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 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.