Financial Services Regulation - November update
November 01, 2018
Contacts
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
The consultation on Phase 2 of the review of the Reserve Bank Act has launched. This phase sees a comprehensive review of the Act’s financial policy provisions that underlie the prudential regulation and supervision of banks.
Additionally, the Reserve Bank is consulting on proposed changes to the reporting and publishing of regulatory breaches by banks.
Consumer credit
The Government has announced a number of changes to the CCCFA to increase protection for vulnerable borrowers. The main changes relate to testing affordability and suitability, interest and fee caps on high-cost loans, new duties for lenders’ directors and top executives, tougher lender registration requirements, and stronger enforcement provisions.
NZX
NZX has finalised its updated market structure and Listing Rules. This completes the first holistic review of the rule set in 15 years. The new Listing Rules come into force on 1 January 2019. A wholesale debt market will open on that date. Following a six month transitional period, NZX will move to one equity board on 1 July 2019, resulting in one rule set for all equity issuers.
For a full copy of this month's update, please register on our law guides page here.
