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


Securities Bill gives investors confidence

Hon Lianne Dalziel
Minister of Commerce, Minister for Small Business,
Minister of Women’s Affairs, MP for Christchurch East

13 October 2006 Media Statement

Securities Bill gives investors confidence - Minister

Commerce Minister Lianne Dalziel said investors can have greater confidence in New Zealand's securities markets with the introduction of a stronger regulatory framework under the Securities Legislation Bill just passed by Parliament.

“The legislation creates the regulatory conditions for boosting investor confidence and participation; enhancing the integrity of our financial markets; and ultimately assisting economic development by increasing investment in New Zealand,” Lianne Dalziel said.

The Bill, which completed its passage through Parliament last night, amends the Securities Act 1978, the Securities Markets Act 1988, as well as the Takeovers Act 1993 and the Takeovers Code.

Lianne Dalziel said this Bill was an important part of the government’s wider securities law reform programme. The main provisions of the Bill include:

- A new insider trading regime focused on the damage such conduct poses to the efficiency of, and confidence of investors in, financial markets;

- Comprehensive prohibitions against market manipulation – conduct creating a false impression of securities trading activity, price movement, or market information;

- Simplifying and better targeting the substantial security holder regime;

- Improving investment adviser and broker disclosure law by requiring important additional information to be disclosed to clients before giving advice, and by making all disclosures mandatory. Also, the Securities Commission is given a public enforcement role in this area; and

- A complete overhaul of the size and range of penalties and remedies available under securities and takeovers law aimed at deterring illegal behaviour and encouraging compliance.

Lianne Dalziel said that while most of the Securities Act and Takeovers Act changes would take effect immediately, some of the changes, such as the new insider trading and market manipulation regimes, would come into effect once regulations have been made.

Lianne Dalziel said there would be advance notice before the regulations take effect so that the markets have time to prepare for the new regimes.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Whether We Should Be Betting Quite So Heavily On Astra Zeneca’s Covid Vaccine

According to this week’s Speech from the Throne, maintaining public safety during the pandemic will remain the government’s top priority. Next year will (hopefully) bring the rolling out of a free vaccination against Covid-19 to New Zealander. Currently, there are three possible vaccine contenders but the effectiveness of the vaccine will be only one of the factors determining which vaccine will pre-dominate. On the basis of the cost per dose, and the ease of manufacture, storage and distribution, the Astra Zeneca/Oxford University vaccine will almost certainly be the prime choice for New Zealand, at least initially... More>>


New Zealand Government: Speech From The Throne

It is my privilege to exercise the prerogative of Her Majesty the Queen and open the 53rd Parliament.
In the October election, New Zealanders elected a majority Government for the first time under our Mixed Member Proportional electoral system... More>>

Grant Robertson: Government To Review Housing Settings

New Zealand’s stronger-than-expected economic performance has flowed through to housing demand, so the Government will review housing settings to improve access to the market, the Finance Minister Grant Robertson announced today. “Our focus More>>


Law Commission: Recommends New DNA Laws For Criminal Investigations

Te Aka Matua o te Ture | Law Commission today released a report that recommends a new, comprehensive regime to control how DNA is obtained, used and retained for criminal investigations. The report has revealed significant gaps in the operation ... More>>


New Zealand Government: To Declare A Climate Emergency

The Government will declare a climate emergency next week, Climate Change Minister James Shaw said today. “We are in the midst of a climate crisis that will impact on nearly every aspect of our lives and the type of planet our children will inherit ... More>>


Economy: Crown Accounts Reflect Govt’s Careful Economic Management

The better-than-expected Crown accounts released today show the Government’s careful management of the COVID-19 health crisis was the right approach to support the economy. As expected, the Crown accounts for the year to June 2020 show the operating balance ... More>>


Green Party: Announce Portfolio Reshuffle With Talented And Energised Caucus Team

“The Green Party caucus offers a breadth of talent and energy to the Parliament this term. In ten MPs you have a small business owner, a human rights lawyer, an academic, a climate negotiator, a transport planner, and so much more”, Green Party ... More>>





InfoPages News Channels