Every restricted managed investment scheme must have at least one licensed independent trustee. They must meet the definition of independent in the Act (section 131). A restricted scheme is a KiwiSaver, superannuation or workplace savings scheme on the register of Managed Investment Schemes, and is identified on it as a restricted scheme. You'll need a licence if you are appointed as an independent trustee of a:
Restricted KiwiSaver scheme
Workplace superannuation or legacy scheme.
Licensees have a number of obligations, in addition to the minimum standards and standard conditions set out in their licence. These obligations include notifying the FMA of certain events and providing us with information. All notifications should be emailed to the FMA at email@example.com, noting the relevant obligation in the subject line of your email.
The Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act) 2009 and its Regulations place obligations on New Zealand’s financial institutions to detect and deter money laundering and terrorism financing. Find out how it affects you.