The Financial Markets (Regulators and KiwiSaver) Bill was introduced in Parliament earlier this week and provides for the creation of the new financial regulator, the Financial Markets Authority (FMA), and sets out its objective, functions and powers. A copy of the Bill is available here (html) and here (pdf, 4.2 MB).Interestingly, the Bill contains provisions (in sections 34 to 41) which will given the FMA the power to exercise a person's civil right of action against, amongst others, financial market participants (defined in section 4) where, as a result of an investigation or inquiry carried out by the FMA, this is considered to be in the public interest. In other words, it will provide for the public enforcement of certain duties owed by financial market participants.
Note: it is intended that the Bill will be divided at the Committee of the whole House stage into the following separate Bills:
- Parts 1 to 4 and Schedules 1 to 4 will become the Financial Markets Authority Bill.
- Part 5 will become a Securities Amendment Bill.
- Part 6 and Schedule 5 will become a Securities Markets Amendment Bill.
- Part 7 and Schedule 6 will become a KiwiSaver Amendment Bill.
- Part 8 and Schedule 7 will become a Financial Advisers Amendment Bill.
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