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FATF Releases Review of Virtual Asset and Virtual Asset Service Provider Standards
MinterEllisonRuddWatts, July 2021

On 5 July the Financial Action Task Force (FATF) released its Second 12-Month Review of the Revised FATF Standards on Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) (Second Review). This looked primarily at the implementation of standards set by the FATF by members of both the FATF and FATF-Style Regional Bodies (FSRBs), as well as changes within the VA sector...

Transitional Compliance Period for New AML/CFT Nominee CDD Obligations
MinterEllisonRuddWatts, July 2021

The Reserve Bank of New Zealand, the Department of Internal Affairs, and th eFinancial Markets Authority (together, the AML/CFT Supervisors), supported by the Ministry of Justice, released a statement providing a transitional compliance period (until 29 April 2022) for the new customer due diligence obligations in respect of nominee directors and nominee general partners...

New Tax Disclosures Under Revised Overseas Investment Regime Now in Effect
MinterEllisonRuddWatts, July 2021

From 5 July 2021, overseas investors looking to acquire significant New Zealand business assets must make new tax disclosures as part of their application under the Overseas Investment Act 2005. As signalled in an earlier alert, these requirements are intended to provide Inland Revenue with the information it considers necessary or relevant to the administration or enforcement of the Income Tax Act 2007. We explain these requirements below...

The Autonomous Sanctions Bill is Back
MinterEllisonRuddWatts, July 2021

The Autonomous Sanctions Bill – once known as“the least successful piece of legislation in New Zealand history”– is back on Parliament’s agenda. This comes after National MP Gerry Brownlee succeeded in having his bill of the same name drawn from the members’ ballot last Thursday. The resurrected bill will receive a first reading in Parliament later this year...

Overseas Investment Amendment Act 2021: The Second Amendment
MinterEllisonRuddWatts, July 2021

Today marks another milestone in the constantly changing landscape of the Overseas Investment Act 2005 (the Act), with the coming into force of several of the provisions of the Overseas Investment Amendment Act 2021 as part of the Government’s stated intention to reduce the number of ‘lower risk’ transactions requiring consent, and better manage higher risk transactions and/or assets of significance. Our previous news alert summarising these new changes can be seenhere...

‘Finfluencers’ – Are you Providing or Receiving Financial Advice?
MinterEllisonRuddWatts, June 2021

This week, the Financial Markets Authority (FMA) released aguideto talking about money matters online. Discussion on a range of financial topics such as money, budgeting, investing and spending have been increasing over the years. However, the line betweentalkingabout these topics can sometimes cross into the territory ofproviding financial advice, which is a regulated area subject to strict rules in New Zealand...

Investing in New Zealand Guide
MinterEllisonRuddWatts, June 2021

New Zealand is an open and competitive economy with a population of around five million. The country has a range of strong manufacturing and service sectors which complement a highly efficient agricultural sector. Technology is now New Zealand’s third largest export sector behind tourism and dairy. It is both important for the future prosperity of New Zealand and the fastest growing segment of the economy, generating 8% of our GDP and 9% of our exports...

Sustainable Impact – Issue One
MinterEllisonRuddWatts, June 2021

Right now, there is a powerful opportunity to propel a historic culture shift towards greater sustainability in support of people, business and the planet. We are embracing this opportunity at MinterEllisonRuddWatts. Our firm intends to play an active part in Aotearoa New Zealand’s sustainability journey, which is already underway. Indrafting our own Sustainability Strategy, we have spent time considering our mission...

The Rise of the Digital Investor
MinterEllisonRuddWatts, June 2021

On 15 June 2021, the Financial Services Council (FSC) presented the findings of its report ‘Money & You – The Rise of the Digital Investor’ (the Report) to an audience at the Ernst & Young offices in Auckland. The report demonstrates what FSC CEO Richard Klipin describes as “a transformational shift in how we are choosing to invest our money”. The Report is available here...

New Zealand's Society has Changed, and Inheritance Law May be Changing Too
MinterEllisonRuddWatts, May 2021

“For most of us, the way we want our property to be distributed when we die is important. Succession of property can express aroha, love and affection, recognise who we consider to be family, support those who we think need to be provided for, and provide benefits for the public good.” This thought provoking quote is used to introduce the Law Commission's recently released Issues Paper that considers what New Zealand’s succession law should look like...

Insights into the 2021 FATF Mutual Evaluation of New Zealand
MinterEllisonRuddWatts, May 2021

At the end of April, the Financial Action Task Force (FATF), in conjunction with the Asia-Pacific Group on Money Laundering (APG), released its long-awaited Mutual Evaluation Report of New Zealand’s anti-money laundering and countering financing of terrorism (AML/CFT) system (Mutual Evaluation). Our initial views following the release can be found on our website...

New Default KiwiSaver Providers Announced
MinterEllisonRuddWatts, May 2021

Today the Government announced the new default KiwiSaver scheme providers.  This comes after the Government’s request for proposals issued in October 2020 to appoint the next set of KiwiSaver default providers. See MBIE’s KiwiSaver page here. The FMA press release is also available here. Who needs to read it?  Why? The news will be relevant to all managers and supervisors of KiwiSaver schemes, and of interest to other managed funds generally...

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...

 

 

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