Legislation/In Parliament

Cabinet approves Consumer Law Reform Bill
Minister of Consumer Affairs Hon John Boscawen has announced that a Consumer Law Reform Bill has been approved by Cabinet.

FMA up and running on 1 May
The legislation establishing the Financial Markets Authority (FMA) as the new single conduct regulator for New Zealand's financial markets was passed by a unanimous vote in Parliament on 7 April 2011.

Changes to the Securities Act effective 1 May
The Securities Amendment Act 2011 was passed on 7 April, with most of its provisions coming into effect on 1 May.

Financial Advisers Act regulations
New regulations made under the Financial Advisers Act came into force on 1 April.

Changes to the Securities Markets Act scaled back
The scope of amendments proposed by the Securities Markets Amendment Act 2011, which came into force on 1 May, has been narrowed from the original proposals in the Financial Markets (Regulators and KiwiSaver) Bill.

New licensing regime for trustees and statutory supervisors
Another part of the Government's comprehensive reform agenda in the financial arena has been completed with the passing of the Securities Trustees and Statutory Supervisors Bill.

Cabinet approval given for new securities law policies
Further details on the shape of the Government's proposed overhaul of New Zealand's securities laws have been revealed with the release of a Cabinet paper last month containing high-level policy recommendations on some key areas.

Maintaining confidence in the financial system
Finance Minister Bill English has announced that the Government is considering options for maintaining confidence in the financial system when the Retail Deposit Guarantee Scheme expires at the end of the year.

Enquiries and information

For more information on any of the cases, articles and features in Financial Services Quarterly, please email Rachel Gowing or call on 64 9 916 8825.