The New Zealand Financial Markets Authority (FMA) is urging firms to reach out with questions on the Financial Markets (Conduct of Institutions) Amendment Bill as it awaits its second reading. The bill will introduce licensing for financial services firms administered by the FMA, ban sales incentives based on volume, and require firms to have strong conduct risk management regimes.
These reforms will give the FMA a whole new set of tools to be able to effectively address misconduct issues and protect customers.
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