Section 173 — Trusts Act 2019: Section 556 amended (FMA may grant exemptions)

173 Section 556 amended (FMA may grant exemptions) After section 556(3) , insert: (3A) The FMA may, on the terms and conditions (if any) that it thinks fit, exempt any trust or class of trusts (or any person or class of persons in respect of a trust or class of trusts) from any provision or provisions of the Trusts Act 2019 if— (a) the trust or that class of trusts is constituted (or is to be constituted) under a trust deed or trust deeds that would be required to be lodged under section 103 except for the fact that the FMA has granted or will grant an exemption from that requirement under subsection (1); or (b) both of the following apply: (i) a managed investment scheme is constituted (or is to be constituted) as 1 or more trusts or as including 1 or more trusts (or both): (ii) the scheme would be required to be registered under subpart 2 of Part 4 except for the fact that the FMA has granted or will grant an exemption from that requirement under subsection (1).