Minister visits financial market players in Hong Kong, Singapore

Commerce Minister Simon Power leaves tonight on a four-day trip to Hong Kong and Singapore which is primarily focused on the financial sector.

In Hong Kong, the Minister will hold talks with the Acting Secretary for Financial Services and the Treasury, and officials at the Securities and Futures Commission, the Monetary Authority, the Stock Exchange, and the Futures Exchange.

In Singapore, he will meet the Monetary Authority, the Singapore Business Federation, and the Competition Commission.

“I’m looking forward to discussing how these major financial centres fared through the global economic crisis.

“I’m particularly interested in gaining an insight into how Hong Kong and Singapore regulate their financial markets, in order to prepare the path as part of major reform aimed at restoring investor confidence in our capital markets.”

New Zealand’s reforms include recent changes to the Financial Advisers Act, Financial Services Providers Act, Securities Trustees and Statutory Supervisors Bill, and the establishment of the Financial Markets Authority.

“The Asian region is critical to New Zealand’s economic future and it’s important our financial markets are attractive to investors from this region, especially as we approach decisions on the review of securities law”

While in Hong Kong, Mr Power, in his capacity as Minister of Justice, will also have talks with the Secretary of Justice.

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