Part 9Amendments to other Acts
Amendments to Financial Markets Conduct Act 2013
170New section 155A and cross-heading inserted
After section 155, insert:
Application of Trusts Act 2019
155AApplication of Trusts Act 2019
This section applies to a managed investment scheme constituted (or to be constituted) as 1 or more trusts or as including 1 or more trusts (or both) if the scheme—
- has been registered under this subpart; or
- has been or will be constituted as 1 or more trusts or as including 1 or more trusts (or both) with the intention that the scheme will be registered under this subpart.
The following provisions of the Trusts Act 2019 do not apply to any relevant trust:
- section 25 (duty to act honestly and in good faith):
- section 29 (general duty of care):
- section 30 (duty to invest prudently):
- section 35 (duty of impartiality):
- section 38 (duty to act unanimously):
- section 39 (adviser must alert settlor to modification or exclusion of default duty):
- sections 40 to 42 (exemption and indemnity clauses):
- section 43 (adviser must alert settlor to liability exclusion or indemnity clause):
- section 44 (court consideration of gross negligence):
- sections 45 to 48 (documents to be kept by trustees):
- sections 49 to 55 (giving information to beneficiaries):
- section 56 (general powers of trustee):
- sections 60 and 61 (power to determine treatment of returns and accounts):
- sections 67 to 73 (exercise or performance of trustee powers and functions by others):
- sections 74 to 76 (special trust advisers):
- sections 81(2) and (3) and 82 to 85 (trustees’ indemnities):
- sections 92 to 115 (appointment and discharge of trustees):
- sections 121 to 123 (termination and variation of trusts):
- sections 142 to 148 (alternative dispute resolution):
- sections 153 to 158 (investigation of condition and accounts of certain trust property).
In this section, relevant trust means a trust referred to in subsection (1) if a trust deed for the trust has been or will be lodged with the Registrar by the manager of the scheme.
Despite section 16(1) of the Trusts Act 2019, the trusts of a managed investment scheme may continue indefinitely.