More teeth for commission

A bill requiring trustees and some statutory supervisors to be licensed was introduced to Parliament yesterday by Commerce Minister Simon Power.

The bill "is intended to protect investors' interests and enhance market confidence by enabling the Securities Commission to hold trustees and statutory supervisors accountable for failing to perform effectively," Power said.

It will give the Securities Commission new powers to license trustees and statutory supervisors and seek mandatory reports from them.

"The commission will have more powers to require information from trustees and to direct them to act in emergency situations," Power said.

Should trustees or supervisors fail to comply, they could face penalties of up to $200,000.