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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...

COVID-19 Insurance Issues from Around the World
MinterEllisonRuddWatts, September 2021

The scale of the COVID-19 crisis made it obvious that the pandemic, and the public health measures it prompted from governments, would have major implications for the insurance world. Responding to an unprecedented disruption in trading, firms naturally turned to their business interruption (BI) policies for protection...

A Country Divided: Alert Level Differences and New Zealand’s Construction Supply Chain
MinterEllisonRuddWatts, September 2021

The Delta variant’s arrival in New Zealand has resulted in a range of novel issues impacting the construction industry.  The latest has arisen due to the interregional differences in Alert Levels.  While Auckland remains at Level 4 until at least 11:59pm on Tuesday 14 September, from 11:59pm tonight, the remainder of New Zealand will move to Level 2...

Customer Vulnerability: Immediate Priorities of the FMA
MinterEllisonRuddWatts, September 2021

On 2 September 2021, the FMA published an updated information sheet on its expectations for providers of financial services in relation to customer vulnerability practices (Information Sheet). The FMA acknowledges there is no ‘one-size-fits-all’ approach to developing and embedding processes and practices related to customer vulnerability...

Policyholder Security: IPSA Option Paper Released
MinterEllisonRuddWatts, September 2021

Yesterday the Reserve Bank of New Zealand (Reserve Bank) issued its second options paper as part of the broader review of the Insurance (Prudential Supervision) Act 2010 (IPSA). The consultation presents options to enhance policyholder protection security in the event of an insurer’s insolvency. Given the heightened alert levels, the Reserve Bank has extended the consultation window to 15 November 2021. A link to the options paper is available here...

High Court Clarifies Approach to AML Penalties
MinterEllisonRuddWatts, September 2021

Yesterday, the High Court in Wellington released its judgment setting out the reasons for its earlier decision imposing a $3.5 million civil penalty on TSB Bank Limited (TSB) for contraventions of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). This followed a statement of claim from the Reserve Bank of New Zealand (Reserve Bank), as TSB’s anti-money laundering and countering financing of terrorism (AML/CFT) supervisor...

Dealing with the Impacts of Global Supply Chain Disruptions in Construction Contracts
MinterEllisonRuddWatts, August 2021

In the wake of the global COVID-19 response, the construction sector is facing an unprecedented level of pressure in supply and demand for building materials both domestically and internationally, resulting in a sharp surge in costs and delays and disruption in construction and infrastructure projects...

Sustainable Future: Conversation Starters for Tenants
MinterEllisonRuddWatts, August 2021

MinterEllisonRuddWatts is actively engaged in The Chancery Lane Project, joining the focused effort from lawyers around the world to develop contract clauses to help fight climate change. Our firm recognises that climate change has broader implications for business and is a key consideration in today’s commercial decision making. We are proud to be the first New Zealand law firm involved in this far-reaching sustainability initiative...

 

 

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