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

Key areas this month include:

Consumer credit

The Commerce Commission has updated its guidance on creditors’ CCCFA disclosure obligations. MBIE has consulted on interim changes to the CCCFA Regulations and Responsible Lending Code to clarify the loan affordability rules.

Secured lending

The Reserve Bank has announced its decision to proceed with a framework for debt servicing restrictions. The period during which deeds that create powers of attorney in connection with security interests can be executed electronically has been extended to the start of November.

Tax

A number of variations, interpretation statements, and guidance documents have been issued relating to finance leases, PIE exit rules, FDR foreign currency hedge rules, common law interest, trust reporting requirements, and Covid-19 costs deductibility.

Competition

The Commerce Amendment Act 2022 has been enacted. The main change involves amending section 36 of the Commerce Act 1986, effective April next year.

Corporations

The Incorporated Societies Act 2022 has been enacted. Various provisions of the COVID-19 Response (Requirements For Entities - Modifications and Exemptions) Act 2020 have been extended until the end of October.