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Securities Markets And Telecommunications Paper

12 May 2006

Inquiry Into Effects On The Securities Markets Of The Release Of The Telecommunications Stocktake Paper

The Securities Commission is inquiring into whether the conduct and circumstances surrounding the release of the Government’s Telecommunications Stocktake Paper on 3 May 2006 affected the transparent and orderly functioning of the securities markets.

In particular, the Commission will consider whether:

- any person misused any market sensitive information relating to securities contained in the Paper before that information was publicly available;

- any Government and/or State Sector policies and procedures for handling non-public market sensitive information relating to securities were appropriate and properly applied in this case; and

- any further or different actions could or should have been taken by any person in this instance to maintain the transparent and orderly functioning of the securities markets in New Zealand or elsewhere.

The inquiry will be conducted under sections 10(b), 10(c) and 10(caa) of the Securities Act 1978.

The Commission intends to report on any issues of securities law and/or securities market practices arising from the conduct and circumstances surrounding the Paper’s release.

The Commission will make no further comment until the inquiry is completed.


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