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Firm: MinterEllisonRuddWatts

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FMA grants Australian Licensees Class Exemption
MinterEllisonRuddWatts, December 2020

On 18 December 2020, the Financial Markets Authority (FMA) issued the Financial Markets Conduct (Australian Licensees) Exemption Notice 2020 (Exemption Notice). The Exemption Notice follows the FMA’searlier consultation and then decision in principleto grant an exemption for certain Australian-licensed financial service providers from certain requirements under the incoming new financial advice regime...

A Year of Long Tails and Shop Windows
MinterEllisonRuddWatts, December 2020

The direction of travel in M&A activity and litigation in 2021 Coming to the end of what can safely be described as an unprecedented year, we look ahead to 2021, alive to the fact that predictions are, at best, difficult. While we are currently sailing in relatively calm waters, with economic indicators better than predicted, most commentators agree that a storm is approaching. We simply do not know when or how it will hit...

MBIE Publishes Regulations to Support FSLAA and Other Changes
MinterEllisonRuddWatts, December 2020

Today, the Ministry of Business, Innovation and Employment (MBIE) released various long-awaited suite regulations to support the Financial Services Legislation Amendment Act 2019 (FSLAA) and other recent legislation changes (such as the Trusts Act and tax disclosure)...

FMA Sets Expectations for Issuers of ‘Green’ and ‘Responsible’ Investment Products
MinterEllisonRuddWatts, December 2020

The Financial Markets Authority (FMA) has released guidance on financial products that integrate non-financial factors such as natural, social and human capital impacts along with financial returns (integrated financial products). The guidance sets out how the fair dealing provisions of the Financial Markets Conduct Act 2013 (FMCA) apply to integrated financial products...

Workplace Health and Safety: 2020 in review
MinterEllisonRuddWatts, December 2020

In this end of year review on workplace health and safety, we reflect on what have been the dominant features of 2020 and look back on the trends we have seen develop over the past 12 months. What has dominated the discussion? This year, COVID-19 has obviously dominated workplace health and safety. Aside from the risk of contracting the virus, COVID-19 has presented new and increased risks for PCBUs as business models and practices have had to adapt to new ways of working...

Inland Revenue Consultation on “Negative Interest” Payments
MinterEllisonRuddWatts, November 2020

Inland Revenue has released an exposure draft for public consultation. The exposure draft sets out Inland Revenue’s guidance relating to the application of the Resident Withholding Tax (RWT) and Non-Resident Withholding Tax (NRWT) rules to situations where negative interest payments are made, concluding that such payments will not be subject to withholding taxes. The exposure draft is available here...

Ship Building: Expanding Mercy – Mercy Ships Nears Completion of the MV Global Mercy
MinterEllisonRuddWatts, November 2020

Research has continuously emphasised the increasing need for medical and surgical care around the world, especially in Africa. More than 5 billion people worldwide do not have access to safe surgeries, and now with the impacts of COVID-19, the global backlog of surgical care has escalated...

FMA Consultation on Advertising Financial Products
MinterEllisonRuddWatts, November 2020

Today the Financial Markets Authority (FMA) published a consultation paper seeking feedback in relation to its proposed guidance about advertisements for financial products under the Financial Markets Conduct Act 2013 (FMCA). The draft guidance is available online. The consultation paper and the consultation page containing details on how to make a submission can each be found on the FMA’s website...

Lessons for Technology from COVID-19: M&A Transactions for Digital Assets
MinterEllisonRuddWatts, November 2020

Disruptive events tend to accelerate existing trends, and COVID-19 is no exception. Technology is transforming the way businesses operate, the products and services they offer and is reshaping the global M&A landscape – and the speed of adoption is significant...

Settlement in Climate-Related Financial Disclosure Case
MinterEllisonRuddWatts, November 2020

The recent settlement in the Australian case: McVeigh v Retail Employees Superannuation Trust (REST) will be highly relevant to all New Zealand fund managers considering the impact of climate change on their investors. McVeigh v REST is the first case to consider whether a trustee of a superannuation fund had the duty to consider and disclose climate change risks...

Know Your Contract: Case Law Highlights
MinterEllisonRuddWatts, November 2020

New Zealand’s construction industry and projects have weathered a turbulent year with a consistent flow of seminal judicial decisions addressing issues arising in the life cycle of a project...

Contracting in a COVID-19 World
MinterEllisonRuddWatts, November 2020

We may be tired of talking about COVID-19, but contractual and project risk associated with the pandemic is still very real. Risk associated with COVID-19 should remain a key consideration in project planning, tendering and negotiation activities, and in the delivery and administration of construction and infrastructure projects. To assist, we examine key themes and observations that are relevant to contracting in a COVID-19 world...

New Zealand’s Infrastructure Sector: Key to Rebuilding the Country’s Economy?
MinterEllisonRuddWatts, November 2020

The COVID-19 pandemic has had wide-ranging impacts on New Zealand’s economy, and the construction and infrastructure sectors have not been immune to these challenges. Infrastructure expenditure has long been seen as an effective tool to reinvigorate an economy and generate growth, and New Zealand’s Infrastructure sector is a key beneficiary of the Government’s economic stimulus package post COVID-19...

