Financial services regulation

Overview

Buddle Findlay has one of New Zealand’s leading financial services teams. We act for all major New Zealand banks, as well as offshore banks, other international and domestic financial service providers, regulators, FinTech enterprises, and for large New Zealand corporates on financing matters. Our team is highly experienced, with some of the partners having worked together for over 20 years. Most of our senior lawyers have worked in global firms, covering all the major financial centres around the world, including London, New York, Sydney and Hong Kong.

Our financial services regulation team is at the forefront of the newest legislative changes relating to the provision of financial services and products in New Zealand, and has worked on a wide range of matters in relation to the provision of financial services and the establishment, governance and disclosure of offers of financial products.

Our team has particular expertise in payment systems, regularly advising on mobile payments, domestic debit, credit card interchange, payment gateways, merchant acquiring arrangements (global and domestic) and prudential regulation.

Experience

Sector/Expertise

Work highlights

Advising SBS Bank on all aspects of the issuance of its first debt instrument to be listed on the New Zealand stock exchange

on all aspects of the issuance of its first debt instrument to be listed on the New Zealand stock exchange (NZX Debt Market)

Advising Bank of India and Industrial and Commercial Bank of China

in relation to application for registered bank status in New Zealand and all aspects of establishment of business in New Zealand

Advising ANZ and NZFMA

in relation to issues of close-out netting under ISDA Master Agreements

Advising various banks and financial institutions

on compliance requirements under a range of financial markets regulation including the Financial Markets Conduct Act, Financial Advisers Act, Financial Service Providers (Registration and Dispute Resolution) Act, the Credit Contracts and Consumer Finance Act and Responsible Lending Code, and the Anti Money Laundering and Countering Financing of Terrorism Act

Assisting a group of credit unions, building societies and finance companies to engage with the Reserve Bank of New Zealand

Assisting a group of credit unions, building societies and finance companies to engage with the Reserve Bank of New Zealand and the Finance and Expenditure Committee on the proposed Deposit Takers Bill

Advising Airwallex on establishing its business in New Zealand and advising on New Zealand regulatory requirements

on establishing its business in New Zealand and advising on New Zealand regulatory requirements, including obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act), analysis of products under New Zealand law and review of commercial contracts

Acting for SBS Bank

in relation to the issue of its Tier 2 capital bond

Advising a range of international banks and financial institutions

on operating in New Zealand

Advising various banks, financial institutions, card schemes and global switching and acquiring companies

on matters relating to conduct and governance

Advising the Ministry of Business, Innovation and Employment (MBIE)

on its transactional banking, foreign exchange, payment and card services procurement programme. This was the first time in over 25 years that the government banking services had been put to tender. This project involved working closely with MBIE's Financial Centre of expertise over a three year period from the very early stages of procurement through to execution of 15 contracts with six counterparties

Advising one of Australia's largest banks

on all aspects of superannuation products; platform products; and wholesale and retail funds offered in Australia and New Zealand, including advising on legislative changes, claims and complaints, registering offers in New Zealand, and reviewing and amending establishment and disclosure documentation, arrangements with the platform products, and related documentation

Preparing and reviewing board/management papers and policy and procedure documents

for a wide range of banking and wealth obligations including privacy, AML/CFT, Banking Code of Practice, trustee obligations, cash account requirements, and investment fund choice for one of Australia's largest banks

Preparing documentation for, and advising on

registering as a New Zealand Financial Service Provider and obtaining a New Zealand market service licence or an Australian Financial Services Licence (including reviewing and advising on exemptions, where relevant)

Preparing and reviewing establishment and offering documentation

for wholesale funds in a range of jurisdictions including Cayman, Jersey, Delaware, Singapore, Russia, Israel, New Zealand and Australia

Preparing and reviewing offering documentation

for Australia and New Zealand retail fund offerings, as well as advising on offering under the New Zealand recognition regime

Analysing and discussing legal issues with the Financial Markets Authority

and other relevant New Zealand regulators in relation to the Financial Markets Conduct Act, Financial Advisers Act, Financial Service Providers (Registration and Dispute Resolution) Act and other related legislation

Advising Infratil and New Zealand Superannuation Fund

on the $700m purchase of Shell's downstream business in New Zealand, in particular in relation to the establishment of a new pension plan and the transfer of assets and members to that plan

Advising on the Gareth Morgan KiwiSaver Scheme and other funds

in relation to the purchase of Garth Morgan by Kiwibank

Advising Kiwibank on all aspects of its funds management business

including the establishment of its PIE unit trust and Kiwisaver Scheme, and its arrangements to sell managed funds provided by AMP

Advising Capricorn Society on regulated equity offers in New Zealand under the Australian mutual recognition regime

on regulated equity offers in New Zealand under the Australian mutual recognition regime

Our team