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Financial Markets Conduct Act 2013

Governance of financial products - Governance of managed investment products - Meetings of scheme participants

161: Meetings of scheme participants

You could also call this:

"How to call a meeting with other investors in a scheme"

Illustration for Financial Markets Conduct Act 2013

You can ask for a meeting of a group of scheme participants. The manager of the scheme must call this meeting if you are the supervisor, or if you are a scheme participant and you own at least 5% of the managed investment products in that group. You can also ask for a meeting if you are part of a superannuation scheme, a KiwiSaver scheme, or another type of scheme, and you are at least 5% of the people in that group. Someone who is allowed to call a meeting by the scheme's rules or by the regulations can also ask for a meeting.

The rules for how meetings are run and how decisions are made are set out in the regulations and the scheme's governing document. If there are no regulations, or if the regulations do not cover something, the scheme's governing document is used. You can find more information about this by looking at the Financial Markets Conduct Act 2013 and other related laws, such as the Securities Act 1986 and its sections 12(1)(d) and 18(1).

The manager of the scheme must follow these rules when calling a meeting of scheme participants.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091156.

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Part 4Governance of financial products
Governance of managed investment products: Meetings of scheme participants

161Meetings of scheme participants

  1. A meeting of a class of scheme participants must be called by the manager of the registered scheme on the written request of—

  2. the supervisor; or
    1. scheme participants holding managed investment products that have a combined value of no less than 5% of the value of the managed investment products on issue in that class; or
      1. in the case of a superannuation scheme, a KiwiSaver scheme, a workplace savings scheme, or any other prescribed scheme, no less than 5% of the number of scheme participants who hold managed investment products in that class; or
        1. a person who is authorised by the governing document or by the regulations to call the meeting.

          1. Other requirements for meetings, proceedings at meetings, and provision for resolutions in lieu of meetings are governed by the regulations (if any) and the governing document (if there are no regulations or to the extent that the governing document is not inconsistent with any regulations).

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