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Articles by Zena Razoki
FMA shares updated insights on reviews of climate-related disclosures
The Financial Markets Authority (FMA) has published a second report following its reviews of climate-related disclosures in 2025. That report is available here and offers valuable guidance for climate reporting entities (CREs) to strengthen the disclosures in their climate statements. It is an extension of the FMA’s first report published in December 2024 (available here and discussed in our earlier article) and should be read together with that document. Who needs to read it? Why?
AML/CFT reforms: Public submissions open
The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill (Bill) had its first reading in Parliament last week, to (at least at this stage) broad cross-party support, and was referred to the Justice Select Committee. This follows the relevant Cabinet Paper released last year, which we discussed at the time. Public submissions on the Bill are now being called, with a closing date of Friday, 28 March 2025.
AML/CFT: Associate Minister describes reforms and Programme Guideline updated
The Associate Justice Minister Nicole McKee released a statement yesterday on the Government’s reform plans around the anti-money laundering and countering financing of terrorism (AML/CFT) regime. This was followed today by the Financial Markets Authority, the Reserve Bank of New Zealand, and the Department of Internal Affairs releasing an updated AML/CFT Programme Guideline. Who needs to read it? Why?
Climate and Assurance Standards consultation opens
The External Reporting Board (XRB) has opened its consultation on the Proposed 2024 Amendments to Climate and Assurance Standards. This follows feedback from climate reporting entities (CREs) regarding challenges with obtaining the data required to produce their climate statements, high cost, and a lack of guidance. The consultation is open now, and submissions close on Wednesday, 30 October 2024. Who should read this? Why?
Insights into ethical investment disclosure
The Financial Markets Authority (FMA) yesterday published its insights into ethical investment disclosure. This follows an international shift towards a clearer and more universal understanding of “sustainable” and “ethical” investments, and continues to ensure the effective implementation of the 2020 Disclosure Framework for Integrated Financial Products (Disclosure Framework) and 2022 thematic review observations. Who should read this? Why?
FMA publishes research on AI in financial services
Today, the Financial Markets Authority (FMA) released research on the use of Artificial Intelligence (AI) in New Zealand’s financial services sector. The research was undertaken as part of the FMA’s Occasional Paper series and reviews how AI is currently used in New Zealand financial services and how AI may be applied in the future. The FMA’s media release and research paper are available here and here. Who needs to read it? Why?
AML/CFT reforms: Legislative changes proposed
The Ministry of Justice (Ministry) has released a Cabinet Paper on four associated bills relating to reforms in the justice system, intended to “improve the effectiveness and efficiency of our regulatory systems”. Among these is the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Bill (Bill).
AML/CFT: DIA releases guidance for VASPs
Today, the Department of Internal Affairs (DIA) released guidance (Guidance) for virtual asset service providers (VASPs) on the stage 2 amendment regulations under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 (Act). The Guidance should give useful direction to VASPs in understanding how to approach virtual assets, their quasi-money treatment, and the nature of transfers involving them.
FMA information sheet for smaller CoFI firms
The Financial Markets Authority (FMA), has today published an information sheet targeted at smaller firms to help them develop and maintain a Fair Conduct Programme (FCP) and apply for a Financial Institution (CoFI) licence. A link to the sheet is available here. Who should read this? Why? Many larger financial institutions are well advanced in their preparations to comply with the Financial Markets (Conduct of Institutions) Amendment Act 2022 (CoFI).
AML/CFT: CDD guideline for trusts and liquidator guidance published
On Friday, 10 May, the three Supervisors together published an updated guideline on customer due diligence (CDD) on trusts (Trusts Guideline) under the anti-money laundering and countering financing of terrorism (AML/CFT) regime. The Trusts Guideline can be found on each of their websites here: Department of Internal Affairs (DIA), Financial Markets Authority, and Reserve Bank of New Zealand.
XRB opens annual Stakeholder Survey
The External Reporting Board (XRB) has opened its annual Stakeholder Survey and is calling for feedback in relation to its audit and assurance standards, accounting standards, and climate standards. It gives stakeholders the opportunity to do this once a year. The survey can be found here. Who should read this? Why?
Greenwashing penalty action win for ASIC
On 28 March 2024, the Federal Court found that Vanguard contravened the Australian Securities and Investments Commission Act 2001 (ASIC Act) in relation to representations about the ESG exclusionary screens that were applied to the Vanguard Ethically Conscious Global Aggregate Bond Index Fund (Fund). Links to the judgment and the media release are available here and . Who needs to read it? Why?
External legal reviews for climate-related disclosures
The climate-related disclosures (CRD) regime is in full swing, with the first climate statements for reporting periods that started on 1 January 2023 due to be published by 30 April 2024. The Registrar of Companies has opened the Climate-related Disclosures Register and as at 9am today four climate statements have been filed, for entities with calendar reporting periods.
Next steps for Cryptopia’s account holders
Cryptopia operated a cryptocurrency platform established in 2014 which suffered a large scale hack in early 2019, resulting in the loss of nine per cent of digital assets held through the platform, and subsequent liquidation. A new judgement (see here) obtained by the liquidators, has now been released confirming how distributions will be paid out to account holders. Who needs to read it? Why?
Government response to cryptocurrency inquiry
The Government has released its response this week to the Report of the Finance and Expenditure Committee on the inquiry into the future nature, impact, and risks of cryptocurrencies, published on 17 August 2023. Partner Jeremy Muir was one of two independent advisers who prepared a report for the Committee that forms the significant second part of the Final Report, including 22 recommendations for government consideration.
How can banks and FinTechs work together to accelerate innovation?
