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Financial Markets Conduct Act 2013

Governance of financial products - Governance of managed investment products - Cancellation of registration

196: Registrar must remove scheme from register on cancellation of registration

You could also call this:

"Registrar must remove a scheme from the list when its registration is cancelled"

Illustration for Financial Markets Conduct Act 2013

When a scheme's registration is cancelled under section 195, the Registrar must take it out of the register of managed investment schemes. You need to know that the cancellation is considered to happen on the day the scheme is removed from the register. The Registrar must tell the scheme's manager, supervisor, and sometimes the Commissioner of Inland Revenue, about the cancellation as soon as possible.

The Registrar has to give notice to these people after the scheme's registration is cancelled. This notice is usually sent to the manager and supervisor of the scheme. If it is a KiwiSaver scheme, the Commissioner of Inland Revenue also gets a notice.

The cancellation of a scheme's registration is an important step, and the Registrar must follow the rules to make sure it is done correctly.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091213.

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Part 4Governance of financial products
Governance of managed investment products: Cancellation of registration

196Registrar must remove scheme from register on cancellation of registration

  1. On the cancellation of the registration of a scheme under section 195, the Registrar must remove it from the register of managed investment schemes.

  2. The cancellation must be treated as taking effect on the date on which the scheme is removed from the register.

  3. The Registrar must give notice of the cancellation of registration, as soon as practicable after the registration of the scheme is cancelled, to—

  4. the manager of the scheme; and
    1. the supervisor of the scheme; and
      1. the Commissioner of Inland Revenue (in the case of a KiwiSaver scheme).

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