The FSC in the Policy, Regulation & Advocacy Space October 2021

The FSC continues to engage with regulators, policy makers and industry leaders to discuss pertinent issues relevant to the sector. At the October Regulation Committee, we heard from Nick Kokay, Ministry of Justice (MoJ) on the Review of the AML/CFT Act and exemptions. Please see below for further details on the AML/CTF Review including a FSC and MoJ Workshop.

Gordon Witte, Graeme Morrison and Kelvin Stewart from Inland Revenue will be joining the October Taxation Committee this week to discuss policy reforms to the GST treatment of managers fees.

Submissions and Current Consultations
The Regulatory Committee together with other applicable FSC Committees and Working Groups continually produces a raft of submissions that enables FSC members to have their input on new or proposed regulatory changes. Our current submissions are:

• The Finance and Expenditure Select Committee is calling for submissions on the Taxation (Annual Rates for 2021-22 GST, and Remedial Matters) Bill – Submissions close 9 November.
• Review of the Financial Markets Authority Funding and Levy – Submissions close 7 November.
• Review of the Insurance (Prudential Supervision) Act 2010 (IPSA) Options Paper 2: Policyholder Security – Submissions close 15 November.

AML/CFT Review
Review of the AML/CFT Act – Submissions close 3 December. The MoJ who joined the October Regulation Committee is returning for a FSC and MoJ Workshop from 2-4pm on Monday 8 November. This Workshop is an opportunity to provide feedback directly to the MoJ and for the FSC to gain more insight to form an industry view for the FSC written submission. If you would like to attend this workshop, please fill out the registration form here. Please also pass this email on to anyone in your organisation who would like to attend. There are no member limits.

Climate Related Disclosures
The External Reporting Board (XRB) Aotearoa New Zealand Climate Standard 1, Climate-related Disclosures, Governance and Risk Management Consultation Document – Submissions close 22 November. In addition to preparing and industry submission, the FSC is running a Focus Group on Thursday 28 October from 1:30-2:30 to discuss initial thoughts and the FSC Submission. If you would like to attend this workshop, please fill out the registration form here.

Expressions of Interest sought:
The following consultations are marked as For Noting in the Regulatory Outlook, however if you are interested in providing feedback to form an industry submission on any of the following, please let us know.

• Ministry for the Environment Emissions Reduction Plan – Submissions close 24 November
• RBNZ Enforcement Framework – Submissions close 24 November
• Digital Identity Services Trust Framework Bill - Submissions close 2 December
• RBNZ Future of Money – Submissions close 6 December
• RBNZ Review of policy for branches of overseas banks – Submissions close 2 March 2022