Bankers’ Association welcomes positive moves on business regulation

The New Zealand Bankers’ Association has congratulated the government on two positive moves in the area of business regulation. Today a unique New Zealand Business Number is being rolled out, and earlier this week the Financial Markets Conduct Act passed.

“A single reference number for all New Zealand companies will help businesses easily identify themselves to government agencies and other businesses. This is particularly useful for electronic transactions. It will also reduce business costs and provide certainty to those dealing with businesses,” said New Zealand Bankers’ Association regulatory director Karen Scott-Howman.

“The passage of the Financial Markets Conduct Act is an historic moment and represents a significant milestone. The new law brings our securities regulation up to date and will do much to strengthen our capital markets.

“It will give investors increased confidence in their ability to participate in the financial sector.

“These two milestones show the government’s commitment to its Business Growth Agenda, which aims to drive business growth and create a more productive and competitive economy,” Scott-Howman said.