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Financial Services Regulation - March update

March 01, 2019


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

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:


A Bill has been introduced that will amend several Acts. This will enable New Zealand entities to comply with foreign margin requirements for OTC derivatives. The amendments will affect (among other things) access to, and the priority of claims over, posted collateral.   

The Bill will also establish a new licensing regime for administrators of financial benchmarks.


The final report of the Tax Working Group was released on 21 February 2019.

Key recommendations include: (1) a capital gains tax on a broad range of assets; (2) various revenue measures for enhanced environmental outcomes; and (3) that the Inquiry into local government financing consider the introduction of a tax on vacant residential land.


The Earthquake Commission Amendment Act has been enacted. The changes include: (1) enabling the EQC to accept claim notifications for up to two years after a natural disaster (rather than the current three-month time limit); (2) increasing the cap limit on EQC residential building cover to $150,000; and (3) removing EQC cover for contents.

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