Cameron Taskforce Report Encouraging

Media Release

Cameron Taskforce Report Encouraging – Chapman Tripp

16 December 2009

The careful consideration the Capital Market Development Taskforce has given to the complex issue of how to improve New Zealand’s investment and capital raising environment is encouraging, says Chapman Tripp Partner Roger Wallis.

“It is important that the Government implement the key recommendations as soon as practicable. The Taskforce’s work has been a long time in gestation and has become more urgent due to the impact of the global financial crisis and – closer to home – the finance company collapses and the economic recession,” he said.

Mr Wallis particularly welcomed the steps the Taskforce is recommending to facilitate small and medium enterprise and risk capital raising. These include:

• creating clearer bright lines between public and private offers, and

• reducing unnecessary regulatory burdens (for example by taking sophisticated investor advice outside the bureaucratic focus of the Financial Advisers Act and by clarifying the application of the Takeovers Code to smaller, unlisted companies).

ENDS

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