Swarbrick ChlöeCHLÖE SWARBRICK (Green—Auckland Central): E te Māngai tēnā koe. Tēnā koutou e te Whare. I don't intend to trace the House through the legislation as has just been so competently done by my colleague Barbara Edmonds who is also a new colleague on the Finance and Expenditure Committee. It's already been well traversed was seen and passed through the select committee stage by the former membership in the last Parliament of the Finance and Expenditure Committee. There were a number of amendments made as a result of those rather technical submissions at that select committee stage. Perhaps most importantly is that addition to the Purposes" clause as was just stated by Barbara Edmonds. But if I may repeat it the inclusion at clause 3(1)(a) whereby it says "promote the maintenance of a sound and efficient financial system" and then the inclusion in brackets of "(including by responding to threats to the stability of or confidence in the whole or a significant part of the financial system)".Now there's been a lot of contributions that have spoken to exactly how in granular detail this legislation attempts to through a number of different levers produce and create protection and maintenance of a sound and fair financial system by facilitating development of fair efficient and transparent FMIs or financial market infrastructures. I want to acknowledge actually the complete transparency of my colleague across the Chamber the Hon Michael Woodhouse in his complete honesty and integrity in the submission that he could not wrap his head around this because to be perfectly honest with you having engaged with a number of not just financial products but new products on to the market on the internet over the past few months I've been trying to wrap my head around not just the likes of these FMIs but also something that some in this Chamber may know of as NFTs otherwise known as non-fungible tokens which are digital tokens which have a unique identity and ownership verified on Blockchain. They are not mutually interchangeable files but are often uploaded through the likes of Instagram or Twitter and then can be sold on but still are able to be effectively screenshotted and passed along to other consumers—I would have guessed but I can't wrap my head around that. It seems to be the case that often when it comes to parliaments we are at the very end of the process after these tools have been developed and these new products come on to the market. This actually—there's a great example over the past several years with Uber coming into the marketplace in Aotearoa New Zealand and I believe about two parliaments ago the Transport and Infrastructure Committee at that point in time requesting an inquiry or review or information from officials about how this damn-fangled new thing—this app—operated inside of our market after the genie had already been unleashed out of that bottle. So too I want to acknowledge the contributions of my colleague David Seymour—we're acknowledging everyone today. So yes—looking forward to Te Paati Māori if they are to speak to this bill because I'd love to hear their perspective. But it is the case that we are so often as mentioned by David Seymour looking to situations—like for example what occurred with GameStop—as to whether there should be forms of Government intervention or in fact this was exactly what was intended by those initial regulations or lack thereof. I also just want to mention the point that has been raised by other speakers in the Chamber so far which is on the point of the rapid development of financial products and the context is created by virtue of the increasing kind of technological development. Thereby we have the opportunity for quicker more innovative and more rapid products coming to the fore and it is the kind of recognition of the increasing possibility of those failures and the need for regulation to protect particularly consumers because if we think back not all too far ago it was in fact new products like those bundled up subprime loans that led to the global financial crisis in the first place. So just to put on record a few of the other things that we should be paying attention to as they seem to develop and as you know we need to have an eye on in order to protect citizens and consumers. I think one of the things that we're only just beginning to grapple with as the Finance and Expenditure Committee in this term of Parliament is the likes of cryptocurrencies. So I'm really interested to see where that discussion goes as well. But for the reasons put forward today in this contribution and those of my colleagues across the Chamber the Greens join with everybody else in supporting this bill in its passage in the second reading."