Parliament

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.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Australian Election Toss-up


The foibles of the Aussie electoral system are pretty well-known. The Lucky Country doesn’t have proportional representation. Voting for everyone over 18 is compulsory, but within a preferential system. This means that in the relatively few key seats that decide the final result, it can be the voters’ second, third or fourth ranking preferences that finally get the winner over the 50% line...
More>>



 
 


Budget 2022: A Secure Future In Difficult Times
Budget 2022 will help build a high wage, low emissions economy that provides greater economic security, while providing support to households affected by cost of living pressures... More>>


Budget: Climate Investments Provide Path To Economic Security
The Government is investing in New Zealand’s economic security by ensuring climate change funding moves away from short-term piecemeal responses and towards smart, long-term investment... More>>

ALSO:


Budget: Updated My Vaccine Pass For Those Who Want It

New Zealanders who are up-to-date with their COVID-19 vaccinations will be able to download an updated My Vaccine Pass from 24 May, COVID-19 Response Minister Chris Hipkins said today... More>>


Classification Office: Following Decision To Ban Manifesto The Buffalo Mass Shooting Livestream Is Now Banned
The livestream video of yesterday’s mass shooting in the United States has now been banned, Acting Chief Censor Rupert Ablett-Hampson announced this morning. The decision follows on from his decision yesterday to call in and ban the ‘manifesto... More>>

Borders: New Zealand Poised To Welcome International Students Back
New Zealand is fully reopening to international students and the Government is committed to help reinvigorate and strengthen the sector, Education Minister Chris Hipkins said today... More>>


Inland Revenue: Commissioner Appointed
Deputy Public Service Commissioner Helene Quilter QSO has today announced the appointment of Peter Mersi to the position of Commissioner and Chief Executive, Inland Revenue Department... More>>


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels