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Financial Services Legislation Amendment Bill – Second Reading – Video 8


exporter of financial services and
you don’t have New Zealand clients, you don’t have New Zealand clients,
you you don’t have New Zealand clients,
you you don’t have New Zealand clients,
you can you don’t have New Zealand clients,
you can still get registered, you don’t have New Zealand clients,
you can still get registered, you can still get registered, which
was pleasing to you can still get registered, which
was pleasing to see. you can still get registered, which
was pleasing to see. So you can still get registered, which
was pleasing to see. So was pleasing to see. So overall,
Madam Speaker, I was pleasing to see. So overall,
Madam Speaker, I Madam Speaker, I will commend this
bill Madam Speaker, I will commend this
bill Madam Speaker, I will commend this
bill to the House. Thank Madam Speaker, I will commend this
bill to the House. Thank bill to the House. Thank you. I call
Gareth Hughes. bill to the House. Thank you. I call
Gareth Hughes. bill to the House. Thank you. I call
Gareth Hughes. Kia bill to the House. Thank you. I call
Gareth Hughes. Kia ora, bill to the House. Thank you. I call
Gareth Hughes. Kia ora, Madam Speaker. Speaker. Speaker. Greetings to all.
When Speaker. Greetings to all.
When you’ve got tens of Speaker. Greetings to all.
When you’ve got tens of When you’ve got tens of billions of
dollars When you’ve got tens of billions of
dollars When you’ve got tens of billions of
dollars of New When you’ve got tens of billions of
dollars of New income invested in private
enterprises income invested in private
enterprises income invested in private income invested in private income invested in private income invested in private look at KiwiSaver. This year, it
cracked look at KiwiSaver. This year, it look at KiwiSaver. This year, it next 12 years. How that money is
dealt next 12 years. How that money is
dealt with next 12 years. How that money is
dealt with next 12 years. How that money is
dealt with and dealt with and the investments that
are made dealt with and the investments that
are made are made are critically important.
We are made are critically important.
We want are made are critically important.
We want to make sure that are made are critically important.
We want to make sure that We want to make sure that people
have the We want to make sure that people
have the certainty We want to make sure that people
have the certainty that financial have the certainty that financial
providers have the certainty that financial
providers are going to be have the certainty that financial
providers are going to be providers are going to be acting in
the best interests providers are going to be acting in
the best interests the best interests of their clients
and the best interests of their clients
and their the best interests of their clients
and their money. I don’t know the best interests of their clients
and their money. I don’t know and their money. I don’t know if
it’s and their money. I don’t know if
it’s and their money. I don’t know if
it’s a cliche in 2018 to and their money. I don’t know if
it’s a cliche in 2018 to it’s a cliche in 2018 to still keep
referring it’s a cliche in 2018 to still keep
referring back referring back to the ’80s share
market referring back to the ’80s share
market referring back to the ’80s share
market crash, but we do know referring back to the ’80s share
market crash, but we do know market crash, but we do know we’d
have market crash, but we do know we’d
have a market crash, but we do know we’d
have a different investment market crash, but we do know we’d
have a different investment have a different investment culture
than have a different investment culture
than have a different investment culture
than many than many other developed countries.
You than many other developed countries.
You than many other developed countries.
You have to wonder than many other developed countries.
You have to wonder than many other developed countries. than many other developed countries. generation burned off by that
experience generation burned off by that
experience we saw in the generation burned off by that
experience we saw in the experience we saw in the share
market experience we saw in the share
market experience we saw in the share experience we saw in the share critically important we have a
transparent, critically important we have a
transparent, robust, critically important we have a
transparent, robust, transparent, robust, modern regime.
That’s exactly transparent, robust, modern regime.
That’s exactly transparent, robust, modern regime.
That’s exactly what this transparent, robust, modern regime.
