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Financial Services Regulation - August update

August 01, 2017

Contacts

Partners Anne Callinan, Josh Cairns, Barney Cumberland, Andrew Harkness, James Hawes, Don Holborow, Michael Pollard, Michael Robinson
Special Advisors Peter Eady
Senior Associates Laurette Barnard

Financial services regulation

Our monthly Financial Services Regulation Update highlights the key developments affecting the financial services sector.

Three key areas this month are:

Bank regulation

The Reserve Bank has launched a consultation on what types of instruments should qualify as bank capital. This consultation is part of the Reserve Bank's broader review of bank capital.

Meanwhile, the consultation on whether the Reserve Bank's macroprudential toolkit should include DTI limits closes mid-August.  

Mortgage lending

The Land Transfer Act 2017 has been enacted. The new Act retains the core principles of the Torrens system, but modernises the electronic registration framework and implements certain reforms. It notably gives the court limited discretion, in the event of fraud or other illegality, to restore a landowner's registered title. The Act should come into force in late 2018.

Derivatives

The G20 reforms on the margin requirements for OTC derivatives can capture New Zealand entities that are part of a foreign-owned group or that transact OTC derivatives with foreign counterparties. However, certain features in New Zealand law may impede their ability to comply with the foreign requirements. The Reserve Bank and MBIE are consulting on how New Zealand should respond. 

For a full copy of this month's update, please register on our guides page here.