This Government bill amends the Financial Markets Conduct regime so that market participants find it easier to comply and the Financial Markets Authority finds it easier to administer the rules. It is before Parliament.
A government bill that streamlines the Financial Markets Conduct regime — the rules governing how financial products and services (like investments, insurance and banking) are offered and sold. Its main change is a single 'market services' licence covering firms that provide several regulated services, replacing the current need for a separate licence for each one. The aim is to make compliance simpler for businesses and the rules easier for the Financial Markets Authority to administer.
It is part of a wider phase of financial-services reform aimed at cutting duplication. Alongside the single licence, firms would file one annual regulatory return instead of several and face standardised conditions. The bill is largely technical. The Financial Markets Authority is the government agency that licenses and monitors financial firms; industry commentators say consolidation should lower costs, though much depends on the detail of the new licence conditions.
See the Parliament.nz ↗ site for the full bill.