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Financial Services Regulation

Financial services in New Zealand are currently undergoing significant regulatory change.

We understand the complex legislative and regulatory issues in this area and can assist with developing the right compliance procedures, appropriate documentation, and compliance training programmes.

Our financial services team is made up of experts from our banking and finance, corporate, and litigation teams, so specialist advice is available across the financial services spectrum. This includes advice in relation to:

  • anti-money laundering
  • financial markets conduct
  • fair trading
  • credit contracts
  • consumer finance
  • FATCA.

Our clients include banks, non-bank deposit takers, and other financial institutions, investment advisers and brokers, corporates, trustee companies, and government and quasi-government bodies.

Our work includes advising on durable compliance by registered banks with their conditions of registration, compliance with the prudential supervision standards applicable to banks and non-bank deposit takers, and the application of securities laws to financial institutions and trustee companies.

We also advise on the regulation of trustee companies, financial service intermediaries (including investment advisers' and brokers' licensing, disclosure, and conduct obligations), and consumer financial services.

Examples of our work

  • Financial Markets Authority - acting in proceedings against NZX-listed CBL Corporation Limited (In Liquidation) and its directors and chief financial officer alleging breaches of IPO disclosure and continuous disclosure obligations in the Financial Markets Conduct Act 2013
  • Harmoney - establishment of New Zealand's first licensed peer to peer lending service, including all regulatory issues
  • Warren Couillault - regulatory issues relating to acquisition of Macquarie Private Wealth New Zealand
  • Defence of claims made by the Commerce Commission and the Financial Markets Authority into alleged misleading representation, in relation to the marketing and sale of interest rate swaps
  • Advice to registered banks on their conditions of registration and on adherence to the Reserve Bank's prudential supervision standards and policies
  • Advice to an Australasian bank on changing its New Zealand operating model
  • Advice to a Chinese bank's Australian branch on compliance with Reserve Bank's regulatory restrictions when marketing in New Zealand
  • Advice to various United States, European, and Asian banks on New Zealand confidentiality, privacy, and data protection laws (including in relation to regional outsourcing, swap data reporting, and FATCA)
  • Advice on compliance of banks' terms and conditions with the Code of Banking Practice
  • Advice to finance companies on the non-bank deposit-taker regime
  • Advice on New Zealand's anti-money laundering legislation, including to various United States, European, and Asian banks in relation to accounts and payments involving New Zealand customers
  • Advice on compliance with the Credit Contracts and Consumer Finance Act, including on a lender's disclosure obligations and permitted finance costs
  • Advice on the regulation of over-the-counter and embedded derivatives in New Zealand
  • Advice on cross-border security deposit, custody, and settlement arrangements
  • Advice on regulatory issues relating to the establishment and operation of an online brokerage service