Recent developments

Reserve Bank announces changes to FX management
The Reserve Bank has announced changes to its financing and management of New Zealand's foreign currency reserves to give the Bank a more effective means of responding to crisis situations involving sharp falls in the New Zealand dollar.

Reserve Bank to widen collateral for securities
The Reserve Bank has announced its intention to widen the types of securities accepted as collateral for entities that need to borrow cash overnight.

Financial reporting - who needs to file audited financial statements?
Clarification of the types of entities that will have ongoing filing obligations and that will be required to prepare and file audited financial statements with the Registrar of Companies has been provided by the Securities Commission.

Report on cycle four of review of financial reports
The Securities Commission has completed the fourth cycle of its financial reporting surveillance programme.

Securities Commission enforcements
The Securities Commission has become involved in two recent breaches of the Securities Act. The first breach was by two companies developing properties with common facilities for residents. The second breach was by a company that issued a prospectus omitting material information.

Proposals for additional transactions to be included as futures contracts under the Securities Markets Act
The Securities Commission has released a discussion paper proposing to declare certain derivative contracts, known as contracts for difference, to be futures contracts under the Securities Markets Act. In addition, the Securities Commission has resolved to declare margined foreign exchange contracts or "rolling spots" to be futures contracts under the Securities Markets Act.

New Zealand banks take tougher position over online fraud
It has been reported that banks with branches in both Australia and New Zealand are taking a tougher approach to reimbursing New Zealand customers hit by online fraud than they are taking with their Australian customers.

Companies call on Law Society to do better
Some of New Zealand's largest public companies are calling on the New Zealand Law Society to protect client rights in a new code of professional conduct due to come into force next year.

Companies Office fees increase
On 1 July, the Companies Office introduced some changes to its fees structure.

Landonline fees increase
Landonline is raising its fees for both manual and electronic transactions. The new fees will be effective from 1 September 2007.

New PPSR initiative - TXTB4UBUY
The Personal Property Securities Register is offering a new service for purchasers of vehicles to determine whether the vendor has any debt secured on the vehicle.

New Companies Office service launched
The Companies Office and Inland Revenue have launched a new service allowing application for an IRD number and registration for GST when a new company is incorporated online with the Companies Office.

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.