Financial Services Regulation - October update

October 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

Anti-money laundering (inc AML/CFT Act) Competition law (inc cartels) 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 crime

The AML/CFT Act applies to accountants from 1 October 2018.

The Government is consulting on allowing the IRD to share information with the Serious Fraud Office and with Customs. This would be to help combat fraud, corruption, and cross-border crime.

Competition law

The Select Committee has recommended by majority that the Commerce Amendment Bill be passed (with amendments).

The second reading of the Commerce (Criminalisation of Cartels) Bill is in progress. This stage should be completed in mid-October 2018. 

Takeovers

The revised Takeovers Code comes into effect on 29 October 2018.  

The Takeovers Code Approval Order 2000 is being renamed the Takeovers Regulations 2000. Going forward, these Regulations will contain both the Takeovers Code and the fee regulations.

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