Financial intermediaries update - cabinet agreement

Ministry of Economic Development, 21 December 2005

In August last year, the Financial Intermediaries Task Force released its final report to the Government with recommendations for reform. According to an update from the Ministry of Economic Development (MED) issued at the end of the year, Cabinet has agreed to the proposed co-regulatory framework under which industry-led approved professional bodies and the Securities Commission (as the government regulator) will work together to regulate financial intermediaries.

A discussion paper seeking public comment in conjunction with the MED consultation process, with potential approval from professional bodies, the Securities Commission and other stakeholders, is expected to be released in the first half of this year.

The MED proposes to seek Cabinet approval in mid to late 2006 to start implementing the detailed policy proposals into a draft Bill with the aim to having legislation passed in 2007 or 2008.

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