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Financial Services Regulation - August update

August 01, 2018

Contacts

Partners Andrew Harkness, Andrew Matthews, Anne Callinan, Barney Cumberland, Don Holborow, James Hawes, Josh Cairns, Michael Pollard, Michael Robinson
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 we focus on this month are:

Financial advisers

The Select Committee has reported back on the Financial Services Legislation Amendment Bill.  

The Financial Advice Code Working Group has signalled that it will rework the draft Code of Conduct, in light of critical submissions received on its earlier proposals.  

Insurance

NZ IFRS 16 will lead to new assets and liabilities on the balance sheet for lease contracts.  The Reserve Bank is consulting on proposed changes to the insurance solvency standards to address this. 

The paper also seeks additional feedback on the accounting treatment of lease contracts.  

MBIE regulatory systems

The Regulatory Systems (Economic Development) Amendment Bill has been introduced. It will make various amendments to legislation administered by MBIE – including the Financial Reporting Act, CCCFA, Companies Act, Limited Partnerships Act, PPSA, Insolvency Act, and Building Societies Act. 

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