This bill has come about as a result of a review in the Australian banking sector of unwelcome practices. The Financial Markets Authority and the Reserve Bank conducted a similar exercise here in New Zealand. Whilst they did find some instances of practices that were unwelcome, the main and overarching conclusion of their review was that there was no systemic failure—as there was in Australia—and the failure that was found in New Zealand primarily related to governance structure and management of risk. The upshot from the review was that New Zealand was in pretty good shape. However, having a Minister, Dr Clark, who just loves the thought of regulation and a Labour Government that doesn't understand business at all, they somehow came up with this wonderful Financial Markets (Conduct of Institutions) Amendment Bill.