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Securities Commission And The Takovers Panel

Functions Of The Securities Commission And The Takeovers Panel

Commerce Minister Paul Swain has welcomed the release of a discussion document reviewing the functions of the Securities Commission and Takeovers Panel.

"One of the government's key objectives is promoting confidence in the New Zealand sharemarket," Paul Swain said.

"The government has already made decisions to toughen up our securities law and improve confidence in the market.

"The Takeovers Code will come into effect on 1 July 2001, we have announced improvements to the detection, prevention and enforcement of our insider trading regime and a fundamental review of insider trading law, market manipulation law and criminal penalties is currently underway.

"This review now focuses on the effectiveness of the bodies that regulate our securities market.

“Effective regulatory bodies can improve confidence in the market by acting as a deterrent against undesirable practices and giving confidence to international and domestic investors that the rules are enforced and the integrity of the New Zealand market is maintained

“This review will be an important step towards ensuring that the institutions that enforce New Zealand securities law are robust and provide adequate protection from illegal practices.

"The discussion document seeks views from submitters on a range of things including how the functions of the Securities Commission and Takeovers Panel could be improved.

"It also looks at the costs and benefits of the regulators carrying out both enforcement and law reform functions.

"It is intended that any legislative change that results from this review will come before parliament later this year, at the same time as legislative change to improve the enforcement, prevention and detection of insider trading," Paul Swain said.

Anyone wishing to comment on the Review of the Functions of the Securities Commission and Takeovers Panel discussion document may do so by making a written submission. Interested parties should contact Kirstie Drake on (04) 474 2887 or by email on kirstie.drake@med.govt.nz if they wish to receive a copy of the discussion document. An electronic copy is also available on: http://www.med.govt.nz/buslt/bus_pol/bus_law/sctpreview/index.html

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