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

Key areas this month include:

Preparation for 15 March 2021 law changes

Two major developments come into effect on 15 March 2021: the FSP Act’s territorial scope will be expanded, and the FMC Act regime for financial advisers and client money/client property services will come into force. In preparation for this, a number of Regulations, exemptions, and other instruments have been issued. 


The Reserve Bank has consulted on reinstating LVR restrictions. MBIE is seeking feedback on options to lower the merchant service fees for credit and debit card payments.

Consumer credit

The Government has consulted on an updated Responsible Lending Code. New Regulations prescribe requirements for the suitability and affordability inquiries that creditors must conduct under the CCCFA responsible lending rules.


The Commerce Commission has issued revised Authorisation Guidelines for agreements or mergers in the public interest. The Commission is also consulting on a revised cartel leniency and immunity policy.

Financial products

The FMA has outlined its advertising and disclosure expectations for financial products that incorporate non-financial factors, such as green bonds. It has also issued guidance on the application of the same-class exclusion where vanilla bonds have been “greened”.  It is currently consulting on exemptions for offerors of Kauri bonds and other  unsubordinated debt securities from some of the requirements of the wholesale investor exclusion.


The tax developments include changes or guidance relating to crypto-assets, trusts, PPPs, hybrid mismatching, liquidation, and avoidance.


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