Parata Hekia: Securities Disclosure and Financial Advisers Amendment Bill — In Committee 
Parata Hekia: Securities Disclosure and Financial Advisers Amendment Bill — In Committee 
[Volume:655;Page:4987] 
HEKIA PARATA (National) 
: 
 Tena koe e te Heamana huri noa i te Whare tena tatau kia ora tatau katoa. 
[ 
Greetings to you Mr Chairman and to us all throughout the House greetings. 
] 
Te Ururoa Flavell 
: Kia ora. 
HEKIA PARATA 
: Kia ora tungane. I am pleased to rise and take a short call on the Securities Disclosure and Financial Advisers Amendment Bill tonight. This is one small step as has been pointed out by others at a time when we are discussing landing on the moon but it is a small step of a different kind. As my colleague Mr Macindoe indicated it is characteristic of the approach of this Government which is pragmatic and practical. The approach is characterised by a short medium and long-term outlook in relation to all that we do. So although some of these initiatives such as the one we are debating tonight are small in the scale of things they nevertheless contribute to the longer-term outlook on how we free up the environment so that businesses in New Zealand can be successful not only now while we face this recession but also long into the future. 
We are facing one of the biggest challenges of our time and it is important that we bring to bear a range of possibilities that will make it easier for New Zealanders to achieve the goal of this Government which is to facilitate a better quality of life for all New Zealanders. The way that quality of life will be achieved is by ensuring that we can grow our economy that there are jobs and incomes available to New Zealanders and that they are not buffeted too badly in the recession and more than that that in the medium to long term they are able to invest in businesses with confidence and confidently attract investors. This bill contributes to that kind of environment. In Part 1 we are concerned to ensure that investment can continue that businesses are able to raise capital and that we can simplify disclosure while at the same time allowing businesses to focus on their business rather than being overburdened by compliance and reporting. We want all businesses to benefit from this kind of simplified environment whether they are small medium or large. 
As I have said the goal of this Government is to increase growth and productivity such that we can look forward to an improved quality of life for all New Zealanders. How does this bill contribute to that? It amends two separate Acts: the Securities Act 1978 and the Financial Advisers Act 2008. The objectives are twofold. In the first instance the objective is to respond to the global financial crisis by removing unnecessary impediments to raising capital in New Zealand while also ensuring the timely disclosure of relevant information to prospective investors. The bill implements changes to simplify this process and to reduce the costs of compliance with existing securities legislation. The bill addresses a number of the recommendations made by the Capital Market Development Taskforce and as I have already said it is part of an urgent response to the current global financial crisis. It is part of the Government’s commitment to helping New Zealand get through the economic downturn in the best possible condition. 
I understand that there were a number of submissions on the bill. Like my colleagues before me I congratulate the Commerce Committee on the work it has done. I also acknowledge the previous speakers on this bill in particular my colleague Mr Gilmore. I share in the comments of my colleagues Mr Woodhouse and Mr Macindoe that it is a sad day indeed when members choose to disparage the experience and competence of someone who has direct experience in the industry when that person has the opportunity to bring that experience to bear in the Chamber. I should have thought we would be able to celebrate contributions of the kind that Mr Gilmore has been able to share with us. I look forward to continuing contributions of the calibre that Mr Gilmore has to offer us. 
Returning to the bill I say that I have personal experience—