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Financial Services Regulation - February update

February 01, 2019

Contacts

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

Financial services regulation Consumer law Competition law (inc cartels)

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

Three key areas we focus on this month are:

Fair dealing

The Government has launched a consultation on better protecting consumers as well as businesses against unfair commercial practices. This addresses both unfair contract terms and unfair conduct. Submissions close 25 February 2019.

Separately, additional consumer protection measures have been foreshadowed for banking and insurance. 

Banks

The Reserve Bank is consulting on a proposal to raise the amount of capital that banks must hold. It issued a consultation paper in December 2018. It issued an updated version of the consultation paper in January 2019, extending the deadline for feedback to 3 May 2019.

A revised version of BS 19 has been issued to accommodate Kiwibuild construction.

Competition

MBIE is consulting on proposed changes to the law relating to the misuse of market power (section 36 of the Commerce Act 1986).

The Commerce Commission has released draft guidance on the process it will follow in investigating merger clearance applications. Submissions close 28 February 2019

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