14 February, 2013
The Financial Markets Conduct Bill passed its second reading in parliament today.
Commerce Minister Craig Foss says the FMC Bill provides a once-in-a-generation opportunity to make New Zealand's financial markets more efficient.
"Vibrant financial markets that work for all market participants are crucial to New Zealand's future prosperity," says Mr Foss.
The Bill is the result of a comprehensive review of securities law and builds on recommendations from Capital Market Taskforce, the effects of the global financial crisis, and the failure of finance companies.
"It's crucial that the Bill strikes the right balance between holding people to account, while encouraging businesses to come to market.
"This Bill will play a key role in restoring investor confidence by providing better information and protections for investors, as well as setting clearer rules for companies wishing to raise capital."
Improving confidence in New Zealand's capital markets is a key aspect of the government's Business Growth Agenda.
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