Plain language law

New Zealand law explained for everyone

Financial Markets Conduct Act 2013

Governance of financial products - Governance of managed investment products - Related party transactions

177: General duties not affected

You could also call this:

"Managers and supervisors must still follow the rules and do their job properly."

Illustration for Financial Markets Conduct Act 2013

If you are a manager or supervisor of a scheme, you still have to do your job properly. This means you must follow the rules in the Financial Markets Conduct Act 2013. You have to do this even if a transaction is allowed under sections 172 to 176 or if the people in the scheme agree to it.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM5155256.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
Previous

176: Additional restrictions on acquisitions by restricted schemes of in-house assets, or

"Rules for schemes buying assets from people they are connected to"

Next

178: Application of scheme participant transfer rules, or

"Rules for switching KiwiSaver schemes"

Part 4Governance of financial products
Governance of managed investment products: Related party transactions

177General duties not affected

  1. The fact that a transaction is consented to, approved by scheme participants, or otherwise permitted under sections 172 to 176 does not affect the manager's or supervisor's obligations to comply with its duties under this Act and otherwise in connection with the transaction.