Guide to new securities law now available

New securities law for investment advisers and market participants 2008 is now available at www.seccom.govt.nz and www.newsecuritieslaw.govt.nz . The book is a guide to the new requirements under the Securities Markets Act which come into force on 29 February 2008.

“The Securities Commission has prepared this guide to help investment advisers and market participants understand the new requirements”, Commission Chairman Jane Diplock said.

The guide explains changes to the law relating to:

• disclosure that investment advisers and brokers must make to their clients about themselves, their fees and commissions, and the types of investments they give advice on;


• insider trading; and


• disclosure of changes to holdings by substantial security holders.

It also explains the new law about market manipulation - that is, behaviour or practices likely to give a false or misleading impression about the supply, demand, price or value of securities traded on a registered exchange.

These changes to the law arise from the passing of the Securities Legislation Bill in 2006.

The guide can be downloaded now from www.newsecuritieslaw.govt.nz.

Hard copies of the guide will be available in January free of cost. To order a copy of the guide register on www.newsecuritieslaw.govt.nz.

ENDS