A raft of legislation was passed by the New Zealand Parliament late last year that will substantially reshape the regulatory landscape for financial services providers.
For many financial service providers, who currently face little or no regulation of their New Zealand activities, this legislation will require significant extra attention to compliance. However, even those financial service providers who are currently highly-regulated in New Zealand (such as registered banks), will be affected by this legislation.
Most of the legislation is not yet in force, but will come into effect over the course of 2010. However, given the lead-in work required to address some of the new compliance obligations, it is important to consider the impact of this legislation now.
Bell Gully's Banking and Finance Team has prepared a guide to assist with navigating the legislation and determining the extent to which it may apply to various businesses.
For more information on any of the cases, articles and features in Financial Services Quarterly, please email Rachel Gowing or call on 64 9 916 8825.
This publication is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.