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Financial Markets Conduct Act 2013

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

190: Former manager must hand over records and give reasonable assistance

You could also call this:

"When you're no longer in charge, you must hand over important information and help the new person in charge."

Illustration for Financial Markets Conduct Act 2013

When you stop being the manager of a registered scheme, you must give the new manager all the information they need to do the job. You have to do this as soon as you can. You also have to help the new manager in any reasonable way to make the change happen. You are the former manager, and the new manager is the current manager. The information you give to the current manager is all the information you have that they need to be the manager.

If you want to keep some information to yourself, you can do this if you get written permission from the FMA. There are also some other circumstances where you can keep information, but these are set out in rules. When a temporary manager is in charge, the rules about who is the former manager and who is the current manager are a bit different.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091199.

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189: Supervisor or FMA must take reasonable steps to arrange for new appointment, or

"Find a new boss for a scheme when the old one is temporary."

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191: Statutory novation of rights, obligations, and liabilities of former manager, or

"What happens to a scheme's old manager's jobs and responsibilities when a new manager takes over"

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

190Former manager must hand over records and give reasonable assistance

  1. If the person who holds an appointment as a manager of a registered scheme changes, the person who previously held the appointment (the former manager) must,—

  2. as soon as practicable, give the person that currently holds the appointment (the current manager) all of the information held or controlled by the former manager that is reasonably necessary to allow the current manager to hold the office; and
    1. give the current manager all reasonable assistance to facilitate the change.

      1. The former manager may withhold information, or retain a copy of information,—

      2. with the FMA's written consent; or
        1. otherwise in the prescribed circumstances.

          1. If a temporary manager has been appointed to an office, for the purposes of this section, former manager includes the person who held the office immediately before the temporary manager and current manager includes the person who held the office immediately after the temporary manager.