We develop policy relating to the regulation of New Zealand's capital and financial markets and market intermediaries, the conduct of its participants and their responsibilities to provide information to the public, corporate governance, financial reporting and the business law enforcement bodies.
An effective and consistent framework for regulation promotes confidence and participation in financial markets.
Effective corporate governance systems foster transparency and accountability by ensuring shareholders receive quality information about the company's performance and the directors' stewardship of their assets. This ensures that shareholders are able to exercise their powers to hold directors to account.
We aim to support economic growth and access to information, while managing risk and encouraging innovation in the financial sector.
The Ministry of Business, Innovation and Employment monitors several agencies involved in financial issues in New Zealand, on behalf of the Minister of Commerce.
In April this year, New Zealand, Australia, Japan, and Korea signed a Memorandum of Cooperation for establishing and implementing the Asia Region Funds Passport, with Thailand signing in June.
In March 2015, the Ministry invited submissions on a discussion document that proposed to increase the compensation that dispute resolution schemes can award in relation to disputes about real property insurance claims from $200,000 to $350,000. Consultation closed on 9 April 2015.
Cabinet has agreed that MBIE will carry out work in 2015 on whether to introduce liability caps for large or complex audits.
The Parliamentary Counsel Office and the Ministry of Business, Innovation and Employment are seeking feedback on the Contract and Commercial Law Bill before it is introduced to Parliament.
Financial advisers must meet minimum standards of disclosure, competency and accountability.
The Financial Markets Conduct Act 2013 governs how financial products are created, promoted and sold, and the ongoing responsibilities of those who offer, deal and trade them.
New levies for the Financial Markets Authority (FMA), External Reporting Board (XRB), and a new fee structure for the Companies Office have been finalised following a thorough consultation period with stakeholders.
In 2013, the Law Commission published a report A New Act for Incorporated Societies.
The Insolvency Review Working Group (Working Group) is a panel of experts set up in November 2015 to examine aspects of corporate insolvency law.
The Minister of Commerce and Consumer Affairs has announced a review of New Zealand’s insurance contract law, and has released a terms of reference for the review.
The Government has undertaken a number of reforms in relation to KiwiSaver. These include improving governance and disclosure, and a review of default providers.
The Ministry of Business, Innovation and Employment administers various legislation relating to the operation of companies and financial services in New Zealand.
The Reserve Bank of New Zealand and the Ministry of Business, Innovation and Employment have started a public consultation on the implications for New Zealand of foreign margin requirements for over-the-counter derivatives.
Creating a Single Economic Market (SEM) with Australia will enable businesses, consumers, and investors to conduct operations across the Tasman in a seamless regulatory environment.