We attended the FinTechNZ Hui Taumata 2024 this week, which was once again a worthwhile industry event. Participants in banking and fintech, as well as regulators, gathered to share insights and work towards “thriving together”, which was the theme of this year’s hui. One of the group discussions addressed the topic of how banks and FinTechs can work together to accelerate innovation to contribute to a modern, digital economy.
AML/CFT regulations: Four months to stage two of reforms - the final countdown
On 1 June 2024, the second stage of the amendment regulations under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 (Regulations) will come into force. This follows the first stage which commenced in July 2023, and comes ahead of the third stage on 1 June 2025. This second stage will bring in significant changes, that reporting entities (and, in particular, virtual asset service providers (VASPs)) will need to be on top of.
What will a National-led government mean for financial services?
Following New Zealand’s General Election on Saturday, 14 October, the final election result will be published by the Electoral Commission on Friday, 3 November. Based on the preliminary results from election night, the new government is expected to be a centre-right coalition, led by the National Party with the ACT Party (and potentially the New Zealand First Party).
Australia’s proposed regulatory framework for digital asset platforms
On 16 October 2023, the Australian Treasury released a proposal paper on regulating digital asset platforms in Australia. This follows earlier consultation on how best to regulate digital assets undertaken by the Australian government in 2022. In proposing the regulatory framework, the Australian government recognises the need for regulation to protect consumers while supporting innovation to keep pace with the growth of the digital asset sector in Australia.
XRB publishes comparison document for NZ CS and IFRS S1 and S2
On Friday, 13 October, the External Reporting Board (XRB) published a comparison document explaining the differences between the Aotearoa Climate Standards (NZ CS) and the IFRS Sustainability Disclosure Standards (IFRS S1/S2). A link to the Comparison Document is available here. Who should read this? Why? All climate reporting entities (CREs) as defined in Part 7A of the Financial Markets Conduct Act 2013 (FMCA) should read this Comparison Document.
Ministry of Justice focused consultation on AML/CFT Class Exemptions
The Ministry of Justice (MoJ) is currently undertaking a substantive review of the AML/CFT (Class Exemptions) Notice 2018. MoJ has released to their Industry Advisory Group (IAG) and selected industry stakeholders a consultation document in relation to the review. Lloyd Kavanagh and Sam Short in our team are members of the IAG, and the MoJ has agreed that we can also highlight the potential changes to our clients, to enable us to respond to the consultation. Who should read this? Why?
Cabinet paper on NZ ETS market governance released
Yesterday, the Government released a cabinet paper agreeing to two proposals to improve market governance for the New Zealand Emissions Trading Scheme (NZ ETS). One of these proposals will impact the regulatory approach to trading New Zealand Units (NZUs), as we discuss below. The Ministry for the Environment (MfE) announcement and the cabinet paper can be found here and here. Our previous update on the MfE consultation in November 2022 is available here. Who should read this? Why?
Proposed exemption for climate-related disclosures timing challenge
Today, the Financial Markets Authority (FMA) has announced that they are considering a class exemption for certain climate reporting entities (CREs) from the requirement to include a link to their climate statements in their annual report under the climate-related disclosures (CRD) regime. A link to the consultation document is available here. Who should read this? Why?
AML/CFT regulations arrive
On Friday 30 June, the Ministry of Justice’s webpage was updated for the long-awaited amendment regulations (Regulations) under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act), which are now made and Gazetted. Additionally, expiring parts of the Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2018 were extended. Who needs to read it and why?
FMA releases further climate disclosure guidance
Today, the Financial Markets Authority (FMA) published further guidance on climate-related disclosures (CRD) obligations. This comprised of the long awaited consultation and draft guidance on record-keeping, and two information sheets: one on the CRD monitoring oversight plan from 2023-2026, and another on the use of third-party providers by climate reporting entities (CREs) for CRD.
CoFI regulations issued
This month, a significant milestone was reached with the enactment of the Financial Markets (Conduct of Institutions) Amendment Regulations 2023, and the Financial Markets Conduct (Fees) Amendment Regulations 2023 (together, the Amendment Regulations). These regulations amend the Financial Markets Conduct Regulations 2014 (FMC Regulations) and the Financial Markets Conduct (Fees) Regulations 2014 respectively.
Director action points for climate reporting
New Zealand’s new mandatory climate related disclosures regime (CRD) came into effect earlier this year and is contained primarily in Part 7A of the Financial Markets Conduct Act (FMCA). The CRD regime applies by law to about 200 of New Zealand’s largest financial institutions and NZX listed companies. The first climate reporting period will be the first financial year starting on or after 1 January 2023.
FMA: Compliance with MRSO regime crucial
Earlier this week, the Financial Markets Authority (FMA) emphasised the importance of compliance with the conditions of the Trans-Tasman Mutual Recognition regime (MRSO regime) by issuing a formal warning to an Australian financial product issuer. Such issuers are able, through the MRSO regime, to operate in New Zealand without needing to comply with the full extent of the Financial Markets Conduct Regulations 2014.
FMA’s guidance to financial advisors on ‘reasonable grounds’
The Financial Markets Authority (FMA) has released guidance on its approach to the application and enforcement of Code Standard 3 of the Code of Professional Conduct for Financial Advice Services (Code). The guidance is intended to help advisers assess whether they have met the requirement of having ‘reasonable grounds’ for financial advice given on investment products. Links to the guidance and the FMA’s media release are available here and here. Who needs to read it? Why?
New reporting requirements for crypto-asset service providers on the horizon
On 10 October 2022, the Organisation for Economic Co-operation and Development (OECD) released model rules for the Crypto-Asset Reporting Framework (CARF) – a new tax transparency framework aimed squarely at the crypto-market and digital assets. Coinciding with this, several updates to the OECD’s Common Reporting Standard (CRS) have been proposed to bring new financial assets, products and intermediaries within its scope.
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