Introduced on Feb 19, 2019. An omnibus Bill amending the law in relation to the linkages between NZ’s financial markets and international financial markets, in particular through derivatives markets. NZ law is currently out of kilter with new rules being implemented across the G20 which require parties to certain types of derivatives to exchange collateral. The purpose of the Bill is to enable NZ financial market participants to comply with these and other international rules and to continue to enter into derivatives and other financial instruments with overseas financial entities. It also establishes a new licensing regime for administrators of financial benchmarks under the Financial Markets Conduct Act. First reading completed on March 7 with all parties in agreement and sent to the Finance and Expenditure Committee with a July 22 report back. Reported back on July 2 with a small number of technical changes.Second reading completed on July 30 with all parties in agreement. Committee stage completed on Aug 20 and third reading on Aug 27 all parties in support.
Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Bill

Bill in the name of National MP Barbara Kuriger drawn from the ballot and introduced on Oct 21. The bill would prevent financial advisers who recommend that a third party take over the management or disposal of a business or its assets from performing such a function themselves. Voted down on June 8 with just Labour opposed.

 Financial Professional Services Trading Advice Transparency Bill

Introduced on April 12. The bill creates a regime requiring climate-related disclosures by large listed issuers, banks, insurers and fund managers. First reading on April 15 and referred to the Economic Development, Science and Innovation Committee, to be reported in 4 months and 1 day. Opposed by just ACT. Reported back on Aug 16 with a number of changes. These include defining large listed issuers as issuers with a market capitalisation over $60m. Also there are changes to when parts of the requirements come into law and who can be give third party assurance reports. Second reading completed on Sept 28 with National still supporting but indicating it wished a longer implementation time and the return of the ‘comply or explain’ option which was removed by the select committee. Committee stage Oct 19 with only minor govt changes, third reading on Oct 21 with ACT opposed.  Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill

Introduced on August 3, 2017. The Bill creates a new regulatory regime for financial advice. It makes amendments to ensure the conduct and client-care obligations of financial service providers and the regulation of financial markets remain fit for purpose. It also addresses misuse of the financial service providers register by offshore entities. First reading on Dec 7 completed with all parties in agreement and the Bill was sent to the Economic Development, Science and Innovation Committee. Commerce Minister Kris Faafoi indicated the Govt had heard concerns about the impact of the Bill on smaller operators and urged them to submit on the Bill. The Govt began consultation for a new code of conduct for financial advice. The code will make changes under the regulation of financial advice contained in the Bill. Report back extended to July 31. Reported back on July 31 with a wide range of changes across the Bill. Second reading completed on Sept 12 with all parties in agreement. The Government introduced a Supplementary Order Paper allowing restrictions to be imposed to limit instances of individual financial advisers working for multiple financial advice firms. It allows licence conditions or regulations to specify circumstances in which an individual financial adviser cannot give advice on behalf of multiple providers. The Government also released details of new disclosure requirements which will be set in regulations under the Bill for consultation. Committee stage completed on March 13 and third reading on April 4 with all parties in favour. Financial Services Legislation Amendment Bill

Introduced on Oct 31. The Bill amends the commencement date for the new levy regime for Fire and Emergency NZ to July 2020. The bill achieves this by setting a backstop for transition to the new levy regime at July 1, 2021. This is because the levies to be imposed would be large and unmanageable for many businesses and other institutions. It also would possibly not fund the costs of the new organisation as more information was needed about FENZ’s costs before setting the levy rate to fund it. First reading completed on Nov 7 with all parties in agreement and referred to the Governance and Administration Committee, to be reported by April 1, 2019. Reported back on Mar 28 with only minor changes including a four month lead in period from when levy rates are set, to the date they come into force.Second reading on April 4 with all parties in favour. Committee stage completed on April 30 and third reading on May 2 with all parties in agreement.
Fire and Emergency New Zealand (Levy) Amendment Bill

Introduced on Sept 20. The bill makes change to funding regime for Fire and Emergency NZ through a levy on insurance premiums. First reading on Sept 27 with all parties in support and sent to the Governance and Administration Committee to be reported back by Feb 16. Reported back on Dec 12 with minor amendments over definitions. Second reading on March 8 with all parties in favour. Committee stage March 30 and third reading on April 5 with the Greens opposed.

