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Council of Financial Regulators: meeting on 30 November 2021
The Council of Financial Regulators (CoFR) met on 30 November 2021 at the Treasury. The group discussed cyber resilience, the role of credit unions and building societies, CoFR’s ongoing work on conduct and governance and financial inclusion, and the forthcoming meeting of the Trans-Tasman Banking Council.
2 December 2021
Regulatory Initiatives Calendar
The Council of Financial Regulators has released an updated Regulatory Initiatives Calendar for the financial sector. This document is produced to help industry understand the aggregate picture of initiatives from CoFR members that are either planned or under way, including details of a summer break in engagement with the industry.
12 November 2021
CoFR publishes FinTech roadmap
The CoFR FinTech group has developed a set of business and regulation related information designed to help FinTechs operating in New Zealand.
The guide sets out how fintech fits within the current regulatory regime, and should support improved regulatory coordination.
The guide is available on the fintech.govt.nz site.
5 November 2021
RBNZ releases Climate Changed 2021 & Beyond
Te Pūtea Matua - Reserve Bank of New Zealand has released Climate Changed 2021 & Beyond, our report on our climate change strategy and work. This report outlines its actions to mitigate and manage the significant economic risks associated with climate change. This is the first significant report that we have released since launching our Climate Change Strategy in 2018.
26 October 2021
CoFR celebrates significant milestones
There are big changes under way for the Council of Financial Regulators (CoFR) as it marks its tenth birthday. Its five members have signed a new Memorandum of Understanding, its first full-time adviser has come on board and its vital role has been recognised in legislation.
11 October 2021
Council of Financial Regulators: meeting on 31 August 2021
The Council of Financial Regulators (CoFR) met on 31 August 2021. The meeting took place online due to Level 4 restrictions. The group discussed the impacts of the Covid-related lockdown and the extensive engagement there has been with the financial services industry.
3 September 2021
CoFR role to be mandated under new legislation
CoFR will receive statutory recognition in July next year through the Reserve Bank of New Zealand Act 2021, which has just passed its third and final reading.
As well as strengthening the way the Reserve Bank operates and is governed, the legislation gives CoFR a mandate to support effective and responsive regulation of New Zealand’s financial system.
11 August 2021
Timetable of Regulatory Initiatives
CoFR has released an updated timetable for regulatory initiatives affecting the financial sector, covering plans for the rest of 2021 and throughout 2022.
10 August 2021
Cross-sector thematic review on governance
The Reserve Bank of New Zealand (RBNZ), Te Pūtea Matua and the Financial Markets Authority (FMA), Te Mana Tātai Hokohoko will be working together to conduct a cross-sector thematic review on governance, covering banks, insurers, non-bank deposit takers and investment management firms. The review will focus on the boards of regulated entities and their ability to effectively govern and provide oversight.
9 August 2021
New FinTech Forum website launched
Innovation thinking, enabled by tech adoption, creates benefits for consumers, businesses and New Zealand. The new FinTech forum website – CoFR’s official forum for FinTech-related regulation – launched on 19 July. It is a single point for FinTech regulatory enquiries directed at any of our member agencies.
19 July 2021
Fit and Proper Person certification
The Commerce Commission’s Fit and Proper Person certification regime went live on 1 June 2021 with certification of directors and senior managers of consumer credit providers becoming compulsory from 1 October 2021.
Commerce Commission, 1 June 2021
Government announces plans to reduce merchant service fees
The Government to reduce merchant service fees, that banks charge businesses when customers use a credit or debit card to pay.
12 May 2021
CoFR releases consumer vulnerability framework
CoFR has agreed on a common understanding of the characteristics of a vulnerable consumer. This framework serves as a guideline to help industry in developing their own approaches to assisting vulnerable consumers.
CoFR, 30 April 2021
Government introduces legislation to Parliament on climate-related disclosures
The Bill will make climate-related disclosures mandatory for most listed issuers, large registered banks, licensed insurers and managers of investment schemes.
MBIE, 13 April 2021
Reserve Bank publishes report on Māori Economy
This report on the Māori economy was produced by BERL, commissioned by RBNZ - Te Pūtea Matua in 2020. It expands on their 2013 report, providing a rich description of the many roles Māori play in the economy of Aotearoa New Zealand.
RBNZ, 28 January 2021