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Financial Services Regulation - October update

October 02, 2017

Contacts

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

Banks

The Reserve Bank has tightened up its outsourcing policy for registered banks (BS 11). 

The policy applies to registered banks that are incorporated in New Zealand and that have liabilities (net of amounts owed to related parties) of $10 billion or more. 

Foreign trusts

The new minimum requirements for the financial statements that resident foreign trustees must file are now in force.

This follows on from amendments to the Tax Administration Act 1994 to increase the disclosure rules for foreign trusts.

NZX

NZX is in the process of reviewing the Main Board/Debt Market Listing Rules. It is consulting on the review's scope and direction, and on areas of rules to develop. 

Meanwhile, NZX's updated Corporate Governance Code is now in effect. 

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