Hon Craig Foss
Minister of Commerce


14 February 2013 Media Statement

Continuing Drive To Restore Investor Confidence

The Financial Markets Conduct Bill passed its second reading in parliament today.

Commerce Minister Craig Foss says the FMC Bill provides a once-in-a-generation opportunity to make New Zealand’s financial markets more efficient.

“Vibrant financial markets that work for all market participants are crucial to New Zealand’s future prosperity,” says Mr Foss.

The Bill is the result of a comprehensive review of securities law and builds on recommendations from Capital Market Taskforce, the effects of the global financial crisis, and the failure of finance companies.

“It’s crucial that the Bill strikes the right balance between holding people to account, while encouraging businesses to come to market.

“This Bill will play a key role in restoring investor confidence by providing better information and protections for investors, as well as setting clearer rules for companies wishing to raise capital.”

Improving confidence in New Zealand’s capital markets is a key aspect of the government’s Business Growth Agenda.

For further information:
http://www.parliament.nz/enNZ/PB/Legislation/Bills/4/a/8/00DBHOH_BILL11150_1-Financial-Markets-Conduct-Bill.htm

ENDS

© Scoop Media

Arguably Reassuring: Inspector-General Finds GCSB "Arguably" Legal

Of the 88 individuals:

• 15 cases involving 22 individuals did not have any information intercepted by GCSB.

• another four cases involving five individuals were the subjects of a New Zealand Security Intelligence Service warrant and the GCSB assisted in the execution of the warrants. The Inspector-General is of the view that there were arguably no breaches and the law is unclear.

• the Bureau only provided technical assistance which did not involve interception of communications, involving three of the individuals, so no breach occurred.

• the remaining cases involved the collection of metadata, and the Inspector-General formed the view that there had arguably been no breach, noting once again that the law is unclear.
More>>