1. Compliance
  2. Supervisors
  3. Who needs to comply
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Who needs to comply

Supervisors are appointed to look after investors' interests for some types of securities. Supervisors covered by the Securities Trustees and Statutory Supervisors Act (the Supervisors Act) are:

  • trustees of debt securities
  • statutory supervisors of participatory securities
  • trustees of unit trusts
  • trustees of non-restricted KiwiSaver schemes
  • statutory supervisors of retirement villages

Trustees of restricted KiwiSaver schemes are not covered by the Supervisors Act. Under the requirements of the FMC Act 2013, restricted schemes will be required to have a licensed Independent Trustee.  See our section on independent trustees for more information.

Statutory supervisors are appointed to look after investors' interests for participatory securities (a catch-all term under the Securities Act 1978 for securities other than equity securities, debt securities or investments in a managed fund).

The Supervisors Act will be amended so a Supervisor of a 'registered scheme' under the FMC Act must hold a licence that covers the scheme.  This means current licences will need to be varied for a Supervisor to supervise a non-restricted registered superannuation scheme from 1 December 2014.

We will update this information as the new licensing requirements are finalised.

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