Parliament

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

 

Securities Markets and Institutions Bill

Tuesday, 6 November 2001 Media Statement

Securities Markets and Institutions Bill

The government has taken another step towards improving confidence in the New Zealand share market with the tabling for introduction of the Securities Markets and Institutions Bill.

“The introduction of this Bill is a key step towards the implementation of an effective and credible framework for the operation of New Zealand’s securities markets,” Paul Swain said.

“The Bill strengthens the monitoring and enforcement of securities market law, requiring greater disclosure and more effective enforcement of breaches of the law.

“The government has already made significant advances through the implementation of a Takeovers Code. However, effective and efficient monitoring and enforcement of securities law is also vital to the integrity of the market. The Bill will strengthen both domestic and international confidence in our securities market law and institutions.

“The changes also bring our law and institutions more in line with Australia, particularly in key areas such as continuous disclosure and the enforcement of insider trading. This makes it easier for businesses to work in a trans-tasman environment and see the benefits of operating in a larger market, and it is consistent with the principles of the MOU on Business Law Co-ordination between Australia and New Zealand.

“I anticipate that the Bill will come into force next year.

The key changes to be introduced by the Bill are:

- Statutory requirements for listed entities to disclose price sensitive information and for directors and officers to disclose securities trading at the time it occurs;
- The establishment of the Securities Commission as a civil enforcement body for insider trading and new disclosure requirements and increased investigative powers for the Commission and the Takeovers Panel.
- New obligations for securities exchanges to provide information and assistance to the Commission, and for the approval of the rules of securities exchanges;
- An ability for the government to impose percentage ownership limits on securities exchanges, and a power of direction for the Commission over the activity of exchanges;
- A framework that will allow the implementation of agreements by countries to mutually recognise offer document requirements, reducing compliance costs for cross-border offers.

Paul Swain said a fundamental review which considers changes to insider trading law, the implementation of market manipulation law, criminal penalties and improvements to current securities law remedies is also underway.

Discussion documents on these issues will be released in the next few months.


ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Supreme Court: Worksafe Decision On Whittall Pike River Prosecution Unlawful

The question in issue on the appeal was whether WorkSafe New Zealand acted to give effect to an unlawful agreement of this nature when it offered no evidence on charges against Peter William Whittall for breaches of the Health and Safety in Employment Act 1992...

The Supreme Court... has found that the decision to offer no evidence was made under an unlawful agreement to stifle prosecution. It has granted a declaration to that effect. More>>

 

Cullen To Chair: Tax Working Group Terms Of Reference Announced

Finance Minister Grant Robertson and Revenue Minister Stuart Nash today announced the Terms of Reference for the Tax Working Group and that the Group will be chaired by Sir Michael Cullen. More>>

ALSO:

Gordon Campbell: On The New Pike River Agency (And The Air Strike Wing)

Much of the sympathy the public still feels for the families of the Pike River miners has been sustained by the sense that the previous government – let alone the mining company and the processes of receivership and litigation – has never dealt honestly, or fairly, with them. More>>

ALSO:

Not Going Swimmingly: Contractor Cut, New Dates For Christchurch Sports Centre

“As an incoming Minister, I have been conducting a thorough review of progress on the Anchor projects and to learn of a $75 million budget blowout on this project was very disappointing..." More>>

ALSO:

Tertiary: Allowances, Loan Living Costs To Get Boost

“From 1 January, student allowance base rates and the maximum amount students can borrow for living costs will rise by a net $50 a week,” says Education Minister Chris Hipkins... further adjusted from 1 April 2018 in line with any increase in the CPI. More>>

ALSO:

Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>

ALSO:

Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election