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Financial Services Regulation - November update

November 01, 2019

Contacts

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

Financial services regulation Climate change (inc Zero Carbon Bill and Emissions Trading Scheme)

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

Key areas this month are:

Climate-related financial disclosures

The Government is proposing mandatory comply-or-explain disclosure obligations for banks, listed issuers, institutional investors, and investment managers. The required information would be included in a stand-alone TCFD report within the entity’s annual report. Submissions on the discussion paper close on 13 December 2019.

Financial advisers 

The start date for the new financial advisers regime has been set at 29 June 2020. Regulations about registration and fees have been issued that will enable transitional license applications to be lodged from 25 November 2019, and the new regime to be implemented from 29 June 2020. Consultation has opened on the disclosure Regulations.

Farm debt

The Select Committee has recommended important amendments to the Farm Debt Mediation Bill (No 2) 2019, including additional circumstances when secured creditors must offer farmers mediation.

Cash system

To help ensure public access to cash, the Reserve Bank is consulting on whether it should play a stewardship role in the cash system and have supporting powers. The proposed changes have significant consequences for all participants in the cash system - particularly for banks, cash-in-transit providers, independent ATM operators, and retailers.

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