Recent developments

Establishment of Joint Trans-Tasman Council on Banking Supervision
In February, the Minister of Commerce announced the establishment of a Joint Trans-Tasman Council on Banking Supervision, but emphasised that there was no agreement to a single banking regulator.  

Reserve Bank favours changes to enhance our trans-Tasman banking policy harmonisation
Dr Alan Bollard, Governor of the Reserve Bank of New Zealand, has announced that the Reserve Bank is currently developing strategies and policies to minimise potential adverse effects of off-shore developments on New Zealand's financial sector.

Guidance from Securities Commission for finance companies on improving disclosure to investors
Following a Discussion Paper released in September last year, the Securities Commission has now published a report with guidance for finance companies on raising the level of disclosure they make to investors.

New Credit Reporting Privacy Code
Some parts of the new Credit Reporting Privacy Code, which applies to all businesses in New Zealand that gather and sell credit information, took effect as of 1 April 2005 . The Code has implications for credit providers as well as credit reporting businesses.

Report on compliance by registered banks with the Securities Act 1978
In its most recent newsletter, the Securities Commission says it has found that most banks are aware of their statutory obligations to ensure that customers receive investment statements before applying for term deposits and other investment products.

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.