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Financial Services Regulation - December update

December 02, 2019

Contacts

Partners Andrew Harkness, Anne Callinan, Barney Cumberland, Don Holborow, James Caird, Karen Ngan, Michael Pollard
Senior Associates Laurette Barnard

Financial services regulation Overseas investment

Keep up-to-date with the key developments affecting the financial services sector.

Key areas this month are:

Credit law reforms

A new Act amends the CCCFA in relation to business loans, credit-related insurance, and criminal liability. There has been considerable activity around the Credit Contracts Legislation Bill: the Select Committee recommended notable changes, the Bill had its second reading, and MBIE launched a consultation on the start dates and supporting Regulations.

Financial advisers

The transition to the new financial advice regime (which will come into full effect in June 2020) has started. Measures were introduced in November to implement this process.

Insolvency

A new Act amends the Insolvency Act in several respects. MBIE is consulting on the licensing standards and conditions that will apply when the Insolvency Practitioners Regulation Act comes into force next year. The Government plans to change the claw-back periods, assist gift card holders, and provide more protections for employees in an insolvency.

Takeovers

A new Act is raising the threshold at which the Takeovers Code starts applying to unlisted companies.  

Overseas investment

The Government plans to introduce several Overseas Investment Act reforms.

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