544Regulations for purposes of Part 4 (governance of financial products)

1. The Governor-General may, by Order in Council, on the recommendation of the Minister in accordance with section 549, make regulations for all or any of the following purposes:

   Reporting to supervisor

2. prescribing the information that must be made available under subpart 1 or 2 of Part 4, the times or events referred to in either of those subparts, and the manner of making the information available (including prescribing the manner in which the information is to be presented, calculated, or prepared):

Particular types of schemes

3. prescribing, for registrations as particular types of schemes, additional application requirements:
4. prescribing other types of registered schemes, and any additional registration requirements applying to those types of schemes:
5. prescribing, as the superannuation scheme rules for the purposes of section 129, the permitted withdrawals for retirement or other purposes of the scheme and the other incidental or secondary permitted withdrawals (for example, financial hardship withdrawals, early partial withdrawals, and insurance benefits) and any other registration requirements for superannuation schemes (which may include provisions to be implied in a governing document: see subsection (2)):
6. prescribing application and registration requirements for superannuation schemes and workplace savings schemes:
7. providing for the FMA to carry out any function of determining whether a scheme is or is not employer-related or has, or does not have, any other status under this Act or the regulations, and the criteria it must apply and its powers and procedures in doing so:

Contents of governing documents

8. prescribing the matters that must be contained in a governing document required for the purposes of Part 4 (including to supplement, require more detail to be provided in relation to, or add to, the matters required to be contained in it by that Part):
9. prescribing provisions to be implied in a governing document (see subsection (2)):

Meetings of product holders

10. authorising a person to call meetings of product holders (whether in general, or at specified times or in relation to events or in connection with specified matters):
11. prescribing the frequency of meetings of product holders, the methods of holding meetings, the quorum, and the other procedures to be followed in calling and conducting meetings of product holders (including providing for electronic voting by product holders and for product holder proposals) and providing for the making of written resolutions in lieu of meetings:
12. prescribing circumstances for the purposes of section 163:

Custodians

13. prescribing the duties and obligations of custodians in relation to scheme property:
14. prescribing provisions regulating the keeping, retention, reconciliation, inspection, and audit or review of records or procedures of a custodian:
15. prescribing matters for the purposes of section 159, including prescribing circumstances, prescribing the manner of providing the confirmation information, and prescribing information as confirmation information:

Management of registered schemes

16. prescribing circumstances for the purposes of section 166:
17. prescribing matters relating to the reporting of limit breaks and pricing errors and non-compliance with pricing methodologies:
18. prescribing any steps that must be taken for the purposes of section 168 (including whose position needs to be remedied or restored, who needs to be informed, when and how those steps must be taken, and any related obligations or other matters):
19. prescribing overseas schemes, interests, benefits, or transactions for the purposes of section 174(b) and (d):
20. prescribing circumstances for the purposes of section 176(5):
21. prescribing requirements for the purposes of section 189:
22. prescribing circumstances for the purposes of section 190(2)(b):

Registers and keeping copies of documents

23. prescribing matters for the purposes of subpart 4 of Part 4, including—
    1. matters for the purposes of section 215(1)(b):
    2. types of derivatives for the purposes of section 215(2)(a):
    3. financial products for the purposes of section 215(2)(b):
    4. circumstances for the purposes of section 215(2)(c):
    5. requirements for the purposes of section 215(3), including requirements relating to the keeping of records in respect of derivatives, the audit or review of those records, the inspection of those records, and making copies of, or extracts from, those records available:
    6. particulars for the purposes of section 217(1)(f):
    7. circumstances in which information specified in a paragraph in section 217(1) is not required to be contained in a register:
    8. circumstances for the purposes of section 217(2):
    9. requirements for the purposes of section 218, including when an audit or a review must be carried out, the prescribed manner in which the audit or review must be carried out, and the required scope or extent of the audit or review:
    10. circumstances for the purposes of section 221(2)(c):
    11. purposes for the purposes of section 225(3)(a):
    12. requirements for the purposes of section 227(1)(b):

Miscellaneous

24. prescribing the form of, or information that must or must not be contained in or attached to, any information required to be provided or made available by or under Part 4 and the manner in which it may be made available or given.

25. A provision prescribed for the purposes of subsection (1)(d) or (h) may, without limitation, do any of the following (including to supplement, or to add to, duties and powers prescribed by this Act, the Financial Markets Supervisors Act 2011, and, in relation to KiwiSaver schemes, the KiwiSaver Act 2006):

26. specify the duties and powers of the supervisor of the debt security or the scheme:
27. specify the duties of the issuer of the debt security or the manager of the scheme.

28. Subsection (1)(k), (o), (r), (s), and (v)(iii), (iv), (via), and (ix) are subject to section 550 (which provides for certain procedural requirements relating to regulations made under those subparagraphs).

29. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).