29 Oct 2021 – NZX quarterly policy update released including the following information:

• Quotation of Debt Instruments - expect to release a protocol in relation to the debt convention standards in October 2021.
• Listing Rules ‘Hygiene Review’ - currently considering the submissions received on the June 2021 consultation, after which application will be made to the FMA for approval of the proposed amendments to the Rules.
• Mid-Point Order Book Final Consultation – currently considering submissions received on Oct 2019 and July 2021 consultations
• Direct Market Access Guidance Note - expect to publish the final guidance note in Q4 2021.
• NZMDT Rules Review - expects to commence consultation in Q4 2021 on a suite of proposals relating to the membership of the Tribunal; the Tribunal appeals’ provisions; and the Tribunal penalties assessment process and framework
• Corporate Governance Code 2021 Review - intends to release the initial discussion document in relation to the review of the Code in Q4 2021.

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZX/381787/357991.pdf

30 June 2021 – FMA published its NZX obligations annual review. https://www.fma.govt.nz/news-and-resources/media-releases/nzx-obligations-review-2021

1 July 2021 - Department of Internal Affairs published a new AML/CFT guideline for reporting entities supervised by the DIA to assist them assess the money laundering and terrorism financing risks associated with dealing with other countries. https://www.dia.govt.nz/AML-CFT-Assessing-Country-Risk-Guideline-for-reporting-entities-supervised-by-DIA-published

5 July 2021 – NZ Police Financial Intelligence Unit released the May 2021 AML/CFT Suspicious Activity Report. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-may2021.pdf

30 June 2021 – Department of Internal Affairs announced the publication of updated AML/CFT Annual Reporting guidance documents – one for Financial Institutions and Casinos (published in conjunction with the FMA and RBNZ), and one for Designated Non-Financial Businesses and Professions. https://www.dia.govt.nz/AML-CFT-Updated-Annual-Reporting-Guidance-Published

30 June 2021 – RBNZ published commentary on the reduction on banking services available to Pacific Island Nations and the related Pacific Remittance Project established in 2019 with the aim of enhancing access to, and reducing the costs of remittances to the Pacific. https://www.rbnz.govt.nz/news/2021/07/tide-going-out-on-pacific-banking-services

1 July 2021 – NZX announced that the NZ RegCo operating and governance model is now fully established and effective from today as a stand-alone, independently-governed agency performing all of NZX’s frontline regulatory functions. https://www.nzx.com/announcements/374894

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

11 June 2021 – ASIC announced that it is extending for 12 months – to 31 March 2023 – transitional relief for foreign financial services providers (FFSPs) from the requirement to hold an Australian financial services (AFS) licence, pending the outcome of the Australian Government’s consultation about the regulation of FFSPs. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-131mr-asic-extends-transitional-relief-for-foreign-financial-services-providers-following-federal-budget/

11 June 2021 – NZX announced it is proposing hygiene amendments to the Listing Rules as part of its Hygiene Review, with a consultation paper released and submissions closing on 30 July 2021. https://www.nzx.com/regulation/nzx-rules-guidance/consultation

13 June 2021 – Government announced its intent to progress the Births, Deaths, Marriages and Relationships Registration Bill, making it easier for people to formally acknowledge their identified gender, including proposing a range of sex markers to be set in regulations rather than in legislation. https://www.beehive.govt.nz/release/progress-towards-simpler-process-changing-sex-birth-certificates - if this one raises questions about pricing and classification for risk I suggest you look back to my post : https://www.chatswood.co.nz/moneyblog/2021/05/stats-nz-update-data-collection-approach-.html 

14 June 2021 – NZ Herald reported on Government moves in Australia and NZ to allow unclaimed Australian superannuation money to go into KiwiSaver, also reported as agreed on 31 May 2021 in the joint release from the Australian and NZ Prime Ministers. Paragraph numbered 22 in the release at https://www.beehive.govt.nz/release/joint-statement-prime-ministers-jacinda-ardern-and-scott-morrison

8 June 2021 –Anti-money laundering and countering the financing of terrorism regulatory updates released including:

• Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Amendment Regulations 2021

https://www.legislation.govt.nz/regulation/public/2021/0147/latest/LMS499118.html

