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Financial Services Regulation - August update

August 01, 2019

Contacts

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

Financial services regulation 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 we focus on this month are:

Managed funds

The Asia Region Funds Passport is now live in New Zealand. FMA approval can be sought to offer other Passport countries’ funds in New Zealand, or to offer New Zealand funds in other Passport countries.

Managers of managed funds that invest in first mortgage loans are now exempt from disclosing the borrower’s name.  This is on condition that the manager disclose other specified information instead.

Trusts

The Trusts Act 2019 has been enacted, and will come into force in 18 months. It updates and improves the Trustee Act 1956, but largely restates the existing law. It applies to all express trusts (and in some cases certain other trusts), but subject to certain modifications for "specified commercial trusts".

IRD has released a draft statement on the tax treatment of distributions from foreign trusts.

Money laundering

Corporate trustee companies that are subsidiaries of law firms, of accounting practices, or of TCSPs (“trust or company service providers”) do not need to submit annual reports by 31 August 2019. This is a temporary waiver from the DIA, in place while the Ministry of Justice considers a class exemption for such companies.

The AML/CFT Act now also applies to high-value dealers.

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