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Trustee services

The critical role of trustees and statutory supervisors under securities law is reflected in a new licensing system. For the first time, trustees face a licensing regime and will need to satisfy a range of prescribed requirements to continue operating. Kensington Swan has been heavily involved in the law reform process for the new trustee licensing regime and knows what is required to operate in the new environment.

Kensington Swan has been heavily involved in the law reform process for the new trustee licensing regime and knows what is required to operate in the new environment.
 

Trustee corporations

Our financial services team has a wealth of experience in advising trustees on the role they play in securities offerings. We have acted for several trustee corporations on their appointments as trustees or statutory supervisors of:

  • debt securities
  • unit trusts
  • superannuation
  • KiwiSaver
  • other participatory offerings such as forestry partnerships and proportionate ownership schemes.
 

Negotiation of trust deeds

We have extensive expertise in the negotiation of trust deeds and related arrangements. Acting for both issuers and trustees ensures we have an in-depth understanding of issues facing the industry and can bring a balanced approach to the process.
 

Securities law specialists

We have one of New Zealand’s leading securities law teams. We act for major issuers and trustees in the financial services industry, providing specialist tailored advice.
 

Trusts and charities

We provide expert advice to trustee corporations and other trustees and settlors in relation to the establishment and administration of a wide range of family, commercial, and charitable trusts.
 

Recent experience


Perpetual Trust Limited

We advised Perpetual Trust Limited, the appointed trustee of the NZ Funds KiwiSaver Scheme, through the initial establishment of the scheme. This included negotiation of the trust deed and the appropriateness of the Scheme's disclosure documentation. We also advised on the first restructure as a retail KiwiSaver scheme, in which NZ Funds Management Limited became the issuer of the NZ Funds Kiwisaver Scheme and Perpetual Trust Limited assumed the role of supervisor.


New Zealand Guardian Trust

When Guardian Trust recognised that they needed help with their Financial Advisers Act implementation project, they came to us. We helped Guardian Trust prepare new disclosure statements, investment reports and client questionnaires, and assisted with client communications. A key element of the project was advising Guardian Trust on how to accommodate the particular services provided by a trustee company within the Financial Advisers Act framework.


Maori Trustee

We advised the Maori Trustee on all aspects of its application to become a licensed trustee under the Securities Trustees and Statutory Supervisors Act 2011. Our advice covers all aspects of the licensing process, including advising on the structural and resource requirements.


Public Trust

We advised Public Trust on all aspects of the recent reconstruction of the Argosy Property Trust and the internalisation of the management duties. Our advice covered all aspects of the rights and obligations of Public Trust under the new arrangements. The appointment is a new one for Public Trust and furthers its role in safeguarding the interests of investors.


New Zealand Permanent Trustees Limited

We advised NZPT on all aspects of the Dorchester Finance Limited capital reconstruction plan, including a debt-for-equity swap. NZPT was the trustee of the unsecured subordinated notes issued by Dorchester Finance which had previously experienced financial difficulties. This required the introduction of a repayment moratorium and a deferred repayment scheme. Our advice covered a range of issues in an uncertain time for trustees, investors, and financial participants, and achieved a good result for investors.


 

Related legal services

Banking and finance law
Capital markets
Financial adviser law
Managed funds law
NZX compliance
Superannuation and KiwiSaver
Trusts

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Managing Partner, Wellington

+64 4 498 0816

catriona.grover@kensingtonswan.com

Chairman and Partner, Wellington

+64 4 498 0835

gerald.fitzgerald@kensingtonswan.com

Partner, Wellington

+64 4 498 0840

david.ireland@kensingtonswan.com

Senior Associate, Auckland

+64 9 915 3357

nick.summerfield@kensingtonswan.com

Others with expertise in this area >

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