• Anti-Money Laundering and Countering Financing of Terrorism (Cross-border Transportation of Cash) Amendment Regulations 2021

https://www.legislation.govt.nz/regulation/public/2021/0144/latest/LMS499306.html

• Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2021

https://www.legislation.govt.nz/regulation/public/2021/0145/latest/LMS499212.html

• Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2021

https://www.legislation.govt.nz/regulation/public/2021/0146/latest/LMS499387.html

29 Mar 2021 – IRD released via an e-mail an AEOI update to the CRS Reportable and Participating Jurisdictions showing additions, with New Caledonia added to Reportable Jurisdictions and Albania, New Caledonia, Nigeria, Peru and Turkey added to Participating Jurisdictions.

29 Mar 2021 – Police Financial Intelligence Unit released the February 2021 Suspicious Activity Report. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-feb2021.pdf

29 Mar 2021 - Protected Disclosures (Protection of Whistleblowers) Bill reported back from Select Committee. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_99238/protected-disclosures-protection-of-whistleblowers-bill

Financial Markets Conduct (US Futures Commission Merchants) Exemption Notice 2021. The exemption notice temporarily extends exemptions currently in place for US registered futures commission merchants that are accredited NZX derivatives participants with the notice expiring on 3 December 2021. https://www.fma.govt.nz/compliance/exemptions/current-exemption-notices/financial-markets-conduct-act-exemptions/financial-markets-conduct-us-futures-commission-merchants-exemption-notice-2021/

24 Mar 2021 – RBNZ announced that it had made a number of amendment orders to revise the requirements for banks’ published disclosure statements. https://www.rbnz.govt.nz/regulation-and-supervision/banks/consultations-and-policy-initiatives/completed-policy-development/public-disclosure-of-bank-breaches

25 Mar 2021 – FMA updated and closed the consultation on the content of regulatory returns for licensed DI, MIS managers and DIMS providers, including a “response to submissions” document and release of regulatory returns data templates. https://www.fma.govt.nz/compliance/consultation/consultation-paper-content-of-regulatory-returns-for-licensed-di-mis-managers-and-dims-providers/

29 Mar 2021 - NZX gave notice of amendments to the NZX Derivatives Market Rules (Rules) pursuant to Rule 1.6. The amendments to the Rules were approved by the Financial Markets Authority on 15 February 2021, following consultation with the market in April 2020. These amendments involve updates to bring the Rules in conformance with the 2019 amendments to the NZX Participant Rules. https://www.nzx.com/announcements/369841

29 Mar 2021 – RBNZ advised that it had submitted a response to the Climate Change Commission’s Climate Action for Aotearoa consultation. https://www.rbnz.govt.nz/news/2021/03/reserve-bank-responds-to-call-for-climate-change-consultation

23 Feb 2021 – IRD released a special report on the new resurgence support payment legislation. https://taxpolicy.ird.govt.nz/news/2021/2021-02-23-special-report-resurgence-support-payment

24 Feb 2021 – Companies Office published the following notice on it FSPR website: https://fsp-register.companiesoffice.govt.nz/

FSPR online services will be unavailable from 5pm Tuesday 2 March 2021 to 8am Monday 15 March 2021 while we update the register to support the new financial advice regime that comes into effect on 15 March 2021.

During this period, you will be able to search the public register, but you won't be able to log in to your online services account to file, update, or access information regarding your financial service provider.

However, FSP’s wishing to give notice of their intention to apply for a transitional licence during this period can still do so. Shortly we will publish forms and information on how to apply during the outage.

23 Feb 2021 – Hone David Clark, Minister of Commerce and Consumer Affairs, diary released for January 2021, containing just 9 items, none identified as directly relevant to financial services. https://www.beehive.govt.nz/sites/default/files/2021-02/Min%20Clark%20Ministerial%20Diary%20January%202021.pdf

23 Feb 2021 – The Department of Internal Affairs advised that it is undertaking a review of sector specific guidelines for accountants, lawyers and conveyancers, and real estate agents, and is offering a survey for completion as a means to provide feedback on the guidelines. https://www.dia.govt.nz/AML-CFT-DNFBPs---Help-us-improve-our-guidance

15 Feb 2021 - The FMA released the Financial Markets Conduct (NZX Derivatives Market Rules) Approval of Rule Change Notice 2021. The notice came into effect from 15 February 2021.

