Conduct of financial institutions regulations

Submissions closed: 18 June 2021, 5pm

The Ministry of Business, Innovation and Employment is seeking submissions on possible regulations to support the operation of the Financial Markets (Conduct of Institutions) Amendment Bill. The feedback from this consultation will be used to advise the Government on options for regulations.

About the consultation

The Financial Markets (Conduct of Institutions) Amendment Bill(external link) (the Bill) amends the Financial Markets Conduct Act 2013 and contains a number of regulation-making powers to support its operation. These include powers to make regulations around the content and publication of fair conduct programmes, sales incentives and other discrete issues.

What we are seeking feedback on

This discussion document seeks feedback on a number of proposed areas of regulations, particularly relating to:

  • Additional or more detailed requirements for fair conduct programmes
  • The regulation of sales incentives offered or provided by financial institutions and intermediaries
  • The requirement to publish information about fair conduct programmes
  • Exclusions of certain occupations from the definition of “intermediary”
  • Calling in contracts of insurance as financial products under the ‘fair dealing’ provisions of the Financial Markets Conduct Act.

Feedback on these proposals will inform officials’ advice to the Minister of Commerce and Consumer Affairs to enable policy decisions on regulations.

Below are the documents to read and the template for you to complete if you would like to share your views with us:

Alongside this discussion document on regulations, we are also consulting on the treatment of intermediaries in the Bill.

Conduct of financial institutions treatment of intermediaries consultation

Release of information

MBIE intends to upload copies of submissions received to MBIE’s website at MBIE will consider you to have consented to uploading by making a submission, unless you clearly specify otherwise in your submission.

If your submission contains any information that is confidential or you otherwise wish us not to publish, please indicate this on the front of the submission, with any confidential information clearly marked within the text.

Submissions remain subject to request under the Official Information Act 1982. Please set out clearly in the cover letter or e-mail accompanying your submission if you have any objection to the release of any information in the submission, and in particular, which parts you consider should be withheld, together with the reasons for withholding the information. MBIE will take such objections into account and will consult with submitters when responding to requests under the Official Information Act 1982.

Private information

The Privacy Act 2020 establishes certain principles with respect to the collection, use and disclosure of information about individuals by various agencies, including MBIE. Any personal information you supply to MBIE in the course of making a submission will only be used for the purpose of assisting in the development of policy advice in relation to this review. Please clearly indicate in the cover letter or e-mail accompanying your submission if you do not wish your name, or any other personal information, to be included in any summary of submissions that MBIE may publish.

Last updated: 21 April 2021