The Financial Markets Authority (FMA) and New Zealand’s Exchange (NZX) have released a vision and growth agenda which illustrates their outlook for New Zealand’s financial markets over the next decade.
The agenda is a series of goals for the financial markets industry and the country to identify what success might look like across the capital market ecosystem.
Recommendations on regulatory changes include; establishing a centralised process for Anti-Money Laundering compliance for market participants, simplifying disclosure requirements for regulated offers, and amending the definition of ‘overseas person’ in the Overseas investment Act 2005.
Other recommendations include the implementation of an online financial capability and literacy course for young people as part of the NCEA curriculum.
Accountability for the entities overseeing implementation of the course, of which the agenda lists MBIE, NZQA, and Parliament, would also be a key requirement.
The FMA says the agenda would create more opportunities for Kiwis to grow personal wealth, help New Zealand businesses to prosper, and help future-proof the country’s economy.