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

 

Plain Packs Plan: Gordon Campbell On Tobacco Politicking (And The TPP Death Watch)

Has Act leader David Seymour got the easiest job in the world, or what? Roll out of bed, turn on the radio and hmm…there do seem to be a lot of problems out there in the world. Must think of something. And so it came to pass that this morning, David Seymour took up his sword and shield to fight for a world that’s about to be denied the rich and vibrant beauty of tobacco advertising. More>>

ALSO:

.


RECENT TPP MEETING:

Professor Ian Shirley: The Budget That Failed Auckland

The 2016 budget offered Auckland nothing in the way of vision or hope and it continued the National Government’s threats against the Auckland Council. Threatening the Council with over-riding its democratic processes if it fails to release land for housing is a bullying tactic aimed at diverting attention away from the fundamental problems with housing in the region. More>>

ALSO:

PM's Post Cab Presser: Budgets, Trusts And Pacific Diplomacy

Today Prime Minister John Key summarised last week’s budget and provided further detail about his upcoming trip to Fiji. He said that there has been “plenty going on” in the last couple of weeks and emphasised the need for Auckland council to facilitate more housing supply. More>>

ALSO:

Max Rashbrooke: A Failure Of Measurement: Inside The Budget Lock-Up

Shortly after the embargo lifted at 2pm news organisations started filing reports claiming that health, and to a lesser extent housing and education, were the ‘big winners’ out of the Budget. It failed to take into account the fact that in most cases the apparent increases were in fact cuts. Because of the twin effects of inflation and population. More>>

ALSO:

DOCtored Figures: Minister Clarifies DOC Budget

“Commentators have overlooked the fact $20.7m of that perceived shortfall is new funding for Battle for our Birds 2016, provided for in last week’s Budget...” DOC also has approval in principle to carry over a further $20m to 16/17 due to unexpected delays in a number of projects. More>>

ALSO:

For The Birds: Gordon Campbell On The Budget

Budgies, so their Wikipedia page says, are popular pets around the world due to their small size, low cost, and ability to mimic human speech. Which is a reasonably good description of Finance Minister Bill English eighth Budget. . More>>

Max Rashbrooke On The 2016 Budget

The best label for this year’s announcement by Bill English might be the ‘Bare Minimum Budget’. It does the bare minimum to defuse potential political damage in a range of areas – homelessness and health are prime among them – but almost nothing to address the country’s most deep-rooted, systemic social problems. Indeed the Budget hints that these problems may get worse. More>>

ALSO:

Gordon Campbell: On Bank Scandals (And Air Crashes)

Last month, the Australian Securities and Investment Commission (ASIC) filed proceedings against Westpac over activities that have some distinct echoes of the Libor scandal. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news