18 Feb 2021 – Privacy Commissioner newsletter confirmed that Privacy Week 2021 will take place 10-14 May 2021.

18 Feb 2021 – The former Minister of Commerce and Consumer Affairs, Hon Faafoi, released his diary for September 2020, being the final full month before the election held on 17 Oct, with the following potential financial services sector related meetings noted:

• 1 Sept 2020 - Meeting with Hon Little, NZX and FMA (Mark Peterson and Rob Everett)
• 15 Sept 2020 – Meeting with FMA (Mark Todd, Rob Everett and Edwin Mitson)

https://www.beehive.govt.nz/sites/default/files/2021-02/Hon%20Kris%20Faafoi%20-%20Proactive%20Diary%20Release%20-%20September%202020%20.pdf

17 Feb 2021 – FMA media release stating that the FMA fears Chinese New Zealanders are under-reporting investment scams. https://www.fma.govt.nz/news-and-resources/media-releases/under-reporting-investment-scams/

27 Jan 2021 – Privacy Commissioner announced that he will virtually chair an international Computer Privacy and Data Protection conference over 27-29 Jan, commencing NZ time 5 p.m. on Thursday, 28 Jan, with a live stream available. https://www.privacy.org.nz/resources-2/forums-and-seminars/computer-privacy-and-data-protection-conference-cdcp/

28 Jan 2021 - FMA released its review of NZX technology issues finding the stock exchange failed to meet its licensed market operator obligations due to insufficient technology resources. NZX also released a response to the FMA review. Relevant FMA and NZX web links are https://www.fma.govt.nz/news-and-resources/media-releases/fma-releases-review-of-nzx-technology-issues/ and https://www.nzx.com/announcements/366811

28 Jan 2021 – RBNZ released the results of a research report showing the Māori economy is increasingly diverse and opportunities remain for it to continue growing and reach its full potential. https://www.rbnz.govt.nz/news/2021/01/e-hauora-ana-e-matahuhua-ana-te-ohanga-maori-e-ai-ki-nga-rangahau

30 Nov 2020 - Reserve Bank invited feedback on scope of the Insurance Prudential Supervision Act (IPSA) 2010 and associated Insurer Solvency Standards, releasing two consultation papers, with submissions closing on both papers on 18 Feb 2021. The Reserve Bank will be hosting a webinar to discuss the consultations on Monday 14 December. To express your interest in participating, email rbnz-info@rbnz.govt.nz Link to the announcement at https://www.rbnz.govt.nz/news/2020/11/reserve-bank-invites-feedback-on-scope-of-insurance-act-and-structure-of-solvency-standards

26 Nov 2020 - Health Funds Association of New Zealand (HFANZ) and the Financial Services Council (FSC) today announced a merger into one single organisation under the Financial Services Council banner from 1 December 2020, creating a membership association of close to 90 organisations. https://www.fsc.org.nz/site/fsc1/201126%20Health%20Funds%20Association%20of%20NZ%20to%20merge%20with%20the%20Financial%20Services%20Council.pdf

26 Nov 2020 – IRD tax policy website included information and a link to the Minister of Revenue’s speech to CAANZ on 19 Nov 2020, outlining the Government’s tax priorities in the short term. https://www.beehive.govt.nz/speech/keynote-address-chartered-accountants-australia-and-new-zealand-conference

27 Nov 2020 - NZX confirmed plans to create an Information Technology (IT) working group that will include leading representatives from across the capital markets’ technology ecosystem. https://www.nzx.com/announcements/364053

27 Nov 2020 – Privacy Commission website included a new post on transitioning from Privacy Act 1993 to Privacy Act 2020. https://www.privacy.org.nz/blog/transitioning-from-the-privacy-act-1993-to-the-privacy-act-2020/