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ARTICLE · 30 AUGUST 2011

Consultation Draft Financial Markets Conduct Bill

DLA Piper Australia
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In this update, we focus on the key aspects of the Financial Markets Conduct Bill.

AustraliaFinance and Banking
Alasdair McBeth
Alasdair McBeth
Tracey Cross
Tracey Cross
Matt Kelleher
Matt Kelleher
Rebecca Sellers
Rebecca Sellers
Rachel Taylor
Rachel Taylor

The recent release of the exposure draft of The Financial Markets Conduct Bill (Bill) provides more detail on this key part of the Ministry of Economic Development's Securities Law review. The Bill represents a major re-write of New Zealand's securities law. It will replace, consolidate and update the current primary and secondary securities markets regulation contained in the Securities Act 1978 and the Securities Markets Act 1988. It will introduce a unified regime of governance and reporting for managed investment schemes, replacing the existing rules in the Unit Trusts Act 1960, the Superannuation Schemes Act 1989 and parts of the KiwiSaver Act 2006. It will also augment the existing regulation of market services in the Financial Advisers Act 2008 by providing a parallel licensing regime for 'discretionary investment management services' and introducing a voluntary licensing regime for 'prescribed intermediary services' (initially limited to peer-to-peer lending

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