That’s exactly what this That’s exactly what this That’s exactly what this new financial services regime, and
secondly secondly embracing innovation. We
saw secondly embracing innovation. We
saw secondly embracing innovation. We
saw some secondly embracing innovation. We
saw some of the debate secondly embracing innovation. We
saw some of the debate in saw some of the debate in the saw some of the debate in the taking steps when it comes to taking steps when it comes to absolutely right. We need to be
preparing absolutely right. We need to be
preparing for the absolutely right. We need to be
preparing for the absolutely right. We need to be
preparing for the likes absolutely right. We need to be
preparing for the likes of absolutely right. We need to be
preparing for the likes of preparing for the likes of
artificial preparing for the likes of
artificial intelligence, artificial intelligence, blockchain,
cloud artificial intelligence, blockchain,
cloud computing artificial intelligence, blockchain, artificial intelligence, blockchain, transform the financial market
sector. transform the financial market
sector. Why is it transform the financial market
sector. Why is it transform the financial market
sector. Why is it important in the sector. Why is it important in the
big sector. Why is it important in the
big scheme sector. Why is it important in the
big scheme sector. Why is it important in the those 10s of hundreds of billions of
dollars those 10s of hundreds of billions of
dollars set the framework those 10s of hundreds of billions of
dollars set the framework dollars set the framework for what
our dollars set the framework for what
our dollars set the framework for what
our country is going forward. dollars set the framework for what
our country is going forward. dollars set the framework for what
our country is going forward. We our country is going forward. We
have our country is going forward. We
have a our country is going forward. We
have a historic our country is going forward. We
have a historic have a historic problem with have a historic problem with have a historic problem with have a historic problem with businesses, investing in capital,
new businesses, investing in capital, businesses, investing in capital, of investing in our houses and
speculating of investing in our houses and
speculating on asset of investing in our houses and
speculating on asset speculating on asset gain. That’s
why speculating on asset gain. That’s
why I’m speculating on asset gain. That’s
why I’m so looking forward to speculating on asset gain. That’s
why I’m so looking forward to the why I’m so looking forward to the
tax working group coming why I’m so looking forward to the
tax working group coming back, tax working group coming back,
because we need tax working group coming back,
because we need to because we need to make sure we’ve
got because we need to make sure we’ve
got because we need to make sure we’ve
got the tax settings right for because we need to make sure we’ve
got the tax settings right for the got the tax settings right for the
financial services. Look, it got the tax settings right for the
financial services. Look, it was financial services. Look, it was a
pleasure to be financial services. Look, it was a
pleasure to be on pleasure to be on the select
committee. I’d pleasure to be on the select
committee. I’d pleasure to be on the select
committee. I’d like to acknowledge committee. I’d like to acknowledge
the committee. I’d like to acknowledge
the Chair. I committee. I’d like to acknowledge
the Chair. I the Chair. I acknowledge the
members. I the Chair. I acknowledge the
members. I the Chair. I acknowledge the
members. I understand the Chair. I acknowledge the
members. I understand there members. I understand there were
around members. I understand there were
around members. I understand there were
around 71 submitters. I thank them. members. I understand there were
around 71 submitters. I thank them. around 71 submitters. I thank them.
For me, I think one around 71 submitters. I thank them.
