So the bill—what does it do? It establishes a new regulatory regime for the conduct of financial institutions. That regime will give consumers confidence that the financial institutions meet appropriate standards of conduct by requiring financial institutions to be licensed by the Financial Markets Authority. The bill also gives the FMA—the Financial Markets Authority—a range of tools to supervise, monitor, and enforce the new conduct regime. Strong civil pecuniary penalties can be imposed if a financial institution or intermediary contravenes an obligation in the bill, bringing New Zealand, with that, in line with overseas jurisdictions. 