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• Securities & Financial Markets

• Financial Products & Providers

• RFPP

• Stage Three

Background

Stage Three of the Review consists of the release of nine discussion documents for public consultation. The options for reform contained in the discussion documents have been developed in conjunction with advisory groups and a series of one-on-one meetings with people from key industry and consumer organisations, industry participants, professional organisations and government bodies, based in Auckland and Wellington. The advisory group process provided us with valuable business insights and options for addressing issues. We would now like to test these ideas with a wider audience, and allow everyone in the market to contribute to the Review. We welcome any contribution that you would like to make.

The Documents

The nine discussion documents are as follows:

1. Overview of the Review & Registration of Financial Institutions
2. Insurance
3. Supervision of Issuers
4. Consumer Dispute Resolution and Redress
5. Non-Bank Deposit Takers
6. Collective Investment Schemes
7. Mutuals' Governance
8. Securities Offerings
9. Platforms and Portfolio Management Services

Who Will be Interested in Which Documents

We recommend that you first read the "Overview of the Review & Registration of Financial Institutions" discussion document to obtain an understanding of the framework within which the nine discussion documents sit, and how the documents relate to each other.

Additionally, the part of that discussion document addressing registration of financial institutions is relevant to all financial institutions.

The following table provides some guidance as to which documents will be of most interest to specific entities.

How to Make a Submission

Please send your submissions to Review of Financial Products and Providers at the contact details provided below. The Ministry asks that submissions sent in hard copy also be provided in electronic form.

Please note that the questions in the discussion documents are only intended to provide a suggested focus of the issues. Some of the questions have elements that overlap with other questions and other documents. Submitters should also feel free to provide broader comments where desired if issues are not subject to specific questions. However, submitters should provide reasons for their answers or in support of their position. There is no need to address all the issues or questions, and submitters should feel free to provide submissions only on the issues of direct concern.

The closing date for submissions is: 1 December 2006.

If you would prefer not to make a written submission, officials are happy to arrange a meeting with you to hear your views.

After receiving submissions, the Ministry will evaluate them and seek further comments where necessary before developing recommendations for Ministers and then Cabinet to consider.

Copies of the Discussion Documents

The documents are available for download by clicking on the links above. Hard copies of the discussion documents are available on request from the contact details provided below.

A summary is available of all questions asked in the discussion documents. This is provided to make compiling your submission easier, should you wish to follow the 'question and answer' format. Please note that there is no requirement for your submission to follow this format.

Contact for Queries and Submissions

Please direct all submissions and any queries to:

Posting and Release of Submissions

The Ministry may post all or part of any written submission on this website. The Ministry will consider you to have consented to website posting by making a submission, unless you clearly specify otherwise in your submission.

In any case, contents of submissions provided to the Ministry are likely to be subject to public release under the Official Information Act 1982 following requests to the Ministry (including via e-mail). Please advise if you have any objection to the release of any information contained in a submission, and in particular, which part(s) you consider should be withheld, together with the reason(s) for withholding the information. The Ministry will take into account all such objections when responding to requests for copies of, and information, on submissions to this document under the Official Information Act 1982.

Privacy

The Privacy Act 1993 establishes certain principles with respect to the collection, use, and disclosure of information about individuals by various agencies including the Ministry. It governs access by individuals to information about themselves held by agencies. Any personal information you supply to the Ministry in the course of making a submission will be used by the Ministry only in conjunction with the matters covered by this document. Please clearly indicate in your submission if you do not wish your name to be included in any summary of submissions that the Ministry may publish.

Disclaimer

The opinions and proposals contained in the documents are those of the Ministry of Economic Development and do not reflect government policy. Readers are advised to seek specific legal advice from a qualified professional person before undertaking any action in reliance on the contents of this publication. The contents of the discussion papers must not be construed as legal advice. The Ministry does not accept any responsibility or liability whatsoever whether in contract, tort (including negligence), equity or otherwise for any action taken as a result of reading, or reliance placed on the Ministry because of having read, any part, or all, of the information in the discussion documents or for any error, inadequacy, deficiency, flaw in or omission from the discussion documents.

Access to Current Statutes, Regulations and Bills

Current statutes and regulations may be accessed through the government’s interim Public Access to Legislation website.

Acknowledgment

The Ministry would like to acknowledge our partners, other government agencies that have assisted us in the drafting of these discussion documents and with the policy development process. These include: The Reserve Bank, the Treasury, the Securities Commission, the Ministry of Justice and the Ministry of Consumer Affairs.

We would also like to thank the members of the advisory groups who have helped us in developing the options for the discussion documents. Their assistance has been invaluable in providing: guidance on how to narrow down options in some areas; a clearer idea of the costs and benefits for business of different proposals; and also a better understanding generally about how the financial sector operates.

• Questions and Answers
  Questions and answers about Stage Three of the Review of Financial Products and Providers.