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Securities Commission Policy in Respect of Approval of Trustees and Statutory Supervisors

PART I
INTRODUCTION

1. The Commission is reviewing aspects of its policy in relation to the approval of trustees and statutory supervisors under section 48 of the Securities Act 1978 ("the Act").

2. This paper describes the role and the procedures for the appointment of trustees and statutory supervisors under the Act. It also describes the Commission's existing criteria and procedures for approving such persons.

3. In broad terms, we have examined the following policy questions:
   1. Is there a useful role for trustees and statutory supervisors in New Zealand's securities regulatory system? What is that role?

   2. Why should the Commission approve persons to act as trustees and statutory supervisors? Are there alternative means, without the need for the Commission's involvement, to ensure that appropriate people are appointed to act as trustees and statutory supervisors?

   3. Assuming the Commission is to continue its role of approving trustees and statutory supervisors, what criteria and procedures should be applied by the Commission in determining whether to approve people to act as trustees and statutory supervisors?

   4. Is there a need for the Commission to have an ongoing regulatory role in respect of approved people?

Invitation to Comment

4. We invite general comment on the role that the Commission has played to date in administering its discretion under section 48 of the Act and on any suggestions for change. A number of discussion questions are set out at the end of each Part and for convenience these are repeated in the Appendix at the end of the paper. We would be pleased to receive any views, observations or comments that you may wish to make to us about this paper generally, including submissions in respect of the discussion questions.

5. This paper may be downloaded from the Commission's web site (www.seccom.govt.nz). Comments on this discussion paper should be sent to the Commission by Friday 6 July 2001. They can be e-mailed to tim.dolan@seccom.govt.nz or sent in hard copy to:

   Tim Dolan
   Lawyer
   Securities Commission
   Facsimile: (04) 472 8076
   PO Box 1179
   WELLINGTON