Regulatory Initiatives Calendar
12 November 2021
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 underway.
CoFR members appreciate the financial services sector in New Zealand is going through a period of significant regulatory change. It has also been a tough year all-round, so CoFR members are aiming to observe a period between 15 December 2021 and 17 January 2022 where engagement with the sector will be minimised, where possible, in order to enable staff (both at regulated entities and at the regulators) to take a break and recharge for 2022.
CoFR members will be seeking to avoid or minimise industry wide engagement such as:
- Releasing new consultations
- Consultation deadlines falling during this period or immediately after this period
- External engagements such as committee meetings, workshops or forums
- Requests for information for thematic reviews
Agencies would engage with the sector should a significant unforeseen event occur. Policymakers may also need to engage with the sector on an urgent basis if they receive ministerial direction or a request from Ministers. Regulators will continue to engage with firms on issues specific to that individual firm if required.
Work completed or got underway in Q3 2021 includes:
- FMA funding and levy review (MBIE/FMA)
- Consultation on changes to LTV restrictions for mortgage lending (RBNZ)
- Liquidity thematic (RBNZ)
- IPSA review (RBNZ)
- Interim Solvency Standards (RBNZ)
- Setting standards for FMIs (FMA/RBNZ)
- Approach to assessing systemic importance of FMIs (FMA/RBNZ)
Agencies have looked to move, adapt or adjust timings of engagement and consultations in the second half of 2021 and early 2022 to reflect the COVID-19 outbreak and to enable firms to be able to manage the flow of requests.
Some of the key changes or updates in the November 2021 Regulatory Initiatives Calendar are:
- Updated timeline on cross sector Governance thematic (RBNZ/FMA)
- IPSA review – next consultation deferred from Q4 2021 to Q1 2022 (RBNZ)
- Introduction of Deposit Takers Bill likely to be Q2 2022 rather than Q1 (RBNZ)
- Consultation on updated FMA Guide to Good Conduct (moves from Q1 2022 to H1 2022)
- Changes to the timing of new requirements of CCCFA (MBIE/ComCom)
- Engagement on Insurance Contract Law to take place in Q1 2022 from Q3/Q4 2021 (MBIE)
- Introduction of Bill modernising the EQC Act expected in early 2022 (Treasury)
- DIMS sector risk assessment & DIMS standard condition 2 consultation deferred from Q4 2021 to Q1 2022 (FMA)
- More details of MIS sector engagement for 2022 (FMA)