This bill is important, because it creates an approved and properly regulated framework for a safe and efficient financial system. National supports this bill, as I stated. It formalises policy proposals announced by the Reserve Bank in 2015 and 2016, which were endorsed by the then National-led Cabinet. Under the existing regime, the systems and services have very little specific regulation, and this bill is intended to bring New Zealand's regulatory framework for FMIs in line with what we see is global best practice. 