log in
Submit an Article | Back

Member Articles

Selected Filters:
Firm: MinterEllisonRuddWatts

Sort By Title  |  Sort By Date

ALRC Releases Report Proposing Financial Services Legislation Reforms
MinterEllisonRuddWatts, December 2021

On 30 November 2021, the Australian Law Reform Commission (ALRC) released its first Interim Report (Report) containing its recommendations, proposals, and questions in relation to the reform of corporations and financial services legislation in Australia. The ALRC’s inquiry is part of the Australian Government’s response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission)...

FMA and DIA Issue Reminder About Outsourcing CDD to Third Parties
MinterEllisonRuddWatts, December 2021

The Financial Markets Authority (FMA) and the Department of Internal Affairs (DIA) have together released a guidancenote for reporting entities that rely on third-party agents to conduct anti-money laundering and countering financing of terrorism (AML/CFT) customer due diligence (CDD) processes on their behalf...

Feedback Sought on Exposure Draft of Deposit Takers Bill Released
MinterEllisonRuddWatts, December 2021

On Tuesday this week, the Reserve Bank of New Zealand (RBNZ) released an exposure draft of the new Deposit Takers Bill for public consultation. The consultation is open until 21 February 2022. Further public consultation is expected on the funding framework which includes industry levies before the Depositor Compensation Scheme is implemented. Links to the exposure draft of the Bill and the RBNZ’s explanatory notes are availablehere...

FMA releases new AML/CFT Sector Risk Assessment
MinterEllisonRuddWatts, December 2021

Yesterday, the Financial Markets Authority (FMA) released a new report, the ‘Anti Money Laundering and Countering Financing of Terrorism Sector Risk Assessment 2021’ (Sector Risk Assessment). The Sector Risk Assessment evaluates the money laundering and terrorism financing(ML/TF) risks posed specifically to the sectors supervised by the FMA, and updates and replaces the Sector Risk Assessment previously issued in 2017...

COVID-19 Vaccinations: The Workplace Essentials
MinterEllisonRuddWatts, November 2021

As New Zealand gets ready for the new traffic light system and living with COVID all employers should be taking steps to address the risks that COVID-19 presents in the workplace and how these risks can be best managed. There are a lot of questions being raised. We have put together this short guide and flowchart of the things that all employers of sizes should be considering and putting in place now...

FMA Releases New Self-Assessment Tools to Help FAPs Prepare for Full Licensing
MinterEllisonRuddWatts, November 2021

Today the Financial Markets Authority (FMA) has released three new self-assessment tools (Self-Assessment Tools) to help financial advice providers (FAPs) prepare for full licensing. Links to the media release and the Self-Assessment Tools are available here, here, here and here...

FMA Issues New Guidance on Dealing With Their Enforcement Team
MinterEllisonRuddWatts, November 2021

The FMA today made a significant speech outlining its expectations for the way in which supervised entities will navigate their relationship with the FMA’s enforcement team. The speech, given by Karen Chang, Head of Enforcement and Acting General Counsel of the FMA, focuses on the ongoing relationship between entity and regulator and how the FMA views self-reporting, remediation and inadvertent misconduct. A copy of the speech is availablehere...

FATF releases updated virtual asset and virtual asset service provider guidance
MinterEllisonRuddWatts, October 2021

On 28 October, the Financial Action Task Force (FATF) issued an update for its 2019 Guidance for a Risk-Based Approach to Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) (Updated Guidance) in relation to anti-money laundering and countering financing of terrorism (AML/CFT). This followed the FATF’s Second 12-Month Review of the Revised FATF Standards on Virtual Assets and Virtual Asset Service Providers (Virtual Assets Review) released earlier this year...

Cartel Criminalisation – Six Months On
MinterEllisonRuddWatts, October 2021

Six months on from criminalisation of cartel misconduct, MinterEllisonRuddWatts’ Organisational Integrity team look at why criminalisation remains a ‘game changer’, the inevitability of a first criminal prosecution, and why having a plan that recognises the special nature of criminalisation is an important part of your risk management strategy. Criminalisation of cartel misconduct Six months ago, cartel misconduct became a criminal offence under New Zealand law...

RBNZ launches review of overseas bank branches in New Zealand
MinterEllisonRuddWatts, October 2021

On Wednesday, the Reserve Bank of New Zealand (RBNZ) announced a review of its policy for the registration of branches of overseas banks in New Zealand. The review is aimed at creating “a simple, coherent and transparent policy framework for branches of overseas banks”. The consultation closes on Wednesday, March 2, 2022. The RBNZ intends to develop a policy approach after considering all submissions, and to subsequently undertake further consultation on that approach...

Climate-related Disclosures: XRB Climate Standard Consultation Launch and CRD Bill passes Third Reading and Committee of the Whole House stage
MinterEllisonRuddWatts, October 2021

It has been a busy week in relation to New Zealand’s climate-related disclosures regime: On Tuesday 19 October 2021, the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill (CRD Bill) passed through theCommittee of the Whole Housestage, and on Thursday 21 October 2021, the CRD Bill passed theThird Readingstage, so it is now in final form...

FMA sets FAP full licence target application dates
MinterEllisonRuddWatts, October 2021

Today the FMA has published target application dates for financial advice provider (FAP) full licences. A link to themedia releaseis available. Who needs to read it? Why? This update will be of significance to anyone that currently holds a FAP transitional licence, or anyone who is expecting to give financial advice in the future, and are looking to apply for a FAP full licence. All providers of regulated financial advice to retail clients will need a FAP licence...

