A media law expert expects the industry will reject a Law Commission proposal to establish new regulations.

Among the guidelines is a requirement for “clear, consise, and effective disclosure – a phrase consistent with requirements under Australian law but not written in New Zealand law.

Fonterra chief executive Theo Spierings said the government's planned changes will weaken Fonterra's ability to compete overseas.

Reserve Bank, FMA form new Council for Financial Regulators, with help from Treasury and Ministry of Economic Development.

The Financial Markets Authority will focus on cases with large numbers of investors and significant sums of money at risk.