28 Aug 2013

Financial Markets Conduct Bill passes final reading

10:10 pm on 28 August 2013

Parliament has passed legislation under urgency that aims to restore investor confidence in New Zealand's financial markets.

Commerce Minister Craig Foss says the new law will provide better information and protections for investors, and clearer rules for companies looking to raise capital.

He says it rewrites many of the rules on how financial products and financial services are offered to the public and how they are governed and operated.

The Financial Markets Conduct Bill passed by 104 votes to 16, with the Green and Mana parties and independent MP Brendan Horan voting against it.