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

 


FMC Bill Strengthened


Hon Craig Foss

Minister of Commerce
22 April 2013 Media Statement

FMC Bill Strengthened

Commerce Minister Craig Foss today announced further changes to strengthen the Financial Markets Conduct (FMC) Bill.

“The FMC Bill is a key pillar in the Government’s Business Growth Agenda. It will introduce a new era of financial market regulation that ensures investors are better informed and offered better protections,” says Mr Foss.

A Supplementary Order Paper (SOP) introduced today enhances the once-in-a-generation rewrite of securities law.

“These improvements will further bolster this Bill. It will make sure the rules are clear and cover all forms of financial markets services,” says Mr Foss.

The changes will:

• Raise the threshold for the disclosure exclusion for investors making a minimum investment from $500,000 to $750,000. Significant time has passed since the $500,000 amount was first set and this change reduces the risk that retail investors are inappropriately denied regulatory protections.
• Expand, for where offers are excluded from disclosure, regulation-making powers that provide for limited disclosure and other safeguards, such as investor certificates, to be required.

• Enable more effective regulation of discretionary investment management, custody and broking services. This may include mandatory audit and assurance and client reporting, to ensure that investor assets are being adequately safeguarded.

• Align the purpose statements of financial markets legislation, including the Financial Advisers Act and Financial Markets Supervisors Act, with the overarching purposes of the FMC Bill.

“The FMC Bill, and the changes I have announced today, will promote confident and informed participation of businesses, investors, and consumers in our financial markets. They will foster fair, efficient and transparent financial systems that are crucial to New Zealand’s future prosperity.

To view the SOP visit; http://www.legislation.govt.nz/sop/government/2013/0220/latest/DLM4734701.html


ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>

ALSO:

Corrections Corrected: Supreme Court Rules On Release Dates

Corrections has always followed the lawful rulings of the Court in its calculation of sentence release dates. On four previous occasions, the Court of Appeal had upheld Corrections’ practices in calculating pre-sentence detention. More>>

ALSO:

Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>

ALSO:

General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>

ALSO:

Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>

ALSO:

Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news