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

Gordon Campbell:
On Pharmac, Gough Whitlam And Sleater-Kinney

Ridiculous reported comments on RNZ this morning by Trade Minister Tim Groser, as he sought to dampen down concerns about the leaked draft of the IP chapter of ther Trans Pacific Partnership negotiations. According to Groser, ‘extreme’ positions are common at the outset of negotiations, and these get whittled down over the course of negotiations. Fine.

Except that we’re not at the outset of these negotiations. The outset was six years ago, and negotiators were hoping to have some sort of ‘framework’ deal finished in time for the APEC meeting in a few weeks’ time. These ‘extreme’ positions are what we’ve reached near the intended end of the negotiations.

Still, Groser did promise that the cost of medicines would not rise as a result of the TPP trade deal. Great. But this is not what politicians in other countries are saying. More>>

.

 
 

Parliament Today:

PM Of Many Hats: October 22 — Parliament Today

Dr RUSSEL NORMAN (Co-Leader – Green) to the Prime Minister: How many times since November 2008 has he spoken with blogger Cameron Slater on the phone and how many times, if any, has he texted him?
Rt Hon JOHN KEY (Prime Minister): None in my capacity as Prime Minister. More>>

ALSO:

Aussie Investigation Dropped: Call On Minister McCully To Pursue The Case Of Balibo Five

West Papua Action is deeply concerned at the lack of any clear outcome from the Australian Federal Police inquiry into the 1975 deaths of the ‘Balibo Five’ including NZ journalist Gary Cunningham. More>>

ALSO:

'Feed The Kids' Bill: Metiria Turei To Lead Fight On Feeding Hungry Children

Green Party Co-leader Metiria Turei is urging all political parties to support the Feed the Kids Bill which she inherited today from Mana leader Hone Harawira. More>>

Parliament Today: State Opening Of Parliament

The House sat at 10.30am on Tuesday before MPs were summoned to hear the Speech from the Throne in the Legislative Council Chamber. More>>

ALSO:

Tertiary Education: Students Doing It Tough As Fees Rise Again

The Government is making it increasingly difficult for Kiwis to gain tertiary education as fees continue to rise and access to student support becomes even more restricted, Labour’s Tertiary Education spokesperson Chris Hipkins says. More>>

ALSO:

Housing, Iraq: PM Press Conference – 20 October 2014

Prime Minister John Key met with press today to discuss:
• Housing prices and redevelopment in Auckland
• Discussions with Tony Abbott on the governmental response to ISIS, and New Zealand’s election to the UN Security Council More>>

ALSO:

Labour: Review Team Named, Leadership Campaign Starts

Labour’s New Zealand Council has appointed Bryan Gould as Convenor of its post-General Election Review. He will be joined on the Review Team by Hon Margaret Wilson, Stacey Morrison and Brian Corban.

ALSO:

Roy Morgan Poll: National Slips, Labour Hits Lows

The first New Zealand Roy Morgan Poll since the NZ Election shows National 43.5% (down 3.54% since the September 20 Election). This isn’t unusual, National support has dropped after each of John Key’s Election victories... However, support for the main opposition Labour Party has crashed to 22.5% (down 2.63% and the lowest support for Labour since the 1914 NZ Election as United Labour). More>>

ALSO:

In On First Round: New Zealand Wins Security Council Seat

Prime Minister John Key has welcomed New Zealand securing a place on the United Nations Security Council for the 2015-16 term. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news