What’s New?: News Releases 2001 | Securities Commission


	Advanced Search

Print this page.

29 May 2001

News Release

TRUSTEES & STATUTORY SUPERVISORS - COMMENT INVITED ON POLICY

The Securities Commission is seeking comment on its policy for approving trustees and statutory supervisors.

Trustees or statutory supervisors represent the interests of investors. They are independent persons who are required to check whether there have been any breaches of the trust deed or the terms of the offer of securities. The trustee is also required to check whether the company holds sufficient assets to make repayments to the investors as they become due.

The procedures for approving trustees and statutory supervisors are set out in section 48 of the Securities Act 1978.

The law requires the Commission to consider the suitability of people only at the time they apply for approval. There is no ongoing monitoring of approved trustees and statutory supervisors.

The discussion paper seeks comment on a range of issues including:

whether trustees and statutory supervisors have a useful role;
if so, whether the present procedures for approvals continue to be appropriate; and
whether there is a need to keep under continuing review people who are authorised as trustees and statutory supervisors.

Please click here to view the discussion document online. Comment is invited by 6 July 2001.

Return to index