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- Release Date: 28/09/12 16:42
- Summary: GENERAL: PGC: FMA completes licensing process
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PGC
28/09/2012 14:42
GENERAL
REL: 1442 HRS Pyne Gould Corporation Limited
GENERAL: PGC: FMA completes licensing process
The Financial Markets Authority (FMA) has today concluded the licensing
process for Securities Trustees and Statutory Supervisors with decisions on
three further applicants.
Corporate Trust Limited has been granted a licence for a term of
four-and-a-half years, for all classes of securities and retirement villages.
Corporate Trust Limited is a new entity that has acquired the Corporate Trust
division of Perpetual Trust in a management buyout.
Perpetual Trust Limited has been granted a limited licence under the
following classes for a term of 18 months:
o A trustee of finance companies in receivership and/or in liquidation
o A trustee in respect of unit trusts
o A trustee for KiwiSaver
The licence in respect of unit trusts and KiwiSaver schemes is to enable the
orderly transfer of these supervised interests to a duly licenced trustee and
is subject to conditions that the transition of these appointments, and
assets held by Perpetual Trust Limited under those appointments, is completed
by 30 November 2012.
Superlife Trustee Limited was declined a licence because it could not satisfy
FMA that, having regard to conditions that FMA may impose, it was capable of
effectively performing the functions of a trustee. Public Trust, which was
granted a licence by FMA last week, has been appointed as trustee for the
Superlife KiwiSaver scheme.
Today's announcement brings the total number of successful full licensees to
10.
All trustees and statutory supervisors are required to be licensed under the
Securities Trustees and Statutory Supervisors Act 2011, which came into
effect on 1 October 2011.
FMA Head of Compliance Monitoring, Elaine Campbell, said the purpose of the
Act is to protect the interests of security holders and residents of
retirement villages.
"The new licensing regime means trustees and statutory supervisors will now
be accountable for any failure to perform their functions effectively," Ms
Campbell said.
Ends
Contact:
Tony Reid on 021 739 052 or [email protected]
End CA:00227900 For:PGC Type:GENERAL Time:2012-09-28 14:42:10
