The other area that this piece of legislation covers that is extremely significant, in my view, is legislative statutory recognition for the Council of Financial Regulators. I acknowledge my ministerial colleague the Hon Kris Faafoi in this regard, who, when he held the portfolio around commerce, did a great deal of work to lift the role of the Council of Financial Regulators—that group, its two major participants are the Reserve Bank and the FMA, the Financial Markets Authority. This is the opportunity for us to ensure that the regulatory work we do is coordinated. 