Funds Management, KiwiSaver and Superannuation

Home Expertise Funds Management, KiwiSaver and Superannuation

Unlocking opportunities

With the amount of funds available for investment in New Zealand and overseas continuing to increase, there will be significant opportunities for fund managers in the coming years.  However, challenges exist in the form of greater scrutiny from policymakers and the public, a moving regulatory landscape, pressure on fees and increased compliance costs.

We understand the regulatory and legislative framework applicable to the funds industry and the views of the regulators, and help our clients achieve their commercial objectives within that framework.

Our lawyers work alongside fund managers, trustees, supervisors, financial advisers, custodians, investors and employers to navigate the red tape, and have close relationships with the regulators and market experience and expertise so that this can be done efficiently and effectively.

Funds management

The funds industry is the subject of increasing regulation. With the transition into the Financial Markets Conduct Act complete, focus is turning to the Financial Services Legislation Amendment Bill, which repeals the Financial Advisers Act, as well as on the implications of amendments to the Anti-Money Laundering and Countering Financing of Terrorism Act. The proposed Trusts Act also has potentially significant consequences for the industry.

We advise on the establishment, operation, restructure and wind up of funds and investment schemes. We assist in the development and design of schemes, including on tax efficient structures. 

Our experience includes advising:

  • on the establishment, structuring and offer of wholesale and relevant funds;
  • on due diligence, compliance processes and liability;
  • retail funds on the preparation of product disclosure statements, other material information and related documentation such as fund updates and annual reports;
  • listed funds on their obligations under the FMCA;
  • offshore fund managers on offering products into New Zealand, including under the mutual recognition regime between Australia and New Zealand;
  • on AML/CFT issues such as compliance programmes, CDD and reporting; and
  • on obtaining exemptions under the FMCA and the AML/CFT Act, on a class or individual basis.


KiwiSaver and superannuation

KiwiSaver has led to the funds industry becoming relevant for the majority of New Zealanders and a much greater focus on the management of New Zealanders' wealth. While the issues that affect retail funds also affect KiwiSaver schemes generally, regulators pay close attention to investor protection where KiwiSaver is concerned, given its wide impact.

We have been involved with KiwiSaver since its conception more than a decade ago, and are well versed to advise on all aspects concerning KiwiSaver as well as other superannuation schemes.

Our experience includes advising:

  • on the structuring, establishment and operation of KiwiSaver schemes;
  • on the transition of restricted schemes into the FMCA;
  • on the establishment of superannuation schemes, including QROPS; and
  • on the wind up of superannuation schemes.

Financial advisers, trustees and financial services providers

Financial market reform has transformed the financial services provided in New Zealand. We advise on all aspects of financial adviser regulation, and work closely with clients, law makers and regulators to shape the law and policy to reflect business practice.

Our experience includes advising:

  • New Zealand and offshore financial advisers and financial service providers on their obligations and duties, and the provision of advice to retail clients; and
  • on investment management, custodial and administration agreements;
  • custodians and brokers on their custodial obligations and duties, and on exemptions available to offshore custodians;
  • on matters related to discretionary investment management services, including licensing and regulation;
  • trustees and supervisors in their role as trustee of managed investment schemes and other schemes; and
  • on offers of financial products in New Zealand, including by overseas issuers and on reliance on exclusions.

Employee share schemes

The landscape of New Zealand's employee share schemes is currently undergoing a period of change, with tax reforms being implemented this year with implications on existing incentive schemes (subject to grandparenting). We advise on the structuring, establishment, operation, amendment and wind up of long and short term incentive schemes, as well as on the compliance and disclosure requirements with respect to such schemes.

Our experience includes advising:

  • many of New Zealand's listed companies on their executive and employee share schemes;
  • overseas employers offering employee share schemes to New Zealand employees; and
  • on the structuring and establishment of management incentive schemes for start-ups and in the private equity context.
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