Lorck AnnaANNA LORCK (Labour—Tukituki): I rise for the first time on this bill in contrast to many of the others who have spoken before me. In doing so I reflect on my colleague and deputy chair of the Finance and Expenditure Committee Barbara Edmonds who in speaking on this bill in an earlier reading talked of her past experience as a policy official and about the fundamentals of policy coming back to three very basic questions: what is the problem you are trying to fix what are the options to fix the problem that you're trying to fix and what are the next steps? Tonight we are at the very final step in this process: the third reading of the Financial Market Infrastructures Bill.As we commend this legislation wholeheartedly and across the political divide to the House and as I look back on the speeches by other members—some who will have by the end of this spoken three times and participated in the second reading and in committee stages including my friend Greg O'Connor. He enjoyed saying with a lot of enthusiasm that there are several common themes that have come through on this piece of legislation. First is that the Financial Market Infrastructures Bill is very timely. The second is that everyone agrees that it's a very technical bill and an important bill. And thirdly in agreeing everyone is also supporting this bill across the House.I've had to quickly come up to speed with this bill which seeks to establish a new regulatory framework for financial market infrastructures—that's FMIs—along with providing certain FMIs with more legal protections and also the enforcement of these rules. The bill makes sure that the Reserve Bank and the Financial Markets Authority which are the agencies who have the role and the functions of the regulator in the bill are both given the authority to do the work and given the powers they need to undertake the work. It is a regime based on a framework which also provides the flexibility to allow these regulators to do their job underneath it.Throughout the debate we've heard that the bill is very important as it's intended to bring New Zealand's regulatory framework for FMIs in line with what is best international practice. While I'm new to speaking on this bill I'd like to acknowledge the select committee for their work in the previous term officials from the Reserve Bank and the 10 submitters who took their time to submit on the bill. This bill has been very well consulted on resulting in the select committee considering and making several amendments to the bill. Those amendments have all been adopted by the House. These include adding a new principal regulator adding a new streamlined process for transitioning settlement systems and a variety of other changes both technical and detailed designed to support the operation of the new regulatory framework.Another common theme that has appeared through the debate is to provide some more understanding around the technical nature of the bill in everyday language. Far too often when discussing technical sophisticated financial information rules and regulations we can turn people off. So I enjoyed the advice that my colleague Greg O'Connor shared with us which he had received about not getting too overwrought when confronted with a lot of financial papers in front of you; simply just break them down in a way that people will understand. What we're really talking about is simply a bill that keeps the whole financial system moving often referred to as as we've heard the plumbing.We know that with all infrastructure we have to get the systems right to operate effectively and efficiently. While the operational role of FMIs is often taken for granted on a day-to-day basis they are critical to ensuring the financial system keeps working in a sound and efficient manner. If they break down this can have a very serious impact on the operation of our financial system and the day-to-day ability for the business and consumers to buy and sell products. We have come a long way and we have done so well to get this bill to where it needs to be. I am very proud to speak on this final reading and commend this bill to the House.