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Firm: MinterEllisonRuddWatts

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Climate Reporting Bill to Receive First Reading this Week
MinterEllisonRuddWatts, April 2021

On 12 April 2021, the New Zealand Government introduced the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill (Bill), which will receive its first reading this week.  Once passed, disclosures will be required for financial years commencing in 2022, meaning that the first disclosures will be made in 2023...

Reserve Bank New Enforcement Department
MinterEllisonRuddWatts, April 2021

The Reserve Bank Te Putea Matua has established a new separate Enforcement Department.  The Department will be operationally separate from the Supervision team but both will work together to incentivise and manage prudent behaviour and to hold institutions to account for non-compliance. Who needs to read it? Why? All financial institutions regulated by the Reserve Bank. This signals a move towards a more proactive regulator to which institutions will need to respond...

XRB Issues Timeline for Developing Climate-Related Financial Disclosures
MinterEllisonRuddWatts, April 2021

The External Reporting Board (XRB) recently issued its timeline for developing the financial reporting Standard for climate-related financial disclosures (Standard).  The timeline includes consultation in February to May 2022, and publication of the standard in September 2022, with reporting entities delivering their first disclosures in 2023...

Cartel Conduct Now a Criminal Offence
MinterEllisonRuddWatts, April 2021

Key points following the legislative change From Thursday 8 April 2021, it is a criminal offence to enter into or give effect to an agreement containing a cartel provision. Individuals who participate in cartel conduct can be imprisoned for up to seven years. A cartel provision is a provision in an arrangement between competitors that has the purpose, effect or likely effect of fixing price, restricting output, and/or allocating markets...

Class Auctions - Are We In or Out?
MinterEllisonRuddWatts, April 2021

How a class of litigants is established has implications for both plaintiffs and defendants in a dispute. This article examines the distinction between whether a class action is “opt-in” or “opt-out” and discusses the commercial implications arising from each. New Zealand does not have a detailed framework that governs the procedural aspects of a class action...

Court of Appeal Confirms Liability of Mainzeal Directors
MinterEllisonRuddWatts, March 2021

The Court of Appeal has delivered its eagerly anticipated judgment in proceedings brought by the liquidators of Mainzeal Property and Construction Ltd against its former directors, including Richard Yan and Dame Jenny Shipley. In those proceedings, the liquidators sought compensation for breach of certain statutory duties of directors engaged on a company’s insolvency: sections 135 (reckless trading) and 136 (incurring obligations) of the Companies Act 1993...

FMA Responds on Regulatory Returns Consultation
MinterEllisonRuddWatts, March 2021

On 25 March 2021, the Financial Markets Authority (FMA) released a response to submissions on its March 2018 consultation on proposed regulatory returns for licensed derivative issuers, providers of discretionary investment management services (DIMS) and managers of managed investment schemes (MIS) (together, licensees) under the Financial Market Conduct Act 2013 (FMCA)...

FMA Directs Derivatives Issuer to Address Misleading Advertising
MinterEllisonRuddWatts, March 2021

The Financial Markets Authority (FMA) has issued a direction order to licensed derivatives issuer, Rockfort Markets (Rockfort), to address specific advertising statements. Link to the media release is availablehere. Who needs to read it? Why? All businesses in the financial services industry should take note of the FMA’s latest direction order...

PIE Changes – PIE Tax Annual Assessment Process
MinterEllisonRuddWatts, March 2021

Inland Revenue has announced that from the 2021 tax year changes will be made to ensure consistency in the taxation of Portfolio Investment Entity (PIE) income. The general guidance is available online here. Who needs to read it? Why? Banks and financial institutions (PIE Providers) and individuals with PIE income...

Consultation on Proposed Class Exemption for Restricted Schemes
MinterEllisonRuddWatts, March 2021

The Financial Markets Authority (FMA) has opened a consultation on using its exemption power to exempt restricted schemes from certain disclosure and reporting obligations under the Financial Markets Conduct Regulations 2014 (FMC Regulations). The review will enable the FMA to get feedback on the exemption proposals, including the proposed conditions for the exemptions requiring alternate disclosure and reporting...

FMCA Roadmap
MinterEllisonRuddWatts, March 2021

MinterEllisonRuddWatts has released the 14th edition of its popular Roadmap guide to the Financial Markets Conduct Act 2013 (FMCA) and the Financial Markets Conduct Regulations 2014. The 90+ page guide breaks the law down in sections, with the help of diagrams and tables. It is an excellent resource for directors and C-suite of financial service providers, capital markets participants, and internal legal counsel on this radical overhaul of New Zealand securities law...

Kalifa Review of UK Fintech: Should New Zealand Take a Similar Approach?
MinterEllisonRuddWatts, March 2021

he recently published “Kalifa Review of UK Fintech” (Kalifa Review) is the result of an independent review that began in July 2020, with the objects of supporting growth and widespread adoption of fintech in the UK, and maintaining the UK’s global fintech reputation...

