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Trusts Act 2019

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

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

You could also call this:

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

Illustration for Trusts Act 2019

When you look at section 557, you will see a new part added. This new part says that when the FMA is making a decision about something, they must think about the purpose and principles of the Trusts Act 2019, especially in the case of section 556(3A). You can find more information about this in the section 557 of the legislation.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS60709.

Topics:
Money and consumer rights > Banking and loans
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173: Section 556 amended (FMA may grant exemptions), or

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

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175: Schedule 3 amended, or

"Changes to the rules for some trust schemes are made in Schedule 3"

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

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

  1. In section 557, insert as subsection (2):

  2. In the case of section 556(3A), the FMA must also have regard to the purpose and principles of the Trusts Act 2019.