In a recent blog post, Mark Jephson, a Partner at Mosaic, discusses the consequences of a potential repeal of New Zealand's Conduct of Financial Institutions (CoFI) bill pending the results of a general election this fall. "[T]his begs the question, do principles ever really die even after repealing principle-based regulatory constructs such as CoFI?" he asks.
In June 2022, New Zealand's Parliament passed the Financial Markets (Conduct of Institutions) Amendment Bill. The legislation, also called the "CoFI" bill, introduced a new regime requiring financial institutions to comply with a "fair conduct principle." A firm's license to do business will depend on how New Zealand's Financial Markets Authority (FMA) assesses its conduct toward consumers. As it stands, the regime will come into full effect in March 2025.
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