News Round Up: September 26

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Huljich likely to plead guilty over KiwiSaver payments; FMA seeks submissions on licensing regime

Monday, September 26th 2011, 7:02AM 1 Comment

Peter Huljich looks set to avoid prison in what will be the first KiwiSaver-related case to hit the courts.

Huljich faces allegations he misled investors over the performance of the Huljich KiwiSaver Scheme.

The charges were laid by the Securities Commission and related to allegations prospective investors were misled about the funds performance due to related party payments made at the direction of Huljich.

News reports suggest Huljich has agreed a deal with the Financial Markets Authority and prosecutors plead guilty in exchange for some charges to be dropped.

FMA seeks submissions on licensing regime

The Financial Markets Authority (FMA) is seeking submissions ahead of the release of a guidance note on the upcoming licensing regime for KiwiSaver trustees and statutory managers.

The Securities Trustees and Statutory Supervisors Act 2001 comes into effect on October 1, 2011, introducing a licensing regime "to ensure all trustees and statutory supervisors have the appropriate capabilities to perform their obligations."

The guidance note aims to outline who needs to be licensed and the licensing criteria and will provide details of the documentation applicants will need to provide with their license application.

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