Extension of time for Financial Products and Providers Review
[ Last Updated 21 December 2007 ]
Cabinet has agreed to an extension of time for further policy development work on parts of the Review of Financial Products and Providers (RFPP).
The extension to 30 June 2008 relates to a report back on work around the Securities Offerings, Collective Investment Schemes (CIS) and Platforms and Portfolio Management Schemes.
Further policy work is required to fully examine the implications of recent legislative initiatives such as KiwiSaver.
The Mutuals' Governance report back has also been extended to 31 July 2008 following the reprioritisation of auditor regulation work.
Not affected by this new timing is the Securities (Securities Trustee) Amendment Bill relating to the supervision of trustees by the Securities Commission which can be introduced independently of the Collective Investment Schemes (CIS) review. Introduction is expected in the first quarter of 2008.
Also, the Insurance Contracts Bill is scheduled to be introduced into the House in August 2008.
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