When trans-[NiRf2L2] (Rf = 3,5-C6Cl2F3; L = group 15 soft monodentate weak ligand such as SbPh3 or AsPh3) is dissolved in wet (CD3)2CO, isomerization (to give cis-[NiRf2L2]) and subsequent substitutions of L by (CD3)2CO or by water occur, and several complexes containing acetone and aqua ligands are formed. The isomerization takes place in a few seconds at room temperature. The substitution reactions on the cis isomer formed are faster. The kinetics of the equilibria between all of the participating species have been studied by 19F exchange spectroscopy experiments at 217 K, and the exchange rates and rate constants have been calculated. These data reflect the weakness of acetone compared to water and AsPh3. The data obtained are the first available for square-planar nickel(II) aquacomplexes. The bulkier AsCyPh2 ligand slows down the exchange processes while the displacement of AsMePh2 is clearly disfavored. Activation entropy studies support an associative ligand substitution. All of these data fit well with the previously reported relative activity of these complexes as catalysts in norbornene polymerization.