Recent developments

Revised draft outsourcing policy for registered banks
The Reserve Bank has published a near-final draft policy on the requirements that will apply to large New Zealand registered banks entering into arrangements to outsource any business or function of the bank to a third party.

Commerce Commission announces investigations into CCCFA breaches
The Commerce Commission announced in October that it has visited 50 credit providers in Auckland, Wellington and Christchurch to check on compliance with the Credit Contracts and Consumer Finance Act 2003, and it currently has 13 investigations underway into alleged breaches.

Securities Commission to increase co-operation with ASIC
The New Zealand Securities Commission and the Australian Securities and Investment Commission met in August for the purpose of promoting greater regulatory co-operation between the two countries.

Best practice guidelines for reporting suspicious financial transactions
The New Zealand Police Financial Intelligence Unit has released these guidelines to assist New Zealand financial institutions in complying with the requirements of the Financial Transactions Reporting Act 1996.

Securities Commission report on investor disclosure
The Securities Commission has published a report on Cycle 1 of its broad financial reporting surveillance programme, which is reviewing the standard of financial reporting by New Zealand public securities issuers.

Practice note on prospective financial information in offer documents
The Securities Commission has amended its practice note on prospective financial information, which assists issuers preparing offer documents during the transition to New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS).

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.