Lotu-Iiga Sam: Third Readings — 
Text is incorporated into the Bound Volume 
Lotu-Iiga Sam: Third Readings — 
[Sitting date: 07 April 2011. Volume:671;Page:17850. Text is incorporated into the Bound Volume.] 
PESETA SAM LOTU-IIGA (National—Maungakiekie) 
: 
 I also rise to support these amendment bills and in particular the Financial Markets Authority Bill the KiwiSaver Amendment Bill and the Securities Trustees and Statutory Supervisors Bill. Unlike the previous speaker my learned colleague Mr Parker I believe these bills will make a difference. They will make a difference to the confidence and trust in our financial markets and in our capital markets. This is about restoring some of the confidence in our capital markets that has been knocked out of investors—both mum and dad investors as well as institutional investors—because of the finance company failures that we have seen in recent years. 
When we talk to businesses in the electorates particularly in my electorate of Maungakiekie we hear that it is about accessing capital. It is about the exchange rate and the costs of production. This legislation with its focus on bringing together the powers of regulating capital markets and financial markets will make a difference to our capital markets. It will boost economic growth and create jobs and it will provide for a stronger economy through strong and robust financial markets. 
As has already been stated by the Minister of Commerce the bill makes changes to the functions duties and powers of the regulating body. I want to acknowledge at this point the work of my colleagues on the Commerce Committee. There was quite a bit of work. We seem to have worked on securities legislation over the whole 2½ years we have been in Parliament. But it has been rewarding. With the work of the stakeholders of the industry particularly the professional bodies that came in to submit and with the hard work put in by the officials I think we now have pretty good legislation here. 
This legislation is about ensuring that the new Financial Markets Authority has the right tools. One tool I want to talk about in particular just briefly is the power for the Financial Markets Authority to exercise the person’s right of action. We have seen through the finance company failures that the rights of individuals to take on companies that have failed the directors of those companies and the promoters of those companies has been quite limited. Investing in the regulatory body the power to exercise not just the right of the individual but the rights of companies to take actions in these instances is a positive move and is one that has been embraced by a number of bodies throughout the industry. 
I will also touch on the part of the legislation dealing with securities trustees and statutory supervisors. It is about granting licence applications and receiving mandatory reports from licensed trustees and statutory supervisors. There is a degree of accountability and a degree of transparency from those who have been given the responsibility of oversight of the issuance of securities through the securities legislation. This is positive legislation and it has received widespread support throughout this Parliament. On that note I commend it to the House.