Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Insider Trading Cover-up

“What is it about insider trading law review that Trevor Mallard is trying to hide inside his Ministry”, said ACT commerce spokesman, commercial lawyer and former Securities Commissioner Stephen Franks.

The Securities Commission gave the Minister a report in March, described as identifying the most effective method to beef up New Zealand’s insider trading laws.

“Is the Minister relying on the gagging provision (Section 28A(2)) to prevent the Commission itself, from releasing its report to the Minister?

“I requested a copy of the report under the Official Information Act, but I have received only holding replies.

Mr Franks is concerned that he may be being stone walled because the report has advised that dealing with “detection and enforcement”, would be tinkering at the edges while ignoring the defective definition of insider trading that is the heart of the problem.

“When entirely ethical conduct can be culpable, and morally guilty people can escape through definition loopholes, beefing up detection and enforcement will merely enrich lawyers.

“Technical complications will ensnare the law-abiding, and allow the guilty to mock the law.

“By not releasing the existing report it seems the Government wants to drip feed its diet of feel good “reforms”. Has the Minister told his officials to spin this out until August to hide Labour’s ignorance of the real issues for the market?” said Stephen Franks.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

KiwiBailed: KiwiBuild Head Officially Resigns

The head of Kiwibuild, Stephen Barclay has officially resigned from the role. In a statement issued on his behalf, it was announced that he would step down from today [Friday].

Housing Minister Phil Twyford's office said he would not be commenting on Mr Barclay's resignation as it was an employment matter. Last month, Mr Twyford confirmed that Mr Barclay had not been at work for a number of weeks. More>>

 

Welfare Stats: Rise In Hardship Numbers Shows Income Inadequacy

The latest Ministry of Social Development quarterly report show that a record number of people have received hardship assistance from work and income, with an additional 40,000 hardship payments made between September and December 2018, compared to the previous quarter of the same year... More>>

ALSO:

DHBs "Prepared": Junior Doctors Strike Again

The needs of acute patients will be met during tomorrow's junior doctor strike, a DHB spokesperson says... Almost 3000 junior doctors are expected to walk off the job, which will affect all DHBs apart from West Coast District Health Board. More>>

ALSO:

Gordon Campbell: On MBIE’s Social Media Scam

Given the ambit of MBIE’s work, almost any form of social activity could qualify as being part of MBIE’s brief, so the privacy threats posed by this training programme are extensive. The current oversight safeguards seem threadbare to non-existent. More>>

ALSO:

JusTrade: New Campaign For A 21th Century Trade Agenda

‘Critique is no longer enough. If anything is to really change, we need to step away from the existing framework and take a first-principles approach to rethinking what will work for the 21st century.’ More>>

Earlier:

Gordon Campbell: Thompson + Clark Are The Tip Of The Iceberg

How can we tell where and how any lines are being drawn? Oversight is not exactly robust. If it were, Thompson + Clark would have been out of contention for state security work ten years ago. More>>

Trainers: Taratahi Institute of Agriculture In Interim Liquidation

Taratahi employ 250 staff and this year has provided education to over 2500 students. Taratahi owns and manages 8 farms throughout the country. More>>

ALSO:

IPCA Report: Complaints About Deputy Commissioner Wallace Haumaha

The Authority has found that DC Haumaha acted improperly by approaching staff and others to provide information to support him to refute the allegations about his 2016 conduct, or solicited other staff to do so on his behalf... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels