Keep up-to-date with the key developments affecting the financial services sector.

Key areas this month include:

Retail payments

The new Retail Payment System Act 2022 regulates designated retail payment networks (eg Visa and Mastercard) and participants in them. The Act among other things provides for pricing standards, to reduce card transaction fees.

Reserve Bank

The Reserve Bank has published its Enforcement Principles and Criteria Guidelines for banks, NBDTs, and insurers. An Order-in-Council has been issued that will bring the Reserve Bank of New Zealand Act 2021 fully into force on 1 July.

Financial crime

The Russia Sanctions Regulations 2022 have been expanded and clarified. The new Protected Disclosures (Protection of Whistleblowers) Act 2022 will replace the Protected Disclosures Act 2000 from July.

Insurance

The Reserve Bank has published a reviewed draft of the Interim Solvency Standard; interested parties can comment on technical or workability issues not previously identified. The Income Insurance Scheme (Enabling Development) Bill 2022 will enable ACC to operationalise an income insurance scheme, if one were to be established.

Overseas investment

The Overseas Investment (Forestry) Amendment Bill 2022 will strengthen the rules where overseas investments cause land to be converted to production forestry.

Takeovers

The Takeovers Panel has issued revised guidance on schemes of arrangement. It has also made initial comments on deal protection devices (with further guidance to follow).