Regulatory Alerts2022-05-17
Council of Financial Regulators Deferral of Regulatory Initiatives Affecting the Financial Sector
The Council of Financial Regulators has deferred numerous regulatory initiatives and extended compliance deadlines to enable financial firms to focus on operations and credit provision during the Covid-19 crisis. Key deferrals include delaying the commencement of the Credit Contracts regime and financial advice regulations until 2021, postponing bank capital requirements by 12 months, and extending financial reporting deadlines for listed issuers and auditors. The document also outlines specific guidance for consumer credit, KiwiSaver hardship applications, and AML/CFT verification requirements to assist regulated entities in navigating the pandemic.
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