Recently Shareholders Association boss John Hawkins has decided to align with Parliament's commerce select committee. This committee is enquiring on the agreement which has projected powers for the Financial Markets Authority. It is a new super-regulator.

His has some motive to join this. One of it is to oppose some of what he calls the practical debris which is emerging from the hearing on the Financial Markets Bill.

Many parts of the bill are opposed by a number of financial market newspapers. This opposition will lead to increase broad a range of powers to the FMA.

The NZX, Business Roundtable and some prominent law firms are related to this concern. The verification of the Securities Act is still continuing.

Hawkins informed that at first the association was facing difficulties to formulate oral submissions. This was due to resource limitations. To come up from this inability it crafted written submissions for the retail investors. However previous night it was modified and regarding this he will have discussion with the committee on Thursday.

Hawkins assumed that the committee chair, Lianne Dalziel is ready to hear their submissions and the committee has kindly decided to find out the solution.