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The authority was established on 1 May 2011 as part of the Financial Markets (Regulators and KiwiSaver) Bill which was passed by the New Zealand parliament on the 7 April 2011. [1] It was established in a wake of criticism over the failure of the previous regulatory regime to halt the failure of a large number of finance companies and to stem ...
Financial market infrastructure refers to systems and entities involved in clearing, settlement, and the recording of payments, securities, derivatives, and other financial transactions. [1] Depending on context, financial market infrastructure may refer to the category in general, or to individual companies or entities (thus also used in ...
A central securities depository (CSD) is a specialized financial market infrastructure organization holding securities like shares, either in certificated or uncertificated (dematerialized) form, allowing ownership to be easily transferred through a book entry rather than by a transfer of physical certificates.
The Financial Advisers Act 2008 gave the Securities Commission new responsibilities to register and set minimum standards for financial advisers. There was some concern that the commission did not have the resources to effectively carry out its responsibilities [ 3 ] and that this additional responsibility would make the situation worse.
The KiwiSaver scheme logo. KiwiSaver is a New Zealand savings scheme which has been operating since 2 July 2007. Participants can normally access their KiwiSaver funds only after the age of 65, but can withdraw them earlier in certain limited circumstances, for example if undergoing significant financial hardship or to use a deposit for a first home.
A financial market must identify operational risks: both internally and across the market and its participants. Where appropriate, they should mitigate the risks through controls. [1] Systems used by the market must have a high degree of reliability and security, and must have sufficient capacity for the needs of the market. [1]
The Commerce Commission (Māori: Te Komihana Tauhokohoko) (sometimes shortened to ComCom [2]) is a New Zealand government agency with responsibility for enforcing legislation that relates to competition in the country's markets, fair trading and consumer credit contracts, and regulatory responsibility for areas such as electricity and gas, telecommunications, dairy products and airports.
The Securities Act 1978 was replaced by the Financial Markets Conduct Act 2013. One of the core changes was the replacement of requirements by issuers of financial products to provide a prospectus and investment statement with a requirement for a single product disclosure statement with penalties for misleading or deceptive statements. [ 39 ]