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Financial Services Regulation - December update

December 03, 2018

Contacts

Partners Andrew Harkness, Andrew Matthews, Anne Callinan, Barney Cumberland, Ben Upton, Don Holborow, James Hawes, Jania Baigent, Josh Cairns, Michael Pollard
Senior Associates Laurette Barnard

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

Three key areas we focus on this month are:

Banking

Phase 2 of the review of the Reserve Bank of New Zealand Act launched on 1 November 2018. 

A major focus of the first consultation paper is whether New Zealand needs depositor protection if a bank should fail. One option floated in the consultation paper is a deposit insurance scheme. A second option is to  give depositors preference if a bank fails.

Submissions close on 25 January 2019.

NZX

NZX’s updated market structure and listing rules take effect on 1 January 2019. Issuers will be able to take advantage of the updated rules from 1 January 2019. Following a six-month transition period, NZX will move to one equity board on 1 July 2019.

A wholesale debt market will also open in January.

Class waivers and rulings have been issued for the transition to the new listing rules.

Insurance

The Reserve Bank has updated the Solvency Standard for Life Insurance Business to accommodate NZ IFRS 16 Leases, and the Solvency Standard for Non-life Insurance Business as regards the major earthquake risk return period. Each of these Solvency Standards now also requires a reasonable assurance level of audit of the annual insurer solvency return.

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