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

 


NZ financial markets enter new era

Craig Foss

1 APRIL, 2014

NZ financial markets enter new era

Commerce Minister Craig Foss is welcoming a new era for New Zealand’s financial markets as the Financial Markets Conduct Act comes into force today.

The once-in-a-generation reforms make up an integral part of the Government’s Business Growth Agenda to restore confidence in our financial markets.

“Over the past five years, the government has comprehensively reviewed and reformed our financial sector regulations. This has included establishing the Financial Markets Authority, bringing the Financial Advisers Act into force and licensing non-bank deposit takers, auditors and trustees. The Financial Markets Conduct Act is the last major step of this reform,” says Mr Foss.

“Today’s changes will support confident and informed participation by businesses, investors and consumers in New Zealand’s financial markets. It is important that we have clear rules for companies wishing to raise capital and the right information to support sound investment decisions,” says Mr Foss.

Changes coming into force today:

• Making equity crowd-funding possible, with no investor cap other than the previously announced $2million cap that a company can raise through crowd-funding in a 12-month period.

• A new licensing regime, bringing New Zealand in line with international standards for financial market regulation.

• Expanding the role of the Financial Markets Authority as the primary regulator of fair dealing conduct in financial markets.

• Changing to the Financial Advisers Act 2008 to strengthen protections and increase transparency for investor assets held by custodian.

• Creating a platform for peer-to-peer lending.

• Making employee share schemes possible.

“Robust capital markets and investor confidence are essential for driving business growth, exports and jobs. These regulations will contribute significantly to providing growth opportunities for New Zealand businesses,” says Mr Foss.

“The remainder of the Act will come into force on 1 December 2014, which is when new disclosure requirements and licensing obligations will begin to take effect. The new online register system will also be up and running, ensuring information on financial products and managed investment schemes are easily accessible and comparable. ” says Mr Foss.

“The Financial Reporting Act also comes into force today. Medium-sized companies will no longer be required to produce complex financial statements, which will mean a substantial reduction in compliance costs for most companies with annual revenue between $2 million and $30 million,” says Mr Foss.

For more information on the Financial Markets Conduct Act, visit www.fma.govt.nz/keep-updated/the-future-of-financial-markets/

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Syriza Winning Greek Election: The Rumblings Of The Left

Binoy Kampmark: The left – and by this, the genuine, progressive, unmanagerial left – is getting noisy. The Greek elections are upon us, with the similar challenges being played out from 2012. There are fears of Grexit – a heavy breathing departure from the eurozone that will do everything to rattle the central currency mechanism that has been taking a battering...

Much of this has been triggered by the moral outrage and political response of the left grouping centred on Syriza of Greece. The movement has been said to have similarities to a new constellation of power in Spain, led by Podemos. Syriza, led by Alexis Tsipras, has promised to renegotiate the terms of Greece’s 240 billion euro international bailout arrangements. Both parties point out to the distance between elector and the elected, a creeping death of democratic accountability in favour of market propriety. More>>

 

Transport: Auckland Looks To Light Rail

The Board of Auckland Transport has called for an investigation into a light rail network, which could relieve traffic congestion on some of the region’s busiest roads. This stems from work in 2012 (the City Centre Future Access study) which responded to a government request to develop a robust and achievable solution for access to the CBD. More>>

ALSO:

RMA: Smith's Claims Don't Match Evidence - Greens

The Motu group’s research into the impacts of planning rules looked at the costs related to housing development but not the benefits of environmental protections and does not recommend significant changes to the RMA to reduce the cost of new house builds. More>>

ALSO:

Gordon Campbell: On The Similarities Between John Key And David Cameron

For years now, David Cameron has been the closest available thing to a mentor/analogue to our Prime Minister, such that Key watchers could be interested in an analysis of Cameron that appeared in the British press over the Christmas break. More>>

Gordon Campbell: On Ian Fletcher Resignation & GCSB’s New Role

It may well be that after being shoulder-tapped in Queensland for the GCSB job, three years of living in Wellington has been enough for Fletcher and his family, given that the pending review of the GCSB would have required an even longer commitment from him. Three years of Wellington’s weather is enough for anyone... More>>

ALSO:

Ian Apperley: $10m Or $100m For New Wellington Council IT System?

I feel a Tui Billboard coming on. I commented the other day that it looked like the Council’s Ninth big project was a potential $100 million plus... The Mayor has responded: “I am reassured by the Chief Executive and by Anthony Wilson that the proposed budget is in the region of $10 million.” More>>

ALSO:

Southern Ocean:
Navy Intercepts Illegal Fishing Vessels

Foreign Minister Murray McCully today put illegal fishing vessels operating in the Southern Ocean on notice and vowed to take action against their owners. “As part of a multi-agency operation, the HMNZS WELLINGTON has intercepted two vessels claiming to be flagged to Equatorial Guinea, fishing illegally in the Southern Ocean.” Mr McCully says. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news