Trusts Act 2019

Amendments to other Acts - Amendments to Financial Markets Conduct Act 2013

170: New section 155A and cross-heading inserted

You could also call this:

"Rules for managed investment schemes that are set up as trusts are a bit different"

If you have a managed investment scheme that is set up as one or more trusts, this section applies to you. You can find more information about managed investment schemes in the Financial Markets Conduct Act 2013. This section is part of the Trusts Act 2019, which you can read about on the New Zealand legislation website. You do not have to follow some parts of the Trusts Act 2019 if you have this type of scheme. Some parts of the Trusts Act 2019 that do not apply include duties like acting honestly and with care, and keeping certain documents.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7383121.


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171: Section 548 amended (Other regulations), or

"Changes to rules that don't apply to some trusts"

Part 9Amendments to other Acts
Amendments to Financial Markets Conduct Act 2013

170New section 155A and cross-heading inserted

  1. After section 155, insert:

    Application of Trusts Act 2019

    155AApplication of Trusts Act 2019

    1. 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—

    2. has been registered under this subpart; or
      1. 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.
        1. The following provisions of the Trusts Act 2019 do not apply to any relevant trust:

        2. section 25 (duty to act honestly and in good faith):
          1. section 29 (general duty of care):
            1. section 30 (duty to invest prudently):
              1. section 35 (duty of impartiality):
                1. section 38 (duty to act unanimously):
                  1. section 39 (adviser must alert settlor to modification or exclusion of default duty):
                    1. sections 40 to 42 (exemption and indemnity clauses):
                      1. section 43 (adviser must alert settlor to liability exclusion or indemnity clause):
                        1. section 44 (court consideration of gross negligence):
                          1. sections 45 to 48 (documents to be kept by trustees):
                            1. sections 49 to 55 (giving information to beneficiaries):
                              1. section 56 (general powers of trustee):
                                1. sections 60 and 61 (power to determine treatment of returns and accounts):
                                  1. sections 67 to 73 (exercise or performance of trustee powers and functions by others):
                                    1. sections 74 to 76 (special trust advisers):
                                      1. sections 81(2) and (3) and 82 to 85 (trustees’ indemnities):
                                        1. sections 92 to 115 (appointment and discharge of trustees):
                                          1. sections 121 to 123 (termination and variation of trusts):
                                            1. sections 142 to 148 (alternative dispute resolution):
                                              1. sections 153 to 158 (investigation of condition and accounts of certain trust property).
                                                1. 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.

                                                2. Despite section 16(1) of the Trusts Act 2019, the trusts of a managed investment scheme may continue indefinitely.