Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Drive to complete capital markets overhaul


27 February 2013

Media Statement

Drive to complete capital markets overhaul

Commerce Minister Craig Foss says the Government is progressing a comprehensive set of reforms this year to restore investor confidence and encourage investment.

“From street corner loan sharks to large investment funds, the Government is rewriting the rules for the full spectrum of credit and investment law. This regulatory overhaul will help restore investor and consumer confidence.

“The Business Growth Agenda Building Capital Markets report released today outlines the Government’s plan to ensure investors are better informed and offered better protections. The rules are being made clearer and those who break the rules will be held to account.

“In the coming months we intend to pass the Financial Markets Conduct Bill which will result in a total rewrite of securities law. Consumer credit reforms will be introduced and simplified disclosure requirements for KiwiSaver providers will be released.

“The Government has established the Financial Markets Authority, regulated financial service providers and introduced licensing and monitoring of trustees,” says Mr Foss.

Mr Foss says improved financial literacy is an important step in building confidence in capital markets.

“Regulations are just one part of the equation. Along with better rules and protections, we need to improve financial literacy so consumers and investors can make informed judgements and decisions on the use and management of their money,” says Mr Foss.

The report is available at www.mbie.govt.nz/bga

ends


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

AMA: Scoop's 'Invisible Paywall'

Operation Chrysalis: The Final Countdown - Thanks & There's Still Time To Pledge

Phew! We are now counting down the hours to the end of this crowd-funding campaign at 11pm on Sunday. Thankyou to all those Scoop readers and supporters who have pledged already. You have been awesome. But this is not over yet. More>>

 
 

PARLIAMENT TODAY:

IPCA Reports: Significant Problems In Police Custody

In releasing two reports today, the Independent Police Conduct Authority has highlighted a number of significant problems with the way in which Police deal with people who are detained in Police cells. More>>

ALSO:

Inspector-General of Intelligence and Security: Inquiry Into GCSB Pacific Allegations

The complaints follow recent public allegations about GCSB activities. The complaints, and these public allegations, raise wider questions regarding the collection, retention and sharing of communications data. More>>

ALSO:

TPPA Investment Leak: "NZ Surrender To US" On Corporates Suing Governments

Professor Jane Kelsey: ‘As anticipated, the deal gives foreign investors from the TPPA countries special rights, and the power to sue the government in private offshore tribunals for massive damages if new laws, or even court decisions, significantly affected their bottom line’. More>>

ALSO:

Werewolf: The Myth Of Steven Joyce

Gordon Campbell: The myth of competence that’s been woven around Steven Joyce – the Key government’s “Minister of Everything” and “Mr Fixit” – has been disseminated from high-rises to hamlets, across the country... More>>

ALSO:

RMTU: No Public Submissions On International Government Procurement Deal

“The government is preparing to assent to the Government Procurement Agreement, a World Trade Organisation Treaty which opens up New Zealand Government contracts to foreign companies and closes the door on local businesses and their workers. However the Foreign Affairs, Defence and Trade Select Committee is refusing to take public submissions on the decision.” More>>

ALSO:

Gordon Campbell:
On Pacific Spying

So New Zealand spied on its friends and allies in the Pacific – and has not only been passing on the results to the NSA, but has apparently passed on the details of the Pacific’s relations with Taiwan to our other best friends, the Chinese. On the side, the Key government has also been using the security services to gauge the chances of Trade Minister Tim Groser landing the top job at the WTO... More>>

ALSO:

State Housing Transfer: Salvation Army Opts Out

The Salvation Army has decided against negotiating with Government for the transfer of Housing New Zealand stock.
More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news