FMA releases guidance on advertising financial products
MinterEllisonRuddWatts, October 2021

The Financial Markets Authority (FMA) has published its guidance note on advertising offers of financial products under the Financial Markets Conduct Act 2013 (FMCA). It comes after the FMA initiallyconsultedon the draft guidance in November 2020. Links tomedia releaseand thenew guidanceare available...

Addressing New Zealand’s sea freight challenges
MinterEllisonRuddWatts, October 2021

COVID-19 has generated significant challenges for New Zealand’s international supply chains, causing considerable disruption and cost increases for local businesses and consumers. Anyone reliant on sea freight is currently grappling with the consequences of an unexpected surge in global consumer spending that has led to record-breaking demand for shipping services and equipment, beyond available capacity...

AML/CFT Act statutory review – Ministry of Justice calls for submissions
MinterEllisonRuddWatts, October 2021

Today, the Ministry of Justice (Ministry) released the consultation document for its statutory review of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). The Ministry has asked for submissions, or feedback through an online questionnaire, by 5pm on 3 December 2021. This consultation is a keystone component of that statutory review, which commenced on 1 July this year as required under s 156A(1) of the AML/CFT Act...

Can we vaccinate? Yes, we can.
MinterEllisonRuddWatts, October 2021

COVID-19 vaccinations are now on the list of topics to avoid at dinner parties (which are still virtual for those of us in Auckland). Globally, we have seen COVID-19 vaccinations create mixed emotions around civic responsibilities and bodily autonomy, and spark protests in breach of many “stay at home” orders...

Tirohanga: Financial Services Quarterly Outlook – October 2021
MinterEllisonRuddWatts, October 2021

Welcome to our first issue of Tirohanga: Financial Services Quarterly Outlook.In this quarterly publication, we highlight what’s coming up in the financial services sector over the next quarter, recap some recent events and those to look out for, take a look at some of the interesting things we’ve been working on over the past three months, and take a look at what some of our alumni have been up to...

Reserve Bank consults on the future of money
MinterEllisonRuddWatts, September 2021

Today, the Reserve Bank of New Zealand (RBNZ) has published a consultation on the ‘Future of Money’. The consultation is aimed at gaining the public’s input on how: the RBNZ performs its role as steward of money and cash; and how it should assess whether to offer central bank money in a digital form alongside cash...

FMA announces escalation in AML/CFT enforcement approach
MinterEllisonRuddWatts, September 2021

The Financial Markets Authority (FMA) today announced an escalation in its approach to enforcement for noncompliance with the New Zealand anti-money laundering and countering financing of terrorism (AML/CFT) regime. In doing so, the FMA referred to its latest AML/CFT monitoring insights report, for the period of July 2018 to June 2021 (Monitoring Report). The FMA’smedia releaseand theMonitoring Reportcan be found on the FMA’s website...

Parliament drops the Autonomous Sanctions Bill, once again
MinterEllisonRuddWatts, September 2021

On Wednesday night, the New Zealand Parliament voted against progressing National MP Hon Gerry Brownlee’s Autonomous Sanctions Bill past the first reading stage. As expected, the National and ACT parties voted in favour and the Labour, Green and Maori parties voted against. New Zealand civil society will have mixed views about this development, but many in the business community will be breathing a sigh of relief...

Sustainable Impact, Issue 2
MinterEllisonRuddWatts, September 2021

Like many Kiwi businesses, our firm has made a very real and tangible commitment towards achieving New Zealand’s sustainability goals. Creating long-lasting and sustainable impacts is something that I am personally, deeply committed to – it’s about paving the way for future generations and crafting a legacy of good for our whanau, communities and the country’s ongoing prosperity...

Financial services and New Zealand’s COVID-19 strategy
MinterEllisonRuddWatts, September 2021

Auckland moved to Level 3 of the COVID-19 alert system from 11.59 pm on Tuesday 21 September 2021, while the rest of New Zealand remains at Level 2 as provided by theCOVID-19 Public Health Response (Alert Level Requirements) Order (No 12) 2021(Order). The Government guidelines on how financial service businesses and staff should operate areherefor Alert Level 3 andherefor Alert Level 2 (the Guidelines)...

Regulation of the retail payments system: Proposed policy approvals
MinterEllisonRuddWatts, September 2021

The Ministry of Business, Innovation and Employment (MBIE) has published details of additional policy proposals for the regulation of the retail payments system. A link to the cabinet paper is availableonline. This follows the Minister of Commerce and Consumer Affairs, Hon Dr David Clark’s,announcementin May to introduce a Retail Payments Systems Bill (the Bill) with the aim of reducing merchant service fees...

Reconnecting New Zealand to a COVID-19 World
MinterEllisonRuddWatts, September 2021

There is an old Yiddish saying,“Der mentsh tracht, Un Gott lacht”, meaning “Man plans and God laughs”. This seems a particularly relevant adage to describe the impact of the COVID-19 pandemic on the world, and the success or otherwise of government efforts to contain and mitigate these impacts...

CCCFA Amendments Delayed
MinterEllisonRuddWatts, September 2021

On Thursday 9 September 2021, the Ministry of Business, Innovation and Employment (MBIE) announced a number of changes to legislation due to the shift in COVID-19 alert levels...

 

 

WSG's members are independent firms and are not affiliated in the joint practice of professional services. Each member exercises its own individual judgments on all client matters.

HOME | SITE MAP | GLANCE | PRIVACY POLICY | DISCLAIMER |  © World Services Group, 2022