Financial Markets (Regulators and KiwiSaver) Bill

I will take just a brief call on Part 7 to state for the record our support for the provisions for extending the arrangements for supervision in respect of KiwiSaver schemes. We think it is extremely important that we are doing this, to ensure, for those who are making their investments in KiwiSaver, as so many New Zealanders are today, that the legislation is expanded to make the same requirements for managers of KiwiSaver schemes as it has done for the rest of the financial sector that will be covered by the Financial Markets Authority. I think that that, again, will provide the reassurance that people who are investing in KiwiSaver are looking for in this field. I just wanted to place that on the record. I do not want to hold up the passage of the legislation. I think we have had the debate on most of the important parts of it.

The question was put that the amendments set out on Supplementary Order Paper 222 in the name of the Hon Simon Power to Part 7 be agreed to.

Amendments agreed to.

Part 7 as amended agreed to.

Part 8 Amendments to Financial Advisers Act 2008

The question was put that the amendments set out on Supplementary Order Paper 222 in the name of the Hon Simon Power to Part 8 be agreed to.

Amendments agreed to.

Part 8 as amended agreed to.

Schedule 1 agreed to.

Schedule 2 agreed to.

Schedule 3

The question was put that the amendments set out on Supplementary Order Paper 222 in the name of the Hon Simon Power to schedule 3 be agreed to.

Amendments agreed to.

Schedule 3 as amended agreed to.

Schedule 4 agreed to.

Schedule 6

The question was put that the amendment set out on Supplementary Order Paper 222 in the name of the Hon Simon Power to schedule 6 be agreed to.

Amendment agreed to.

Schedule 6 as amended agreed to.

Schedule 7 agreed to.

Clause 1 agreed to.

Clause 2 Commencement

The question was put that the amendments set out on Supplementary Order Paper 222 in the name of the Hon Simon Power to clause 2 be agreed to.

Amendments agreed to.

Clause 2 as amended agreed to.

The Committee divided the bill into the Financial Markets Authority Bill, the Securities Amendment Bill (No 3), the Securities Markets Amendment Bill (No 2), the KiwiSaver Amendment Bill, and the Financial Advisers Amendment Bill (No 3), pursuant to Supplementary Order Paper 221.

Bill to be reported with amendment presently.