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Trusts Act 2019

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

173: Section 556 amended (FMA may grant exemptions)

You could also call this:

"The law allows the Financial Markets Authority to let some trusts skip certain rules in the Trusts Act 2019."

The Financial Markets Authority (FMA) can exempt a trust, or a group of trusts, from following some or all of the rules in the Trusts Act 2019. You can get an exemption if your trust is set up under a special document, and the FMA has already said you do not have to lodge this document. The FMA can also exempt a trust that is part of a managed investment scheme, if the scheme does not have to be registered because the FMA has granted an exemption, as explained in the link to section 556(3).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS60708.

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172: Section 550 amended (Procedural requirements for regulations relating to exemptions, exclusions, and definitions), or

"Changes to the rules for making exceptions to the Trusts Act 2019"

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174: Section 557 amended (Restriction on FMA’s exemption power), or

"New rules help the FMA make fair decisions about trusts, following the Trusts Act 2019 principles."

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

173Section 556 amended (FMA may grant exemptions)

  1. After section 556(3), insert:

  2. The FMA may, on the terms and conditions (if any) that it thinks fit, exempt any trust or class of trusts (or any person or class of persons in respect of a trust or class of trusts) from any provision or provisions of the Trusts Act 2019 if—

  3. the trust or that class of trusts is constituted (or is to be constituted) under a trust deed or trust deeds that would be required to be lodged under section 103 except for the fact that the FMA has granted or will grant an exemption from that requirement under subsection (1); or
    1. both of the following apply:
      1. a managed investment scheme is constituted (or is to be constituted) as 1 or more trusts or as including 1 or more trusts (or both):
        1. the scheme would be required to be registered under subpart 2 of Part 4 except for the fact that the FMA has granted or will grant an exemption from that requirement under subsection (1).