Parliament

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

 

Financial disclosure regulations start in Feb 2008

New financial disclosure regulations to start in Feb 2008

Investment advisers will be required to provide up-front disclosure of fees and remuneration including commission from 29 February 2008, Commerce Minister Lianne Dalziel announced today.

This gives the industry three months notice to prepare for the regulation changeover and Lianne Dalziel is confident this is more than enough time for the new processes to be put in place and for the Securities Commission to implement its education programme targeted to investment advisers.

"The Securities Market Act was passed last year and there has been considerable consultation on the draft regulations since then so investment advisers are well aware that the regulations governing its implementation are on the horizon. Many advisers have already updated their disclosure practices in anticipation of the new requirements," Lianne Dalziel said

"I have no doubt they will be pleased that a commencement date has been set so full disclosure applies to everyone."

Lianne Dalziel said that the flaw in the previous disclosure regime was that although investment advisers had to make certain disclosures without being asked, important disclosures around commissions, for example, only needed to be made when they were requested.

"This led to the real problem that the least experienced investors, who arguably need the most protection, didn't know to ask for that information."

Lianne Dalziel said that the regulations giving effect to the legislation were approved by Cabinet today. Further information is available on the Ministry of Economic Development website: www.med.govt.nz

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Scoop 3.0: How You Can Help Scoop’s Evolution

Entering into its third decade of operation, the Scoop news ecosystem is set to undergo another phase of transformation and evolution.

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

 
 

Speaking Of Transport: Public Engagement On Wellington Scenarios

“Our work on possible solutions for Wellington’s transport future is ongoing, but has progressed to the stage where we’re ready to share our ideas with the public and seek their feedback to help guide our next steps...” More>>

ALSO:

Parental Leave: National's Time-Sharing Change Fails

National has proposed a change to the Parental Leave and Employment Protection Amendment Bill that would allow both parents to take paid parental leave at the same time, if that is what suits them best. More>>

ALSO:

Train Free Thursday: Workers Strike To Defend Terms Of Employment

"They signed up to these conditions a year ago when they got the contract for Wellington's rail services. Now they're trying to increase profits by squeezing frontline workers." More>>

ALSO:

Seclusion: Ombudsman Emphasises Importance Of Monitoring

Disability Rights Commissioner Paula Tesoriero says that while there have been changes to the Education (Update) Amendment Act 2017 to prohibit the use of seclusion, the report is an important reminder of the importance of regular monitoring of schools. More>>

ALSO:

United Future History: "All Good Things Must End"

'We’re extremely proud of what we’ve achieved over the past 15 years, working alongside the government of the day, both National and Labour.' Mr Light told members on Monday. More>>

Gordon Campbell: On The TPP Outcome, And The Hobbit Law

Somehow the Trans Pacific Partnership trade deal has come lurching back from the dead – and as predicted in this column last week, the member countries gathered in Vietnam have announced a deal in broad principle, shunted aside until a later date the stuff on which they don’t agree, and declared victory. More>>

Agreeing To Differ: Greens Maintain Opposition To TPPA
“The Green Party has long opposed the TPPA. The new proposed deal, which came out of the weekend’s talks, still contains key ISDS concessions to corporations that put our democracy at risk, so our position remains the same,” said Green Party trade spokesperson Golriz Ghahraman. More>>

ALSO:

Monitoring Report: A New Chapter For Children’s Rights In New Zealand?

The Children’s Commissioner is calling on the country to embrace children’s rights to ensure their overall well-being. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election