1. CHRIS AUCHINVOLE (National—West Coast - Tasman) Link to this
to the Minister of Commerce
What legislative and regulatory steps has he taken to help restore investor confidence in the financial markets?
Hon SIMON POWER (Minister of Commerce) Link to this
I do not think it is going too far to say that there has been a substantial overhaul of the regulation of the financial sector in order to help to restore investor confidence. This includes establishing the Financial Markets Authority, implementing the last Government’s financial adviser regime, regulating auditors, ensuring trustees and statutory supervisors are licensed, introducing prudential regulation of non-bank deposit takers, introducing finance company moratorium requirements, and requiring financial service providers to be registered and to belong to a dispute resolution scheme.
Yes. Last week I released the exposure draft of the Financial Markets Conduct Bill, which is a long-overdue rewrite of our 33-year-old securities law. [ Interruption] I am sorry about that. Following consultation on the exposure draft, I intend to introduce a bill into the House before the election.