and doing your job. You need to use the same care, diligence, and skill that a prudent person would use if they were in your position as a licensed supervisor. This means you should act in a way that is careful and thoughtful, like someone who is experienced and responsible in the business of supervising debt securities.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091092.
112: General duties applying in exercise of supervisor's functions, or
"Supervisors of debt securities must act honestly and fairly for the people involved."
114: Duty of issuer to provide reports to supervisor, or
"Companies must send regular reports to the supervisor when they borrow money from investors."
The supervisor of a debt security must, in exercising its powers and performing its duties as a supervisor, exercise the care, diligence, and skill that a prudent person engaged in the business of acting as a licensed supervisor would exercise in the same circumstances.