For me, I think one For me, I think one of the big
changes For me, I think one of the big
changes For me, I think one of the big
changes we saw coming For me, I think one of the big
changes we saw coming For me, I think one of the big
changes we saw coming out of the For me, I think one of the big
changes we saw coming out of the changes we saw coming out of the
committee was new Clause changes we saw coming out of the
committee was new Clause committee was new Clause 27, the
duty to committee was new Clause 27, the
duty to protect duty to protect their clients’
interests. What duty to protect their clients’
interests. What duty to protect their clients’
interests. What we heard is duty to protect their clients’
interests. What we heard is interests. What we heard is that
financial service interests. What we heard is that
financial service interests. What we heard is that
financial service providers financial service providers face a
wide range of financial service providers face a
wide range of financial service providers face a
wide range of pressure both financial service providers face a
wide range of pressure both financial service providers face a
wide range of pressure both internal wide range of pressure both internal
and wide range of pressure both internal
and external for the wide range of pressure both internal
and external for the and external for the types of
products they could and external for the types of
products they could products they could recommend to the
advisors. products they could recommend to the
advisors. products they could recommend to the
advisors. Having products they could recommend to the
advisors. Having this products they could recommend to the
advisors. Having this advisors. Having this clear and
unambiguous advisors. Having this clear and
unambiguous advisors. Having this clear and
unambiguous is a advisors. Having this clear and
unambiguous is a unambiguous is a very positive step
forward. Obviously unambiguous is a very positive step
forward. Obviously unambiguous is a very positive step
forward. Obviously the committee’s unambiguous is a very positive step
forward. Obviously the committee’s forward. Obviously the committee’s
taken forward. Obviously the committee’s
taken a pragmatic forward. Obviously the committee’s
taken a pragmatic forward. Obviously the committee’s
taken a pragmatic step, taken a pragmatic step, which is
clarified taken a pragmatic step, which is
clarified taken a pragmatic step, which is
clarified in the committee’s report, taken a pragmatic step, which is
clarified in the committee’s report, clarified in the committee’s report,
which is clarified in the committee’s report,
which is clarified in the committee’s report,
which is there’s a clarified in the committee’s report,
which is there’s a caveat. clarified in the committee’s report,
which is there’s a caveat. It’s not clarified in the committee’s report,
which is there’s a caveat. It’s not which is there’s a caveat. It’s not
requiring that a financial which is there’s a caveat. It’s not
requiring that a financial requiring that a financial service
provider requiring that a financial service
provider requiring that a financial service
provider goes across the entire requiring that a financial service
provider goes across the entire provider goes across the entire
product of every provider goes across the entire
product of every single product of every single range and
every single product of every single range and
every single product of every single range and
every single potential market. It’s product of every single range and
every single potential market. It’s every single potential market. It’s
only every single potential market. It’s
only acting in the client’s best every single potential market. It’s
only acting in the client’s best only acting in the client’s best
interests. only acting in the client’s best
interests. Another only acting in the client’s best
interests. Another area where I only acting in the client’s best
interests. Another area where I interests. Another area where I
think a interests. Another area where I
think a interests. Another area where I
think a reasonable, think a reasonable, pragmatic step
was think a reasonable, pragmatic step
was think a reasonable, pragmatic step
was taken was the think a reasonable, pragmatic step
was taken was the terms was taken was the terms of the
nominated was taken was the terms of the
nominated nominated representatives. Here, you
see nominated representatives. Here, you
see nominated representatives. Here, you nominated representatives. Here, you nominated representatives. Here, you nominated representatives. Here, you nominated representatives. Here, you subcontracting within financial
service service providers divvying out some
work, service providers divvying out some
work, service providers divvying out some
work, so making sure service providers divvying out some
work, so making sure service providers divvying out some
work, so making sure we’ve work, so making sure we’ve got some
clarification work, so making sure we’ve got some
clarification work, so making sure we’ve got some
clarification around work, so making sure we’ve got some
clarification around where clarification around where those
responsibilities lie. clarification around where those
responsibilities lie. An clarification around where those
responsibilities lie. An area I was clarification around where those
responsibilities lie. An area I was responsibilities lie. An area I was responsibilities lie. An area I was asked a number of the submitters was asked a number of the submitters was asked a number of the submitters was asked a number of the submitters was We saw, as a result of the Panama
Papers We saw, as a result of the Panama
Papers and other We saw, as a result of the Panama
Papers and other Papers and other international
reporting, Papers and other international
reporting, Papers and other international
reporting, that we’ve Papers and other international
reporting, that we’ve had reporting, that we’ve had some reporting, that we’ve had some financial markets in New Zealand.
