Reviewing Securities and Investment Regulation in New Zealand

About

We are pleased to announce that Simon Botherway, Chairman of the Financial Markets Authority Establishment Board will be giving an address at this year's event.

The aftermath of the global financial crisis is still being felt both here and abroad.  As governments worldwide try to put in place measures to improve consumer confidence and improve the security of investments, new legislation is being introduced in New Zealand, along with an overhaul of the regulatory and enforcement system.
As the Establishment Board of the Financial Markets Authority starts work, we will examine its format and the work needed to restore the finance industry to a  more even keel

This intensive 2 day conference will examine the changes to the securities and investment industry in New Zealand, the legislation that will affect Financial Advisers and give guidance to both the investment and securities sector.  

Guided by experts who helped draft the legislation and Code of Professional Conduct, this event will allow you to explore the changes to the industry. Our expert panel include representatives of:
Securities Commission, Ministry of Justice, Hesketh Henry, Kensington Swan, Financial Services Complaints Scheme Ltd, DLA Phillips Fox, Gareth Morgan Investments, ANZ National Bank, Trustee Corporations Association of NZ, Chapman Tripp, NZMBA, Strategi Ltd

This conference will give you a unique opportunity to put those difficult questions to leaders in the field, and give the latest information on the legislation and regulatory framework as it being developed.

Early Bird Special! Register and pay for your place at his conference before 5pm on the 19th July and save $300 off the full conference price!

Agenda

Agenda: Day 1

8.30

Registration and coffee

9.00

Opening remarks from the Chair

Frank Chan, Partner, Hesketh Henry

9.10

Securities Law in New Zealand (Ministerial Address)

Hon Lianne Dalziel MP, Labour Party Spokesperson on Commerce & Chair, Commerce Select Committee

9.45

Keynote Address: Financial Markets Authority Establishment Board

Simon Botherway, Chairman, Financial Markets Authority Establishment Board

10.40

Morning tea

11.00

Financial Markets Authority – Examining the “super-regulator”

The new “super-regulator” for financial markets will be created next year as Government tries to restore confidence dashed by the collapse of more than 30 finance companies. The Financial Markets Authority will take over the functions now held by the Securities Commission, MED, and the NZX’s Markets Disciplinary Tribunal.
• Discussing the powers the FMA will need
• Can the formation of the FMA have a positive effect on consumer and investor confidence?
• Will this establish New Zealand as a soundly regulated safe harbour for savers and investors?

Catriona Grover & Rodney Craig, Partners, Kensington Swan

11.50

Examining the impact of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act

This legislation has a major impact on the regulation of the financial sector and has been designed to help detect and deter crime and enhance NZ’s international reputation as a trading partner. The new law formally recognises that effective control of money laundering and crime that leads to it needs collaboration between the financial sector and government.
This session will give vital information both to financial sector attendees and to other government agencies who are interested in regulatory models.

Geoff Brown, Senior Investigator, Securities Commission
Leeanne McAviney, Senior Policy Advisor - International Criminal Law, Ministry of Justice

12.40

Lunch

1.40

Examining the Securities Trustees and Statutory Supervision Bill

In recent years a number of improvements to the role of Trustees, statutory supervisors, and unit Trustees in supervising issuers of debt or participatory securities, or unit trusts have been identified. In 2004, the International Monetary Fund and the World Bank assessed New Zealand through the Financial Sector Assessment Programme. This found that New Zealand placed heavy reliance on private supervisors such as Corporate Trustees and that there was a need for improved accountability. The overarching objective of this Bill is to protect the interests of investors, and enhance investor confidence in financial markets. The Bill contains a number of provisions designed to ensure that Trustees, statutory supervisors, and unit Trustees can meet these objectives. This session will examine the Bill, its intent and the implications for trustees.

Alasdair McBeth, Partner, DLA Phillips Fox
Clynton Hardy, Chairman, Trustee Corporations Association of NZ Inc

2.40

NZX Derivatives Market - Growing New Zealand's Capital Markets

Derivatives provide greater price transparency, support liquidity, and enable users to manage price risk. Dairy is the only globally traded soft commodity in the world that lacks tradeable products to manage exposure to price volatility. New Zealand has a global competitive advantage in dairy given it supplies approximately 50% of the globally traded whole milk powder, therefore New Zealand is the logical home for listed dairy derivatives. Our economic dependence on global dairy prices also means that our economy, and particularly our dairy supply chain participants, have much to benefit from a tradeable risk management tool. NZX will launch dairy futures in September this year.

