Lotu-Iiga Sam: Financial Markets Conduct Bill — Second Reading 
Text is incorporated into the Bound Volume 
Lotu-Iiga Sam: Financial Markets Conduct Bill — Second Reading 
[Sitting date: 14 February 2013. Volume:687;Page:7884. Text is incorporated into the Bound Volume.] 
Peseta SAM LOTU-IIGA (National—Maungakiekie) 
: 
 Malo le soifua. Good afternoon. I rise to support this the second reading of the Financial Markets Conduct Bill. I support it because it is part of a suite of reforms that this National Government has put in place to regulate financial markets. Although I hear the cries of Mr Cunliffe opposite saying that all sorts of things have gone wrong with our finance companies that man in 9 years of a Labour Government sat on his backside and watched while finance companies burned. He says now after being a Crown Minister that we need to regulate but when the members opposite had the opportunity to regulate this industry and to put it in perspective and put it on the right track they neglected their duties as a Government. 
What is the suite of reforms? Well it is the Financial Service Providers (Registration and Dispute Resolution) Act 2008—Mr Chauvel was part of reforming that area of financial markets and we acknowledge the work that was done across this House—and the Securities Trustees and Statutory Supervisors Act. We also reformed the Financial Markets Authority to give it the resources not just to enforce the regulations that we are putting in place here with this bill but also to enforce regulations across the finance sector. 
Why is it important? Not one person today has told us why financial markets and capital markets are important. Businesses in order to grow need to access capital. When businesses grow in this country we get more jobs we get more opportunities for people and our standard and quality of life across this country improve and get better. That is what economic growth is about. That is what this bill is about. That is why we are reforming the finance sector with this legislation. 
Mr Cunliffe also referred to how this bill would put into jail directors who were negligent. Negligent directors do not go to jail. Reckless and fraudulent directors go to jail but certainly I have not seen in any jurisprudence across this world negligent directors being put in jail. It is in this bill—and I will just talk quickly because I am limited for time about some of the measures. 
We are replacing the requirement for issuers to prepare a prospectus and an investment statement with a requirement to prepare a single product disclosure statement. That is about producing efficient means of raising capital. It is about bringing compliance costs down which is what businesses out there are telling me on the factory floor that they want better access to capital. They want more efficient ways of raising capital. They want to be able to produce jobs through having a Government that listens to what they say and that will do some of the things in order to promote growth in this country. So I support this bill along with my colleagues. It is a very good bill. It promotes efficiency it promotes jobs and it promotes opportunities for our communities in this country.