What financial markets in New Zealand.
What financial markets in New Zealand.
What the financial markets in New Zealand.
What the risk was is financial markets in New Zealand.
What the risk was is financial markets in New Zealand.
What the risk was is that some, financial markets in New Zealand.
What the risk was is that some, What the risk was is that some,
let’s providers were registering in New
Zealand providers were registering in New
Zealand or providers were registering in New
Zealand or providing providers were registering in New
Zealand or providing quite a providers were registering in New
Zealand or providing quite a Zealand or providing quite a tenuous
link to Zealand or providing quite a tenuous
link to Zealand or providing quite a tenuous
link to New Zealand, Zealand or providing quite a tenuous
link to New Zealand, and Zealand or providing quite a tenuous
link to New Zealand, and then Zealand or providing quite a tenuous
link to New Zealand, and then link to New Zealand, and then
marketing themselves link to New Zealand, and then
marketing themselves marketing themselves into
international markets using marketing themselves into
international markets using marketing themselves into
international markets using New international markets using New
Zealand’s brand and international markets using New
Zealand’s brand and international markets using New
Zealand’s brand and New Zealand’s Zealand’s brand and New Zealand’s
good Zealand’s brand and New Zealand’s
good name. While Zealand’s brand and New Zealand’s
good name. While good name. While we’re cleaning up
as good name. While we’re cleaning up
as good name. While we’re cleaning up
as a result of the good name. While we’re cleaning up
as a result of the as a result of the Panama Papers,
it’s as a result of the Panama Papers,
it’s as a result of the Panama Papers,
it’s very as a result of the Panama Papers,
it’s very positive as a result of the Panama Papers,
it’s very positive it’s very positive that the
Financial Service it’s very positive that the
Financial Service Providers Financial Service Providers
Register’s regime has Financial Service Providers
Register’s regime has been Register’s regime has been improved.
This Register’s regime has been improved.
This means Register’s regime has been improved.
This means that our Register’s regime has been improved.
This means that our This means that our international
clients This means that our international
clients This means that our international
clients can have a This means that our international
clients can have a This means that our international
clients can have a much clients can have a much more
confidence that clients can have a much more
confidence that confidence that if they’re dealing
with confidence that if they’re dealing
with confidence that if they’re dealing
with a company on confidence that if they’re dealing
with a company on the with a company on the New Zealand
Financial with a company on the New Zealand
Financial Financial Service Providers Register
has Financial Service Providers Register
has much Financial Service Providers Register
has much more of a stronger link Financial Service Providers Register
has much more of a stronger link has much more of a stronger link to
New Zealand and has much more of a stronger link to
New Zealand and New Zealand and our regulatory
regime. New Zealand and our regulatory
regime. Thirdly, New Zealand and our regulatory
regime. Thirdly, we look New Zealand and our regulatory
regime. Thirdly, we look New Zealand and our regulatory
regime. Thirdly, we look at regime. Thirdly, we look at the
ex… regime. Thirdly, we look at the
ex… regime. Thirdly, we look at the
ex… ..the exclusions and regime. Thirdly, we look at the
ex… ..the exclusions and ex… ..the exclusions and Clause
58. Here, you ex… ..the exclusions and Clause
58. Here, you ex… ..the exclusions and Clause
58. Here, you want to make ex… ..the exclusions and Clause
58. Here, you want to make ex… ..the exclusions and Clause
58. Here, you want to make sure, as 58. Here, you want to make sure, as
58. Here, you want to make sure, as 58. Here, you want to make sure, as
you’re developing this 58. Here, you want to make sure, as
you’re developing this financial you’re developing this financial
services you’re developing this financial
services you’re developing this financial
services regime you’re developing this financial
services regime and applying it you’re developing this financial
services regime and applying it services regime and applying it so
clients services regime and applying it so
clients services regime and applying it so
clients can have confidence in services regime and applying it so
clients can have confidence in clients can have confidence in their
provider, clients can have confidence in their
provider, clients can have confidence in their
provider, we’re not drawing too clients can have confidence in their
provider, we’re not drawing too provider, we’re not drawing too wide
of a bow provider, we’re not drawing too wide
of a bow provider, we’re not drawing too wide
of a bow so that your provider, we’re not drawing too wide
of a bow so that your of a bow so that your lawyer or
accountant, as of a bow so that your lawyer or
accountant, as of a bow so that your lawyer or
accountant, as we heard previously accountant, as we heard previously
before accountant, as we heard previously accountant, as we heard previously accountant, as we heard previously media, as covered. We also saw the
issue media, as covered. We also saw the
issue media, as covered. We also saw the
issue of disclosure of information. issue of disclosure of information.
