Law reforms threaten New Zealand financial service exports

This blog post was first published as an article on the business law website interest.co.nz.

Proposals are before New Zealand’s Parliament to reform the law that requires New Zealand financial service businesses to register on the Financial Service Providers Register (“FSPR”).  […]

By |April 30th, 2018|

Robo-advice exemption draft published by FMA

On 16 November 2017 NZ’s Financial Markets Authority published a draft robo-advice exemption notice.  FMA is seeking feedback on the notice and related documents by 15 December 2017.  The exemption notice will be in force by early 2018 and will […]

By |November 17th, 2017|

FMA approves roboadvice for NZ

The Financial Markets Authority announced on 18 October 2017 that it will allow full robo-advice to be provided in New Zealand.  That is, it will be possible to deliver personalised financial advice online using algorithms.  FMA is aiming to accept […]

By |October 18th, 2017|

FMA designation important for all foreign exchange dealers

New Zealand’s Financial Markets Authority has just published a class designation that is important for all foreign exchange dealers.  It comes into effect on 1 December 2017 and confirms that “forward foreign exchange contracts” are not “derivatives” under the Financial […]

By |October 5th, 2017|

First successful court proceedings under NZ’s anti-money laundering law

The first successful court proceedings have been brought for breach of NZ’s anti-money laundering (“AML”) law.  The High Court imposed a pecuniary penalty of $5.29m on the company, Ping An Finance (Group) New Zealand Company Ltd (“Ping An”).  Its director […]

By |September 29th, 2017|

FMA’s first ever Corporate Plan highlights new initiatives

New Zealand’s Financial Markets Authority (FMA) published its first ever corporate plan (CP) in August 2017.  The CP sets out FMA’s planned regulatory activities and key areas for future focus for the period up to July 2018.  This sits alongside […]

By |August 30th, 2017|

Attributes of Successful Fintech Start-ups

Developments in technology and regulation are making it ever easier for FinTech start-ups to challenge (or partner with) stodgy incumbents and to create wholly new service types.  However, FinTech is harder than other start-up sectors, because financial services are heavily […]

By |August 4th, 2017|

FMA’s Roboadvice Exemption – Cygnus Law’s Submissions

Cygnus Law has made submissions on the FMA’s June 2017 proposal to use its exemption power to permit true “roboadvice” to be provided to consumers in New Zealand.  I’m highly supportive of an exemption and I commend the FMA for […]

By |July 24th, 2017|

FMA’s Roboadvice Proposal- NZ’s First Regulatory Sandbox?

New Zealand’s Financial Markets Authority (FMA) has proposed a change to law to allow full roboadvice to be provided on some investments and other financial products in NZ. FMA’s proposal, if implemented, appears to create a “regulatory sandbox”.  A regulatory […]

By |June 28th, 2017|

Proposed FMA restrictions on “investment companies”

Cygnus Law has made joint submissions on the FMA’s proposed restrictions on the use of “investment companies” in New Zealand.  The submissions address a number of matters, including restrictions on crowdfunded offers, the impact on non-regulated offers and the importance […]

By |February 22nd, 2017|

NZ FinTech in 2017- make or break?

2017 is likely to be a key year for FinTech development globally.  NZ has introduced initiatives to support FinTech but is falling behind other countries in the support it provides.  In my view the NZ government needs to take a […]

By |January 23rd, 2017|

Robo future for risk insurance advisers

Below is an article I wrote that was published on NZ’s Good Returns website.

Roboadvice for risk insurance advice is less developed than for wealth management, but it is already here in some guises e.g. automated assessment tools from Quotemonster and […]

By |November 9th, 2016|

Being a Crowdfunding Investor

Below is a blog post I wrote for PledgeMe on 25 August 2016 about what to expect as an investor in a crowdfunded NZ company.

Crowdfunding is an exciting development but what does it mean to be an investor? When it […]

By |August 26th, 2016|

Crowdfunding Regulation: How Much Can You Raise?

By Nathan Rose, Assemble Advisory and Simon Papa, Cygnus Law
Equity crowdfunding regulation was conceived as a way for early-stage ventures to raise capital in their home markets. Few early-stage companies can afford the time and cost involved in preparing a prospectus […]

By |June 9th, 2016|

Unsupervised NZ building societies- law reform proposal

In January 2016 Cygnus Law made submissions to MBIE proposing changes to law to address the problems presented by unsupervised NZ building societies.* The underlying issue is that loopholes in the Building Societies Act 1965 have been used to register […]

By |February 19th, 2016|

FMA’s restructure- back to the future

The FMA announced on 16 October 2015 its second internal restructure since it was established in 2011. In my view the most notable change is the creation of a greatly expanded general counsel (GC) role. The new GC role represents […]

By |October 21st, 2015|

Unfair contract terms banned – do your contracts comply?

Since March 2015 the Fair Trading Act (FTA) has prohibited the use of unfair contract terms (UCTs) in “standard form consumer contracts” (pro forma contracts that consumers have no real ability to negotiate).  UCTs apply to all new contracts entered […]

By |March 11th, 2015|

5 Tips for Getting an FMA Licence

I have 5 tips to help you to get a licence from the FMA.  There are 6 types of financial services businesses that need a “market services licence” to carry on business and there are a number of other licence […]

By |February 11th, 2015|

FMA warns on potentially misleading adverts- why “fair dealing” is important

On 18 December 2014 the FMA issued a warning about potentially misleading advertising by New Zealand businesses that help to transfer UK pensions to New Zealand. The warning highlights the importance for all businesses, including providers of financial services, of […]

By |December 21st, 2014|

Subscribe to the Cygnus Law Blog

Please enter your email address to subscribe to the Cygnus Law blog and receive notifications of new posts by email.