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Financial Markets Conduct Act 2013

Governance of financial products - Governance of managed investment products - Custodianship of scheme property

158: Custodian must keep records of scheme property

You could also call this:

"Custodians must keep easy-to-check records of scheme assets and what happens to them."

Illustration for Financial Markets Conduct Act 2013

If you are a custodian for a registered scheme, you must keep records of the scheme's property. You need to keep records that identify what the scheme property is, when it was received, and if it was disposed of, when and to whom it was disposed of. You also need to keep all other records that are required.

You must keep these records in a way that makes them easy to inspect and audit. This means the manager and supervisor of the scheme should be able to easily look at the records. You must also follow any specific rules about keeping and auditing these records.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091153.

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157: Custodian holds scheme property on trust, or

"A custodian looks after a scheme's property and keeps it safe for the scheme's benefit."

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159: Custodian must report on scheme property, or

"Custodians must tell others about the scheme property they are looking after."

Part 4Governance of financial products
Governance of managed investment products: Custodianship of scheme property

158Custodian must keep records of scheme property

  1. The custodian for a registered scheme must keep, or ensure that there are kept, records that—

  2. identify the scheme property; and
    1. show when the scheme property was received; and
      1. if the scheme property has been disposed of, show when the scheme property was disposed of and to whom.

        1. The custodian for a registered scheme must also keep all other prescribed records.

        2. The custodian for a registered scheme must—

        3. keep the records required by this section, or ensure that they are kept, in a manner that enables those records to be conveniently inspected by the manager and the supervisor and conveniently and properly audited or reviewed; and
          1. comply with the prescribed requirements (if any) relating to those records and their audit, review, or inspection.