Securities Trustees and Statutory Supervisors - Feedback from monitoring visits

 

In September 2012, FMA licensed securities trustees and statutory supervisors (licensees) pursuant to the Securities Trustees and Statutory Supervisors Act 2011 (the Act). Prior to the Act, licensees in New Zealand were not subject to independent regulation.

FMA recognises that it can take time for any newly regulated population to adapt to their new compliance obligations. In the context of licensee’s, adapting processes and building a culture of regulatory oversight of supervised interests can take time. This monitoring report and the guidance issued by us in June 2013 on Monitoring by Securities Trustees and Statutory Supervisors have been designed to help licensees move towards best standards of compliance.

In 2013, FMA conducted on-site reviews of all licensees and made a number of recommendations in our resulting feedback to assist them to fully comply with our expectations of licensee standards. The level of engagement and response from licensees has been very positive.
The findings in this report reflect common issues recorded during our on-site visits and summarises the overall assessment of monitoring quality (section 1). It also provides key messages for licensees (section 2) and outlines the future focus of monitoring reviews (section 3).

Securities Trustees and Statutory Supervisors - Feedback from monitoring visits.pdf (560 kB)