Recent developments

Review of disclosure requirements for registered banks
The Reserve Bank of New Zealand has released a consultation document seeking submissions on its proposals to change the current disclosure regime for registered banks, which was first put in place in 1996.

Issuers could improve corporate governance reporting
The Securities Commission has recommenced its review of issuers' corporate governance disclosures, with a view to promoting high standards of corporate governance by issuers, and ultimately improving confidence in New Zealand's capital markets.

Trans-Tasman Memorandum of Understanding on Business Law
A Revised Memorandum of Understanding was signed by the Australian and New Zealand Governments on 23 June, recognising the Single Economic Market Outcomes Framework endorsed by the Prime Ministers in their Joint Statement of Intent in August last year.

Cabinet Paper on the FMA and KiwiSaver changes released
The Ministry of Economic Development has released a Cabinet Paper relating to decisions made on the establishment of the Financial Markets Authority and changes to the regulation of KiwiSaver.

Companies Office public notification changes
From 30 July 2010, copies of public notices required to be given by the Registrar of Companies relating to company removals, company restorations, and corrections to the register are no longer advertised in major newspapers.

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.