On 28 August 2013 the Financial Markets Conduct Bill had its Third Reading in Parliament, marking the end of this stage of the reform of New Zealand's securities laws. For procedural reasons the Bill was divided into two (the main body of the legislation, and a separate Bill with the various amendments to other legislation) and these are expected to receive the Royal Assent and become law in the week beginning 2 September 2013. As we have explained in our previous updates, the new legislation will replace the Securities Act, Securities Markets Act, Superannuation Schemes Act 1989, Securities Transfers Act 1991, and the Unit Trusts Act 1960, together with making substantial amendments to numerous pieces of legislation including the KiwiSaver Act 2006 and the Financial Advisers Act 2008.
- The fair dealing provisions
- An exemption from disclosure requirements for employee share purchase schemes
- Initial licensing provisions for some aspects of the licensing regime, including crowd-funding.