8 October 2001 Media Statement
Government seeking more information on ASX rule changes

Commerce Minister Paul Swain says his officials will preparing a submission to the Australian Government on the Australian Stock Exchange's proposal to amend its listing rules to update provisions relating to 'Foreign Exempt' companies.

"Our first reading of the decision from the ASX is that it could have important implications for New Zealand's capital markets," Paul Swain said.

"The government is seeking clarification from the Australians and I have asked my officials to look into the implications of the proposal.

"I have spoken to Minister for Financial Services and Regulation Joe Hockey and the New Zealand government will be making a submission on the rule change.

"We will be outlining the moves taken here to toughen up our continuous disclosure regime and other aspects of our securities market regulation which are bringing them more in line with Australian practice.

"We will also be raising the importance of the Memorandum of Understanding on Business Law Coordination with Australia and CER in order to get equitable treatment of New Zealand and Australian companies.

"I have spoken to the New Zealand Stock Exchange and they have advised that they will be consulting their own members and all jointly listed companies about the move.

"The NZSE will be reporting to the government after this consultation process and their advice will be factored into the response from government," Paul Swain said.

ENDS

For other releases by Paul Swain go to:
http://www.executive.govt.nz/minister/swain/index.html

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