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Financial Services Regulation - September update

September 02, 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

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

Three key areas we focus on this month are:

Financial markets

The Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019 is now law.

A new Venture Capital Fund Bill has been introduced. It will establish a Venture Capital Fund to develop our VC markets.

The Reserve Bank is consulting on a draft Financial Market Infrastructures Bill.

Overseas banks

The Reserve Bank has issued a Notice authorising overseas banks that do not have a place of business in New Zealand to use restricted words (eg the word “bank”) in their names or titles when undertaking specified wholesale banking and capital market activities.

The Reserve Bank has also issued new guidance for overseas banks on restricted words.

Financial advice

The FMA is consulting on which of the current exemptions to the Financial Advisers Act 2008 should continue to apply under the new financial advice regime. It is also seeking feedback on any additional matters that should receive support from its legislative tools once the new financial advice regime comes into effect.

The FMA has updated its guidance on robo advice.

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