New Zealand’s financial markets regulatory regime is based on the ‘twin peaks’ model with the Reserve Bank administering prudential regulation and the Financial Markets Authority administering conduct regulation. Market conduct regulation is about ensuring consumers are adequately informed and that market participants act with integrity, with a focus on product disclosure and the behaviour of financial services providers.
The government sustained the reform momentum in consonance with its pandemic response. For instance, it pursued the passage of the Corporate Recovery and Tax Incentives for Enterprises or CREATE Act, which cut corporate income tax to make it competitive with our ASEAN neighbors and we rationalized the fiscal incentives system.