A Breach of Lease May Not Mean the End of a Lease
MinterEllisonRuddWatts, November 2020

A recent High Court decision is a good reminder to both landlords and tenants of the Court’s power to stop a landlord ending a lease even where the tenant’s breach is serious and deliberate. Landlords need to act with considerable care in exercising their rights to end a lease due to a tenant breach if the breach causes no harm to the landlord but the ending of the lease would have material financial consequences for the tenant...

New Standard Conditions for Full Financial Advice Provider Licences Released
MinterEllisonRuddWatts, November 2020

On 6 November 2020, the Financial Markets Authority (FMA) released the final standard conditions for full financial advice provider (FAP) licences and the classes of financial advice service. A link to the standard conditions and licence classes are available online. These conditions follow the FMA’s consultation in June this year. See our previous discussion on the standard conditions and licence classes...

Offshore Data Transfers Under the New Privacy Act 2020
MinterEllisonRuddWatts, November 2020

One of the key changes to New Zealand’s data protection regime under the Privacy Act 2020 is the introduction of a new information privacy principle 12 (IPP 12), requiring certain controls be put in place before disclosing personal information to foreign entities. The concept itself is not new, and largely follows the approach taken in the EU, Australia and other jurisdictions...

Consultation on KiwiSaver Fees
MinterEllisonRuddWatts, November 2020

Today the FMA has published a consultation on proposed guidance on KiwiSaver fees and value for money. The consultation is aimed at providing guidance on the statutory requirement that KiwiSaver fees must not be unreasonable and the related overarching statutory duties. Submissions close on Monday 14 December. Both the consultation document and the media release are available online...

'Green Marketing': New Commerce Commission Guidelines
MinterEllisonRuddWatts, November 2020

Consumers are increasingly considering the environment when making purchasing decisions withmany prepared to pay a premium. It is no wonder that environmental claims are a priority focusarea of the Commerce Commission. Since 1 July 2017, the Commerce Commission has received 94 complaints about environmentalclaims that relate to the Fair Trading Act 1986 (FTA) mostly alleging that claims could not besubstantiated and/or that the performance characteristics are false or misleading...

Top tips on comparative advertising
MinterEllisonRuddWatts, November 2020

Comparative advertising is a risky method of advertising. But if care is taken to address those risks, comparative advertising can be an incredibly effective tool for your business. It also has an important part to play in regulating competition and educating consumers. Comparative advertising compares a product produced or service provided by the advertiser to an equivalent product or service produced or provided by a competitor (or competitors)...

Environmental Claim ‘Flushable' Not False or Misleading
MinterEllisonRuddWatts, November 2020

The Full Australian Federal Court recently upheld the decision that Kimberly-Clark’s Kleenex Cottonelle Flushable Cleansing Cloths (Kleenex Wipes) did not make false or misleading claims in using the word ‘flushable'. The guidance on the evidence required and weight given to complaints is instructive for New Zealand entities making environmental claims...

How to Avoid False or Misleading Pricing Representations
MinterEllisonRuddWatts, November 2020

Pricing representations receive ongoing scrutiny from the Commerce Commission. The Commission frequently brings enforcement action in this area and in recent years the Commission has signalled that it receives a significant number of complaints from consumers who have been misled by or are concerned about pricing practices...

Is Your Business Fit to Lead in the New World Economy?
MinterEllisonRuddWatts, November 2020

There can be few tougher tests of leadership than the ones that 2020 has thrown at company directors and leaders. The days of worrying about disruption driven by technology seem like a dream in comparison with the urgency, pace, breadth and scale of the challenges that have pounded companies and sectors up and down New Zealand – and around the world...

Embracing Momentum: Andrew Eagles on Sustainability in Commercial Property Post COVID-19
MinterEllisonRuddWatts, October 2020

Although COVID-19 is an unrivalled pandemic, it feels all too familiar to our continuing battle against climate change. Both global crises are forcing us to modify our way of living – whether we are ready or not...

Insurer Remedies for Fraudulent Claims
MinterEllisonRuddWatts, October 2020

In its recent decision in Taylor v Asteron Life Ltd,[1] the Court of Appeal discusses the fraudulent claims rule – the first time that this rule has been considered in any detail by an appellate court in New Zealand. The Court held that under this rule, a term is implied into every insurance contract, requiring the insured to act honestly when making a claim...

Court of Appeal Clarifies the Effect of Aggregation Clauses
MinterEllisonRuddWatts, October 2020

In Moore v IAG New Zealand Limited, the Court of Appeal provides helpful guidance on how aggregation clauses in insurance policies are to be interpreted and applied. Background This case concerned the plaintiff’s home, which was damaged in the February 2011 and June 2011 Christchurch earthquakes. Approximately $2.08 million of damage was caused by the February earthquake and $2.77 million of damage was caused by the June earthquake...

 

 

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