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Trusts Act 2019

Amendments to other Acts - Amendments to Financial Advisers Act 2008

178: Section 154 amended (General regulations)

You could also call this:

"New rules for when the Trusts Act 2019 does not apply to some trusts"

Illustration for Trusts Act 2019

The law says that after a certain part of the Trusts Act 2019, you will find a new section. This new section is about when some parts of the Trusts Act 2019 do not apply to a trust. It says that some trusts will be regulated by another law, so the Trusts Act 2019 will not apply to them. You can find more information about this in the section 154(1)(l) of the law. The Minister must think carefully before making new regulations about this.

The Minister must make sure that any new regulations are consistent with the purposes of the law. You can find more information about this in the section 154(5) of the law. The Minister must also make sure that the new regulations do not stop the Trusts Act 2019 from applying more than is necessary.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7383131.

Topics:
Money and consumer rights > Banking and loans
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177: New section 77TA and cross-heading inserted, or

"Some trusts don't have to follow all the rules in the Trusts Act 2019"

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179: Amendment to Financial Markets Authority Act 2011, or

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Part 9Amendments to other Acts
Amendments to Financial Advisers Act 2008

178Section 154 amended (General regulations)

  1. After section 154(1)(l), insert:

  2. providing that specified provisions of the Trusts Act 2019 do not apply to a trust, or class of trusts, that are or will be regulated by or under this Act:

    1. After section 154(5), insert:

    2. The Minister must not recommend the making of regulations under subsection (1)(la) unless the Minister has had regard to the purpose of the Trusts Act 2019 and is satisfied that—

    3. the regulations are consistent with the purposes of this Act; and
      1. the extent to which the Trusts Act 2019 is disapplied is not broader than is reasonably necessary to address the matters that gave rise to the regulations.