CoFI delay welcomed
A decision by Parliament’s Finance and Expenditure Committee to extend the time for submissions on the Financial Markets (Conduct of Institutions) Amendment Bill is a very sensible one, says Financial Advice NZ.
Tuesday, March 24th 2020, 11:41AM
“This is exactly the right decision under the circumstances,” chief executive Katrina Shanks said.
Financial Advice wrote to the select committee on Tuesday last week asking for submissions to be delayed for at least a month “because of the pressures on the financial and business sector caused by Covid-19”.
Submissions were due to close this Friday.
Last Wednesday the committee declined the request, but yesterday notified Financial Advice NZ they had reconsidered the request and submissions would now be held open until April 30.
“This will allow our members the time and space to concentrate on advising clients and supporting them through the implications of volatile markets responding to the pandemic. This delay is in everyone’s best interests.”
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