Recent developments

Financial Markets Authority (FMA) developments
Effective Disclosure Guidance Note released
The FMA has released the final version of its new regulatory guide on improving disclosure in prospectuses and investment statements.

Tiered Levy System introduced
The Commerce Minister has announced new levies for the FMA and External Reporting Board, together with a new fee structure for the Companies Office.

Pre-registration prospectus vetting service ends
The FMA's service of carrying out a limited pre-registration review process to support issuers in the transition to the new regime ended on 30 March 2012, but the FMA will continue to review prospectuses post-registration under its new risk-based framework.

Class exemption notices up for review
The FMA is reviewing 44 class exemption notices that expire this year. Two provide exemptions from provisions of the Financial Reporting Act for overseas issuers, and the remainder provide exemptions from provisions of the Securities Act.

Guidance for Authorised Financial Advisers
The FMA has published guidelines for Authorised Financial Advisers, clarifying its expectations in connection with Code Standard 6(d) of the Code of Professional Conduct for AFAs, particularly in relation to public issues.

Consultation paper on Basel III
The Reserve Bank has now completed two Basel III consultations.

Law Commission releases Final Report on Credit (Repossession) Act
The Law Commission is recommending wide-ranging changes to New Zealand’s credit repossession laws. Its aim is to establish a fairer, more transparent and efficient regime for all parties.

The Crafar farms sale: Are there new hurdles for overseas investors in "sensitive land"?
For a second time, Ministers have accepted a recommendation by the Overseas Investment Office to grant an overseas applicant consent to acquire the Crafar farms.

Update on the AML/CFT regime
The Anti-Money Laundering and Countering Financing of Terrorism supervisors published the AML/CFT Programme Guideline at the end of last year to assist reporting entities in developing their AML/CFT programme.

Reserve Bank Bulletin released
The Reserve Bank has released its first issue of the Reserve Bank Bulletin for 2012.

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.