Legislation/In Parliament

Regulations and codes of practice for the AML/CFT Act released for consultation
A consultation document containing proposals for regulations required to complete the shape of the new Anti-Money Laundering and Countering the Financing of Terrorism regime has been released. The document also contains proposals for codes of practice related to customer due diligence, which are central to the regime.

Proposed changes to New Zealand's securities laws
Commerce Minister Simon Power has called for submissions on a discussion document proposing replacement of the Securities Act 1978 and the Securities Markets Act 1988, as well as amending other relevant legislation.

Amendments to the Consumer Guarantees Amendment Act proposed
The Consumer Guarantees Amendment Bill 2010 (a private member's bill) has passed its first reading and has been sent to the Commerce Select Committee. The committee has now called for submissions on the Bill.

Property Law Amendment Act
The Property Law Amendment Act, which came into force on 7 July, amends section 139 (when a mortgagee becomes a mortgagee in possession) of the Property Law Act.

A new Land Transfer Act
In conjunction with Land Information New Zealand, the Law Commission has produced a report titled "A New Land Transfer Act".

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.