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Legal and regulatory update: introduction of RBNZ bill and details on FMA levy amounts

28 July 2020 – The government, RBNZ and Treasury announced the Reserve Bank of New Zealand Bill was introduced to Parliament. This is the first of two bills resulting from the Phase 2 review of the Reserve Bank of New Zealand Act 1989. As part of the broad-ranging review, the Government has decided that the current Act will be replaced with two new pieces of legislation – the ‘Reserve Bank Act’ and a ‘Deposit Takers Act’.

 

29 July 2020 – FMA and MBIE advised of the release of details of FMA levy amounts for the 2021/22 and 2022/23 financial years, and the outyears. It also covers the levy amounts for the new Financial Advice regime, which commences on 15 March 2021. Further details are available on the MBIE website at https://www.mbie.govt.nz/about/news/changes-to-fma-levies/ and at https://www.mbie.govt.nz/business-and-employment/business/financial-markets-regulation/crown-entities-we-monitor/financial-markets-authority-funding/

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