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Financial Markets Conduct Act 2013

Governance of financial products - Governance of managed investment products - Role of manager

142: Management and administration functions of manager

You could also call this:

"The person in charge of a scheme is responsible for managing it and making sure everything runs smoothly."

Illustration for Financial Markets Conduct Act 2013

The manager of a registered scheme is in charge of several tasks. You need to know the manager is responsible for offering and issuing managed investment products. The manager also looks after the scheme's property and investments, and makes sure the scheme is run properly.

In some cases, the scheme is restricted, which means the trustees work together as the manager. They are all responsible for making sure the tasks are done and they follow the rules in this Act. If something goes wrong, each trustee can be held responsible.

The manager's tasks include managing the scheme's property and investments, and administering the scheme, as outlined in the Financial Markets Conduct Act 2013, and this is similar to what was stated in the Securities Act 1978 and the Securities Markets Act 1988, which can be found on the New Zealand legislation website.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091134.

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141: Lodging of changes to governing document, or

"Tell the Registrar about changes to your scheme's rules within 5 working days"

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143: General duties applying in exercise of manager's functions, or

"Managers of schemes must act honestly, fairly, and in the best interests of scheme participants."

Part 4Governance of financial products
Governance of managed investment products: Role of manager

142Management and administration functions of manager

  1. The manager of a registered scheme is responsible for performing the following functions:

  2. offering the managed investment products; and
    1. issuing the managed investment products; and
      1. managing the scheme property and investments; and
        1. administering the scheme.

          1. In the case of a restricted scheme, the trustees of the scheme acting together as the manager of the scheme have responsibility for those functions and the duties of the manager under this Act (and each trustee is jointly and severally liable with the other trustees for the performance of those functions and duties) unless this Act or the regulations otherwise provide.

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