Legislation/In Parliament

Review of the Credit Contracts and Consumer Finance Act underway
The Ministry of Consumer Affairs has announced a review of the Credit Contracts and Consumer Finance Act, which has now been in force for over four years with mixed results.

Anti-Money Laundering and Countering Financing of Terrorism Act passed
The Anti-Money Laundering and Countering Financing of Terrorism Act was assented to on 16 October and commenced, in part, on that date.

Simplified securities disclosure regime
A simplified disclosure prospectus regime has applie d since 1 October.

Amendments to financial advisers regime
In response to concerns from industry, the Government is proposing amendments to the Financial Advisers Act and the Financial Service Providers (Registration and Dispute Resolution) Act.

Regime to improve quality of trustees' supervision
The Government has agreed to a new regime for corporate trustees and statutory supervisors who supervise debt issuers and some collective investment schemes.

Legal protection for New Zealand settlement systems
Legislation providing legal backing for settlement systems was passed on 17 November.

Insurance (Prudential Supervision) Bill
The Insurance (Prudential Supervision) Bill was introduced in to Parliament on 29 October.

Enquiries and information

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.