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Comment sought on regulating futures dealers

Commission seeks comment on regulating futures dealers

The Securities Commission is reviewing its policy for authorising futures dealers.

Unlike other financial intermediaries, futures dealers must be authorised by the Commission.

The review is prompted by changes in the futures industry in New Zealand including structural changes to the New Zealand Futures and Options Exchange (NZFOE).

SFE Corporation, which owns the NZFOE, plans to move its operations to Australia next year. This raises the question of an appropriate regulatory framework in New Zealand for futures dealers.

“We have put forward a number of models that could form the basis of futures dealers regulation and invite people to comment on these,” Chairman Jane Diplock said. “It is important that the New Zealand futures market is well regulated and has a credible compliance system in place.”

The input from interested parties will help the Commission determine its policy on the matter. When the policy is decided the Commission intends to publish guidelines for dealers who need to apply for authorisation.

The discussion document “Securities Commission Policy in Respect of Futures Dealer Authorisations” is published on www.sec-com.govt.nz and available from the Commission’s offices by phoning (04) 472 9830. Comments should be sent to the Commission by 14 February 2003.

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