Comment Invited On Proposed Conduct Rules For NZSE

News Release

17 June 2002

Comment Invited On Proposed Conduct Rules For The New Zealand Stock Exchange

The Securities Commission is seeking comment on proposed Conduct Rules for the New Zealand Stock Exchange (NZSE).

Background

The NZSE is considering demutualising. If it does so, the New Zealand Stock Exchange Restructuring Act 2002 requires that its Conduct Rules must be approved by the Governor-General on the recommendation of the Minister of Commerce.

The Minister has asked the Securities Commission to advise him so that he can make a recommendation to the Governor-General. The Minister must approve the Conduct Rules unless it is not in the public interest to do so. Before advising the Minister the Commission is seeking public comment on the proposed Conduct Rules of the NZSE.

The discussion paper

The Conduct Rules include both the Listing Rules and the Business Rules. The discussion paper, The Proposed Conduct Rules of the New Zealand Stock Exchange, reviews these and invites comment.

The discussion document is on our website www.sec-com.govt.nz together with the discussion questions which can be completed and returned electronically.

Copies are available on request by phoning (04) 472 9830 or emailing seccom@sec-com.govt.nz. The deadline for submissions is 12 July 2002.

The NZSE Conduct Rules to which the paper relates can be viewed at www.nzse.co.nz/exchange/conduct_rules/.

Also referred to in the discussion paper is the Securities Markets and Institutions Bill. The bill, as reported from the Finance and Expenditure Select Committee, can be viewed at www.clerk.parliament.govt.nz/content/750/170bar2.pdf.

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