Good evening. Thank you for inviting me here tonight to celebrate the annual NBR/INFINZ industry awards.

I'm pleased to be part of an evening that celebrates excellence and achievement in an industry that is facing perhaps its most challenging times for many decades.

During such challenging times, when the global financial crisis forces us to continually reassess our position in the world, it's good that we should gather to celebrate our achievements, so I congratulate you for another successful awards evening.

In these times there will be a number of issues that concern your industry, but without a doubt, the ability of companies to raise capital will be one of them. My ministerial colleagues and I know this and we know it is important that the Government helps the finance industry meet these challenges.

Over the past few months we have rapidly responded to three ideas proposed by the Capital Market Development Taskforce. They are all aimed at reducing barriers for firms trying to raise capital.

First, in February I introduced the Securities Disclosure and Financial Advisers Amendment Bill, which will allow listed issuers – who are subject to continuous disclosure requirements – to use a simplified disclosure prospectus. This bill has been reported back to the House today. 

Secondly, I’ve just released a discussion document on proposed changes to the Securities Regulations, which aim to reduce compliance costs, and improve flexibility for issuers and disclosure to investors.

Thirdly, I’ve decided to allow changes to the NZX listing rules – which ease capital raising requirements for listed issuers – to proceed.

Ultimately, sound regulatory frameworks will give the most long-term benefit to the sector.

As the Minister of Commerce, I have strong ambitions for the finance industry in New Zealand. My aim is to transform our financial sector into a market where investors feel confident – because they understand it – and where companies can raise capital effectively.

We’ve already made steps towards this goal. The Financial Advisers Act, the Financial Service Provider (Registration and Dispute Resolution) Act and the non-bank deposit-takers legislation have already passed, and are being implemented.

The next big step is a comprehensive review of New Zealand securities legislation.

The objective of the review is to achieve a regulatory framework that strikes the appropriate balance between protecting the interests of investors and enabling businesses to access capital. The review will focus on three broad topics: the scope of securities law, the supervision of issuers, and disclosure by issuers.

The global financial crisis and the series of finance company collapses have raised particular questions about how effectively issuers are supervised. The review will investigate the role, powers and functions of the regulators (including the Securities Commission).

Another key aspect to be examined will be the role of corporate trustees. I have asked officials to fast-track work on a trustee supervisory model. This model will increase accountability and competence standards for trustees.  I’m not interested in making cosmetic changes here – substantive change is needed to address issues with the role of the trustee in our financial markets and to rebuild investor confidence.

In the face of the financial crisis, the shared vision of the creation of a Single Economic Market with Australia becomes more, rather than less, important. It can be a means to ensure both economies recover from the financial crisis as quickly as possible and build their long term growth prospects.

Just last month, I agreed with my Australian counterpart, Senator Nick Sherry, the Minister for Superannuation and Corporate Law, to work together to improve trans-Tasman insolvency arrangements. I expect the improvements to have significant benefits for creditors. I remain very keen to investigate further opportunities to progress closer alignment with Australia in the regulation of the financial sector.

I believe these awards are a great initiative to recognise the high performers in our finance industry – we need to showcase those productive finance professionals whose integrity and success will help rebuild confidence in our markets for all the participants involved.

Thank you again for inviting me, and congratulations to your institute and to all of tonight’s winners. Have a great evening.