Fire and Emergency New Zealand (Levy) Amendment Bill

The Bill introduced on June 30, 2016 repeals the two Acts governing fire services to create a single, unified fire services organisation. All parties were in support when the Bill was given its first reading on July 5 and sent to the Local Government and Environment Committee for consideration. Reported back on December 23, 2016 with many changes. Much of the focus was on how the levy to fund FENZ would work. Its principal source of funding would be a levy paid on insurance for property, broadened to include insurance for material damage as well as for fire damage. Additionally, the levy would be payable on insurance for motor vehicles against damage or loss. The Select Committee said it was aware of concerns. Amongst the problems is costs would increase substantially in some instances and in disproportion to risk. The Select Committee hopes the levy could be waived or capped in some cases. An example given is exempting public gallery or museum collections from the levy, but still applying it to their buildings or other property. The Bill also lays out ways to crack down on organisations developing structures with the aim of avoiding levy obligations. However, the committee has inserted amendments to “clarify that merely reducing one’s sum insured, or under-insuring, would not amount to avoidance”. Completed second reading on February 15 with just NZ First opposed on the grounds the funding model was flawed and the amalgamation of services would cause problems. Committee stage interrupted on March 14. The Govt also released draft regulations to operate under the law including the broadening of levies on insurance including residential property, non-residential property and motor vehicles with different levy rates or caps. This includes regulations to provide levy exemptions for policyholders who face an “unreasonable burden” with a proposed time limits on exemptions. Committee stage again interrupted on April 11 with just NZ First indicating opposition. Committee stage completed on May 2 and third reading on May 5 with NZ First still the only party in opposition.  Fire and Emergency New Zealand Bill

Introduced on Dec 14. The bill introduces firearms prohibition orders to try and address some limitations with the Arms Act that might enable a high-risk person to legally access or use firearms or restricted weapons, associate with people in physical possession of firearms. First reading on Feb 9, supported by all parties and referred to the Justice Committee. Reported back on July 29 with minor amendment. National objected that the bill did not go far enough. Second reading on Aug 4, committee stage and third reading on Aug 9 with all parties in favour.

Firearms Prohibition Orders Legislation Bill

Introduced on April 13, the bill makes changes to the fisheries management system. These include: a introducing a graduated offences and penalty regime; amending the rules for commercial fishers that set out what fish must be brought back to port and what fish may, or must, be returned to sea; streamlining the processes for adjusting commercial and recreational catch limits; and amendments to assist with the roll out of cameras on commercial fishing vessels. First reading completed on May 5 with just Act opposed and referred to the primary production committee with a report back date of Sept 12. Reported back on Sept 20 with a large number of technical amendments. Second reading Sept 27.  Committee stage on Sept 28 with the govt deciding at the last moment to withdraw large parts of the bill primarily around streamlining of allowable catches. Third reading completed with no parties opposed.  Fisheries Amendment Bill

Introduced on May 12, 2020.The bill extends the expiry date of the Dietary Supplements Regulations 1985 by 5 years, from 1 March 2021 to 1 March 2026 to maintain consumer access to dietary supplements until a fit-for-purpose regulatory regime is ready to put in place. First reading on May 27 and sent to the Primary Production Committee with all parties in support. Report back due by Feb 11, 2021. Reported back on Dec 17 with no changes. Second reading on Feb 10 supported by all parties, but with a number of Opposition MPs questioning why it would take another five years to reform the regime. Committee stage and third reading completed on Feb 18 with all parties in support.
Food (Continuation of Dietary Supplements Regulations) Amendment Bill