Fiona Mackenzie, Head Of Markets, NZX Limited

3.30

Afternoon tea

3.50

KiwiSaver distribution and disclosure requirements

As KiwiSaver differs from other investments in that the usual remedies for contravening the Securities Act are unavailable, the Securities Commission believes that particular care needs to be taken by KiwiSaver issuers to ensure that disclosure and distribution methods are both in compliance and are fair and transparent. This session will discuss the following:
• Distribution issues
• Disclosure of Investment performance
• Disclosure of Investment mandates and investment practices

Alasdair McBeth, Partner, DLA Phillips Fox

4.45

End of day one & networking drinks

Agenda: Day 2

9.00

Opening remarks from the Chair

David Ireland, Partner, Kensington Swan

9.05

Financial Advisers Act 2008 – Can it achieve its aims?

The Financial Advisers Act was passed with the aim of promoting the sound and efficient delivery of financial advice, and to encourage public confidence in the professionalism and integrity of financial advisers. Public confidence plummeted after the failure of large finance companies both in New Zealand and internationally, will the implementation of the Act’s requirements really help?

Gareth Morgan, Director, Gareth Morgan Investments

9.45

An Industry perspective on the Financial Advisers Regime

ANZ New Zealand will give an industry perspective on:
1. The practical impact of the regime on our customers and staff; and
2. The process by which the regime was developed and implemented

Anya Zohrab, Manager Stakeholder Engagement &
Jeremy Valentine, Associate General Counsel, ANZ National Bank

10.30

Morning tea

10.45

Examining the Financial Service Providers (Registration and Dispute Resolution) Act 2008 and the Financial Service Providers

(Pre-Implementation Adjustments) Bill
Inextricably linked to the Financial Advisers Act 2008, this Act allows for the registration process by the Companies Office, and the framework for dispute resolution. This session will examine the main requirements of the Act, in light of the changes made under the the Financial Service Providers
(Pre-Implementation Adjustments) Bill, how they impact the Financial Advisers Act and the intent behind the new regime.
• Registration to provide a means of identifying and monitoring financial service providers
• Comprehensive consumer dispute resolution and redress mechanisms

David Ireland, Partner, Kensington Swan

11.30

Dispute resolution for financial service providers

The Financial Service Providers Act requires that financial service providers and those who provide financial services to the public must be members of either an approved dispute resolution scheme or the reserve (dispute resolution) scheme. While the banking and insurance sectors have long had access to independent ombudsmen, the majority of the financial services sector did not. While providers will be encouraged to set up their own dispute resolution scheme, a reserve scheme will be established for those who cannot.
• How will this affect an FSPs business?
• What will an FSP need to do to fulfil the dispute resolution requirements?
• What are the current options available?
• How can an FSP minimise complaint costs

Trevor Slater, General Manager, Financial Services Complaints Scheme Limited.

12.20

Lunch

1.20

The Code of Professional Conduct; Addressing competence, skills and ethical conduct in the industry

The Code of Professional Conduct is a significant step towards having the financial adviser regime in place. The Code specifies the minimum standards of professionalism that investors can expect of their financial advisers including competence, knowledge and skills, client care, ethical behaviour and continuing professional training. It makes sweeping changes to how advisers can describe themselves and how they must conduct themselves. This session will examine the Code, the implications for industry and the impacts on business practices.

Ross Butler, Chair, Code Committee

2.00

A guide to becoming a Qualifying Financial Entity

To become a QFE, an entity must satisfy the Commission it has the capacity to take responsibility for its financial advisers’ conduct. All businesses applying for QFE status must prepare an ABS. This describes your adviser business (Part 1) and the governance and compliance arrangements that ensure it and its advisers operate professionally (Part 2).
• Pros and cons of becoming a QFE
• How to apply
• How will QFEs be regulated?
• People, processes and professionalism

Penny Sheerin, Principal – Investment, Chapman Tripp

2.45

Afternoon tea

3.00

The Role of the Financial Advisor in the light of recent legislation

• Definitions under the Act
• Selling vs Advice
• Levels of skill and process required for advice or financial planning
• Meeting the standard of care diligence and skill demanded by Section 33

Darren Pratley, CEO/ Chairman, NZMBA

3.45

Disclosure regulations- implications for the industry

Under the Financial Advisers Act 2008, a financial adviser must make disclosure to their client before (or, if not practicable before, as soon as practicable after) performing a financial adviser service. Although the Act is now under review, it is likely that the disclosure requirements will remain a high priority. This disclosure must provide sufficient information for decision making, engage the client’s interest, and be concise, comparable and easy to understand. How will these requirements affect the current regime?
• General disclosure requirements
• Who is required to disclose information?
• Disclosure by Authorised Financial Advisers
• Disclosure by Financial Advisers on category two products
• Disclosure by Qualifying Financial Entities

David Greenslade, Managing Director, Strategi Ltd

4.30

Closing remarks from the Chair and end of conference

Sponsors/Partners

Interested in sponsorship?

There are some exclusive opportunities to promote your company, and its products and services, at this leading event. Contact the sponsorship team below to request a prospectus or discuss the options, or view more about event sponsorship.