Financial Markets Conduct (Evergreen Retirement Trust) Exemption Notice 2021

Summary:

The Evergreen Retirement Trust (the Evergreen Trust)  is a restricted legacy scheme that wound-up on 6 April 2018.  The Manager of the Evergreen Trust is The New Zealand Guardian Trust Company Limited (NZGT).  

Download the notice PDF.

This notice exempts NZGT from :

• Regulation 62 of the Financial Markets Conduct Regulations 2014 (the Regulations)  to the extent it requires NZGT to prepare an annual report on the affairs of the Evergreen Trust, and send a copy of it to every scheme participant and lodge it with the Registrar. 
• Section 461D of the Financial Markets Conduct Act 2013 (the Act) to the extent it would require NZGT to ensure that the financial statements for the Evergreen Trust are audited by a qualified auditor.
• Section 461A(3)(c) of the Act to the extent it would require NZGT to ensure that the financial statements for the Evergreen Trust are dated and signed on behalf of NZGT by two directors of NZGT or, if NZGT has only one director, by that director.

These exemptions will be subject to NZGT meeting certain conditions.  Within four months after each balance date of the Evergreen Trust, NZGT must prepare a clear, concise and effective statement in respect of the accounting period ending on that date (the Members Update).  The Members Update must include relevant information:

• A summary of any material changes to the scheme property, including:
  • Any changes to the value of scheme property:
  • Any changes to the ownership of scheme property:
• A report on actions being taken to liquidate or dispose of scheme property, or otherwise realise value from that property, including the progress of any legal action:
• Any information relevant to distributions to the scheme participants, including the amount of any distribution and the date that the distribution will be made:
• A reference to the Evergreen Trust’s latest financial statements that has been lodged with the Registrar, and an explanation of how information can be obtained from the scheme register or from NZGT:
• The contact details, including an address and business telephone number, of NZGT and 1 or more employees or agents of NZGT to whom queries or complaints about the Evergreen Trust can be made.
• A statement as to where the exemption notice may be accessed and that NZGT is exempted from the requirements to ensure that:
  • an annual report is prepared for the Evergreen Trust;
  • the financial statements for the Evergreen Trust are dated and signed on behalf of NZGT by two directors of NZGT or, if NZGT has only one director, by that director;
  • The Evergreen Trust’s financial statements are audited by a qualified auditor.

NZGT must send a copy of the Members Update to every Member and to the Registrar.

The exemption from Paragraph 461A(3)(c), which would require NZGT to ensure that the financial statements are dated and signed on behalf NZGT by two directors of NZGT (or if NZGT has only one director, by that director), is subject to an additional condition that a due diligence statement in respect of the financial statements is dated and signed on behalf of NZGT by NZGT’s Chief Executive Officer (or a director) and sent to the Registrar for lodgement within 4 months after the balance date of the Evergreen Trust.