Litigation Forecast 2021
MinterEllisonRuddWatts, February 2021

It wasn’t that long ago that a surge of commercial litigation flowing from COVID-19 was anticipated. Contractual disputes relating to the performance or termination of contracts were expected to be litigated and there was a real risk for directors who failed to consider and respond to the risks arising from COVID-19.   But the surge in Covid-related litigation never (or has not yet) arrived...

FMA grants Australian Licensees Class Exemption
MinterEllisonRuddWatts, December 2020

On 18 December 2020, the Financial Markets Authority (FMA) issued the Financial Markets Conduct (Australian Licensees) Exemption Notice 2020 (Exemption Notice). The Exemption Notice follows the FMA’searlier consultation and then decision in principleto grant an exemption for certain Australian-licensed financial service providers from certain requirements under the incoming new financial advice regime...

A Year of Long Tails and Shop Windows
MinterEllisonRuddWatts, December 2020

The direction of travel in M&A activity and litigation in 2021 Coming to the end of what can safely be described as an unprecedented year, we look ahead to 2021, alive to the fact that predictions are, at best, difficult. While we are currently sailing in relatively calm waters, with economic indicators better than predicted, most commentators agree that a storm is approaching. We simply do not know when or how it will hit...

MBIE Publishes Regulations to Support FSLAA and Other Changes
MinterEllisonRuddWatts, December 2020

Today, the Ministry of Business, Innovation and Employment (MBIE) released various long-awaited suite regulations to support the Financial Services Legislation Amendment Act 2019 (FSLAA) and other recent legislation changes (such as the Trusts Act and tax disclosure)...

FMA Sets Expectations for Issuers of ‘Green’ and ‘Responsible’ Investment Products
MinterEllisonRuddWatts, December 2020

The Financial Markets Authority (FMA) has released guidance on financial products that integrate non-financial factors such as natural, social and human capital impacts along with financial returns (integrated financial products). The guidance sets out how the fair dealing provisions of the Financial Markets Conduct Act 2013 (FMCA) apply to integrated financial products...

Workplace Health and Safety: 2020 in review
MinterEllisonRuddWatts, December 2020

In this end of year review on workplace health and safety, we reflect on what have been the dominant features of 2020 and look back on the trends we have seen develop over the past 12 months. What has dominated the discussion? This year, COVID-19 has obviously dominated workplace health and safety. Aside from the risk of contracting the virus, COVID-19 has presented new and increased risks for PCBUs as business models and practices have had to adapt to new ways of working...

Inland Revenue Consultation on “Negative Interest” Payments
MinterEllisonRuddWatts, November 2020

Inland Revenue has released an exposure draft for public consultation. The exposure draft sets out Inland Revenue’s guidance relating to the application of the Resident Withholding Tax (RWT) and Non-Resident Withholding Tax (NRWT) rules to situations where negative interest payments are made, concluding that such payments will not be subject to withholding taxes. The exposure draft is available here...

Ship Building: Expanding Mercy – Mercy Ships Nears Completion of the MV Global Mercy
MinterEllisonRuddWatts, November 2020

Research has continuously emphasised the increasing need for medical and surgical care around the world, especially in Africa. More than 5 billion people worldwide do not have access to safe surgeries, and now with the impacts of COVID-19, the global backlog of surgical care has escalated...

FMA Consultation on Advertising Financial Products
MinterEllisonRuddWatts, November 2020

Today the Financial Markets Authority (FMA) published a consultation paper seeking feedback in relation to its proposed guidance about advertisements for financial products under the Financial Markets Conduct Act 2013 (FMCA). The draft guidance is available online. The consultation paper and the consultation page containing details on how to make a submission can each be found on the FMA’s website...

Lessons for Technology from COVID-19: M&A Transactions for Digital Assets
MinterEllisonRuddWatts, November 2020

Disruptive events tend to accelerate existing trends, and COVID-19 is no exception. Technology is transforming the way businesses operate, the products and services they offer and is reshaping the global M&A landscape – and the speed of adoption is significant...

Settlement in Climate-Related Financial Disclosure Case
MinterEllisonRuddWatts, November 2020

The recent settlement in the Australian case: McVeigh v Retail Employees Superannuation Trust (REST) will be highly relevant to all New Zealand fund managers considering the impact of climate change on their investors. McVeigh v REST is the first case to consider whether a trustee of a superannuation fund had the duty to consider and disclose climate change risks...

Know Your Contract: Case Law Highlights
MinterEllisonRuddWatts, November 2020

New Zealand’s construction industry and projects have weathered a turbulent year with a consistent flow of seminal judicial decisions addressing issues arising in the life cycle of a project...

Contracting in a COVID-19 World
MinterEllisonRuddWatts, November 2020

We may be tired of talking about COVID-19, but contractual and project risk associated with the pandemic is still very real. Risk associated with COVID-19 should remain a key consideration in project planning, tendering and negotiation activities, and in the delivery and administration of construction and infrastructure projects. To assist, we examine key themes and observations that are relevant to contracting in a COVID-19 world...

 

 

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