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Financial Services Regulation - June update

June 01, 2017

Contacts

Partners Josh Cairns, Anne Callinan, Barney Cumberland, Andrew Harkness, Don Holborow, James Hawes, Andrew Matthews, 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:

Investment companies

The FMA has designated shares in unlisted investment companies as managed investment products (MIPs), rather than equity securities, for the purposes of the Financial Markets  Conduct Act. The designation notice also prevents such shares from being offered through crowd funding platforms.

Funds management

The FMA is consulting on:

  • requiring fund managers to make substantial product disclosures
  • exempting bundled unit trusts from the obligation to prepare scheme financial statements.

Foreign trusts

The Tax Administration Act was recently amended to  increase the disclosure rules for foreign trusts. Following on from this, Inland Revenue is now consulting on the minimum requirements for preparing foreign trusts' financial statements. 

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