That’s issue of disclosure of information. powers. That’s something I raised in
the powers. That’s something I raised in
the Green powers. That’s something I raised in
the Green powers. That’s something I raised in
the Green Party speech powers. That’s something I raised in
the Green Party speech powers. That’s something I raised in
the Green Party speech in the first powers. That’s something I raised in
the Green Party speech in the first the Green Party speech in the first
Caucus when this the Green Party speech in the first
Caucus when this Caucus when this legislation was
introduced Caucus when this legislation was
introduced in introduced in the previous
government. We didn’t introduced in the previous
government. We didn’t introduced in the previous
government. We didn’t hear from introduced in the previous
government. We didn’t hear from government. We didn’t hear from
submitters on that. government. We didn’t hear from
submitters on that. We’re submitters on that. We’re quite
comfortable. We’re submitters on that. We’re quite
comfortable. We’re comfortable. We’re comfortable with
the comfortable. We’re comfortable with
the direction. comfortable. We’re comfortable with
the direction. We’re comfortable. We’re comfortable with
the direction. We’re the direction. We’re pleased by the
improvements. the direction. We’re pleased by the
improvements. Glad the direction. We’re pleased by the
improvements. Glad that it’s the direction. We’re pleased by the
improvements. Glad that it’s improvements. Glad that it’s seeing
unanimous support in this improvements. Glad that it’s seeing
unanimous support in this unanimous support in this House
tonight, but we’re unanimous support in this House
tonight, but we’re tonight, but we’re very proud of it
and tonight, but we’re very proud of it
and tonight, but we’re very proud of it
and pleased to support it. Kia tonight, but we’re very proud of it
and pleased to support it. Kia tonight, but we’re very proud of it
and pleased to support it. Kia ora. and pleased to support it. Kia ora. and pleased to support it. Kia ora. and pleased to support it. Kia ora. Madam Speaker, it’s great
opportunity Madam Speaker, it’s great Madam Speaker, it’s great opportunity to take a call on the
Financial Financial Services Legislation
Amendment Bill. Financial Services Legislation
Amendment Bill. Financial Services Legislation
Amendment Bill. Sometimes Financial Services Legislation
Amendment Bill. Sometimes called Financial Services Legislation
Amendment Bill. Sometimes called Amendment Bill. Sometimes called Amendment Bill. Sometimes called actually come across some acronyms,
and actually come across some acronyms,
and I actually come across some acronyms,
and I think actually come across some acronyms,
and I think I was actually actually come across some acronyms,
and I think I was actually and I think I was actually picked up
on one of and I think I was actually picked up
on one of on one of the newspapers suggesting
that on one of the newspapers suggesting
that I on one of the newspapers suggesting
that I didn’t actually know what the on one of the newspapers suggesting
that I didn’t actually know what the that I didn’t actually know what the
legislation that I didn’t actually know what the
legislation was, that I didn’t actually know what the
legislation was, that I didn’t actually know what the
legislation was, because I didn’t that I didn’t actually know what the
legislation was, because I didn’t

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