Young Jonathan: Financial Markets Conduct Bill — Second Reading 
Text is incorporated into the Bound Volume 
Young Jonathan: Financial Markets Conduct Bill — Second Reading 
[Sitting date: 14 February 2013. Volume:687;Page:7879. Text is incorporated into the Bound Volume.] 
JONATHAN YOUNG (National—New Plymouth) 
: 
 I am very pleased to stand in the second reading of the Financial Markets Conduct Bill. It is wonderful to have our sound system back in operation. The 560-page Financial Markets Conduct Bill is the result of a comprehensive review of securities law and takes into account the work of the Capital Market Development Taskforce the effects of the global financial crisis and the failure of finance companies. 
The bill seizes a once-in-a-generation opportunity to— 
The ASSISTANT SPEAKER (H V Ross Robertson) 
: Order! Order! Would members leaving the Chamber please do so and show some consideration to the member who is trying to address the House. Courtesy is contagious. Thank you. 
JONATHAN YOUNG 
: This bill seizes a once-in-a-generation opportunity to rewrite our securities law which has been subject to decades of ad hoc reform and brings an integrated and coherent manner to those pieces of legislation. It will play a crucial role in restoring investor confidence by providing better information and protections for what are termed as mum and dad investors as well as setting clearer rules for companies looking to raise capital. The reform of our securities law has been subject to extensive public consultation including the release of a discussion document and an exposure draft bill to ensure that this legislation provides a robust and enduring framework for our capital markets. 
 As I mentioned in the first part of this speech which was interrupted the backdrop to this bill was the global financial crisis and the collapse of finance companies. This had a traumatic effect on the lives of many New Zealanders and impaired the confidence of investors in our financial markets. This bill largely completes a comprehensive programme of reforms in the financial sector that this Government has implemented over the last 4 years. These reforms include the introduction of the financial advisers regime the licensing of trustees and statutory supervisors and the establishment of the Financial Markets Authority. 
The Financial Markets Conduct Bill completes this comprehensive suite of reforms of financial market regulations. The bill will replace the financial markets conduct regulation contained in a number of statutes including the Securities Act the Securities Markets Act the Unit Trusts Act and the Superannuation Schemes Act and aspects of the KiwiSaver Act 2006. This will allow a more coherent regime. The intent is to facilitate the development of a fair and efficient and transparent financial market that will in turn promote confidence and the informed participation of businesses investors and consumers in those financial markets. 
This bill seeks to achieve this by reforming the regulation of how financial products are created promoted and sold and the ongoing responsibility of those who offer deal and trade in them. I am very happy to commend this bill to the House. There is a tremendous amount of detail in it—as you can imagine with 560 pages—as we look at the different financial products covered by the bill: debt equity management investment products discretionary investment management services derivatives and so forth. So as we proceed through this debate and this bill no doubt we will see some of these matters expanded upon. Thank you.