The regime established under the Securities Trustees and Statutory Supervisors Bill requires certain regulations being made before the regime can come into effect. Following the second reading of the Bill, Cabinet has now released a discussion document proposing regulations which specify:
- how the Securities Commission must assess applicants against the licensing criteria set out in the Bill;
- the contents of the reports that trustees will provide to the Securities Commission every six months;
- the fees and levies to ensure the regime is operated on a full cost-recovery basis; and
- certain additional terms for trust deeds for debt issuers.
Mr Power is encouraging stakeholders to comment on the proposals in the discussion document, and notes that industry "input and feedback will be invaluable in ensuring the regulations we put in place are sound and robust."
Closing date for submissions is 17 November 2010