A bill requiring corporate trustees and statutory supervisors to be licensed has been introduced to Parliament.
If passed, the Securities Commission will be able to hold trustees and supervisors accountable for failing to perform effectively.
The bill aims to protect investors' interests and boost market confidence, and will apply to trustees of debt securities, unit trustees, and statuatory supervisors of certain collective investment schemes and retirement villages.
Those that fail to perform, or do not comply with the Securities Commission's directions, face fines of up to $200,000.
