NZBA supports the Financial Markets Conduct Bill (the Bill), which represents a significant modernisation of New Zealand’s financial markets regulation, and appreciates this opportunity to provide input into its design.
NZBA would welcome the opportunity to make an oral submission to the Commerce Committee (the Committee).
NZBA makes submissions relating to the following areas, being of particular interest to member banks:
- The wholesale thresholds;
- The derivatives regime;
- The liability regime;
- The use of the terms ‘send’ and ‘give’;
- Streamlining the licensing provisions;
- Transitional arrangements; and
- Key managed investment scheme (MIS) provisions.
A range of technical amendments will improve the Bill and enable it to operate as efficiently as possible. Some member banks have made their own submissions, covering many of these technical issues. NZBA has chosen to focus its submission on a smaller number of policy issues that are of greatest significance to member banks as a whole.