This order brings the remaining provisions of the Financial Markets (Conduct of Institutions) Amendment Act 2022 into force. Sections 21 and 22 (which relate to regulations) are already in force.

Section 23 is to come into force on 25 July 2023. That section inserts a new Part into the schedule of the Financial Markets Conduct Act 2013 that contains transitional, savings, and related provisions. The new Part includes provisions relating to dealing with applications to act as a financial institution from existing banks, insurers, and non-bank deposit takers.

The rest of the Financial Markets (Conduct of Institutions) Amendment Act 2022 is to come into force on 31 March 2025. This will require registered banks, licensed insurers, and licensed non-bank deposit takers that provide certain relevant services to—

• obtain a market services licence to act as a financial institution; and

• implement a fair conduct programme that is designed to ensure that they comply with a principle of fair conduct.