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Financial Services Regulation - September update

September 01, 2017


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

Financial services regulation Competition law (inc cartels) Anti-money laundering (inc AML/CFT Act)

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

Three key areas this month are:

Financial advisers, brokers and custodians

August saw the introduction of the Financial Services Legislation Amendment Bill.

The Bill will (among other things) repeal the Financial Advisers Act 2008, replacing it with a new regime for financial advice services.

The Bill will carry over the regulation of "broking services" (including "custodial services") from the Financial Advisers Act. However, it will replace that unhelpful terminology, and will instead refer to regulating the handling of "client money or property".

Money laundering

Stage 1 of the AML/CFT regime came into effect in New Zealand in June 2013, imposing various compliance obligations on financial institutions and casinos.  

A Bill has now been introduced to launch Stage 2 of the regime. This will see the staged extension of the AML/CFT Act's compliance obligations to lawyers, conveyancers, trust or company service providers, accountants, real estate agents, dealers in high-value goods, and the New Zealand Racing Board.


August marked the Commerce (Cartels and Other Matters) Amendment Act 2017 becoming law. 

This Act amends  the Commerce Act 1986 to promote pro-competitive collaboration while deterring anticompetitive cartel conduct. 

The original Bill  had included a new criminal offence for cartels. The final Act does not contain such an offence. Instead, MBIE will monitor developments to assess whether such an offence should be adopted later.

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