In Sportzone Motorcycles Limited (in liquidation) and Motor Trade Finances Ltd v Commerce Commission [2016] NZSC 53, the New Zealand Supreme Court (SC) considered the “reasonableness” of credit fees and default fees charged under credit contracts, in relation to the Credit Contracts and Consumer Finance Act 2003 (CCCFA). The case is the last chapter in [...]

Amendments to the Financial Markets Conduct Regulations 2014 (regulations) will soon be in place. The regulations affect the application of the Financial Markets Conduct Act 2013 (Act). The majority of the regulations come into force on 30 June 2016. However, regulation 9(1), (5), and (6) come into force on 1 December 2016. Regulations 6 and [...]

The Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 (Act) was passed in November 2015 as part of the Organised Crime and Anti-corruption Legislation Bill. Notable amendments include a new subpart 2A, which will require reporting entities to report “prescribed transactions” to the Police Financial Intelligence Unit under the new sections 48A and [...]