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

Gordon Campbell:
On Anne Tolley’s
Callous Folly

Years ago, I remember someone in the Heath Ministry telling me off the record that regulatory oversight in this country largely consisted in ‘waiting for something to turn green or fall off somebody’ before the authorities would swing into action...

Last week’s conflict between Social Development Minister Anne Tolley and District Court judge Carolyn Henwood illustrated quite a few of the flaws in the system. More>>

 

Members’ Bills: Greens' Domestic Violence And Loans Bills Pulled From Ballot

Jan Logie’s Domestic Violence-Victims' Protection Bill introduces workplace protections for victims of domestic violence, including allowing victims to request paid domestic violence leave for up to 10 days... Gareth Hughes’ Bill allows Kiwis with student loans to defer their student loan repayments into a first home savings scheme. More>>

ALSO:

IPCA: Police Did Not 'Deliberately' Use Pepper Spray On 10-Year-Old

"When spraying the man, the officer did not properly consider the necessity of using pepper spray in a confined space, the likelihood that it would affect the other innocent passengers or the fact that he was using a more powerful spray." More>>

ALSO:

Donor Bill Passes: Full Income Compensation For Live Organ Donors

Unanimous cross-party support for the Compensation for Live Organ Donors Bill represents a critical step in reducing the burgeoning waiting list for kidney donations, according to Kidney Health New Zealand chief executive Max Reid. More>>

ALSO:

Earthquake Response: Emergency Legislation Prepared

Three new Bills have been drafted in the wake of the magnitude 7.8 earthquake on November 14 to ensure the government can enable affected communities to respond quickly and efficiently. More>>

ALSO:

Housing MPs: New Building(s) For Parliament

A new building will be erected on Parliament grounds to house Members of Parliament and their staff who currently work in leased accommodation in Bowen House. The plan has cross-Party support, apart from NZ First, said Parliament’s Speaker, Rt Hon David Carter. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news