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Legal and regulatory review for the life and health insurance sector

18 June 2021 – MBIE published a response to the review completed by PwC on the Research and Development Tax Incentive. https://www.mbie.govt.nz/about/news/research-and-development-tax-incentive-pwc-report/

18 June 2021 – NZX announced four appointments to the NZ Markets Disciplinary Tribunal for a three-year term, including John Dixon QC, Pip Dunphy, Dave Roberton and Rachael Newsome. https://www.nzx.com/announcements/374147

17 June 2021 – APRA released annual life insurance supplementary statistical tables and biannual life insurance institution-level statistics for December 2020. https://www.apra.gov.au/news-and-publications/apra-releases-life-insurance-supplementary-statistical-tables-and-0

17 June 2021 – FMA update released including comment on:

  • Research results on KiwiSaver switching during COVID-19, which showed a high level of switching among young people.

https://www.fma.govt.nz/news-and-resources/media-releases/high-kiwisaver-switching-during-covid19/

  • Gillian Boyes, FMA Manager Investor Capability, has written how the new research points to different ways KiwiSaver providers may better support investors when uncertainty next hits world markets.

https://www.fma.govt.nz/news-and-resources/fma-stories/kiwisaver-fund-switching-and-the-young

  • Financial advice update: Focus shifts to full FAP licensing, with a link to the licensing Guide and application kit

https://www.fma.govt.nz/assets/Licensing-guides/Introductory-guide-to-full-licence-requirements.pdf

  • Financial statements - extension to filing requirements

https://www.fma.govt.nz/news-and-resources/covid-19/temp-extension-reporting/

  • Auditor regulation and oversight plan 2021-2024

https://www.fma.govt.nz/news-and-resources/reports-and-papers/auditor-regulation-and-oversight-plan/

  • Lender responsibilities - information sheet update

https://www.fma.govt.nz/compliance/guidance-library/financial-advice-given-for-the-purpose-of-complying-with-lender-responsibilities/

  • Class exemption - Catalist issuers making 'same class' offers and small offers

https://www.fma.govt.nz/compliance/exemptions/current-exemption-notices/financial-markets-conduct-act-exemptions/financial-markets-conduct-catalist-public-market-exemption-notice-2021/

  • Class exemption - Employee share purchase schemes

https://www.fma.govt.nz/compliance/exemptions/current-exemption-notices/financial-markets-conduct-act-exemptions/financial-markets-conduct-employee-share-purchase-schemes-exemption-notice-2021/

17 June 2021 – RBNZ advised it had finalised bank capital rules and improved the format of banking rules. https://www.rbnz.govt.nz/news/2021/06/reserve-bank-finalises-bank-capital-rules-improves-format-of-banking-rules

15 June 2021 - New research released by the Financial Services Council (FSC) revealed the rise of the digital investor; micro-investing platforms and technology. https://www.fsc.org.nz/bulletin_display/x_blog_code/2150.html

16 June 2021 - Office of the Privacy Commissioner web post advised of its proactive approach to remind and warn individual organisations of their statutory responsibilities under the Privacy Act 2020, including three recent examples. https://privacy.org.nz/blog/opc-sends-warnings-to-organisations-to-get-it-right-next-time/

16 June 2021 – RBNZ advised of its updated shared Memorandum of Understanding (MoU) on macro-prudential policy with the Minister of Finance, including adding debt serviceability restrictions to the list of potential tools available. https://www.rbnz.govt.nz/news/2021/06/debt-serviceability-restrictions-added-to-policy-toolkit

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