Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Finance companies could improve disclosure

22 April 2005

Finance companies could improve disclosure to investors

Finance companies could improve the disclosure they make to investors, according to the Securities Commission.

“In particular the risks of the investment should be made clear to people who are considering investing with a finance company,” Chairman Jane Diplock said.

The Commission has today published its Report on Disclosure by Finance Companies. This follows a discussion paper released in September last year.

The report explains the Commission’s expectations for disclosure by finance companies under the Securities Act and Securities Regulations.

“We have identified areas where disclosure by finance companies generally could be improved in order to comply with the law” Jane Diplock said. “The report sets out the Commission’s understanding of certain aspects of the law and signals the approach that we intend to take in enforcement work”.

Each finance company must determine how it interprets the disclosure required by law and how it assesses the matters raised in the Commission’s report.

“The Commission will review a sample of finance companies’ disclosure documents later this year,” Jane Diplock said. “If breaches of the law are found, we will raise these matters with the finance company concerned and if necessary take appropriate enforcement action”.

The Commission’s report does not comment on the prudential supervision or status of finance companies, as the Commission does not have a function as a prudential regulator.

The report is available from the Commission’s website www.sec-com.govt.nz

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news