Published 22 June 2010
Cabinet agreed yesterday to release the discussion document on a new Securities Act. Submissions close on Friday 20 August.
The new act would replace the Securities Act 1978 & the Securities Markets Act 1988. The discussion document’s 5 chapters are on:
the definition of financial products the types of offers subject to the act, and exemptionsdisclosure requirements for issuersgovernance of managed funds, anda range of other matters, including potential additional powers for the recently established Financial Markets Authority.
Commerce Minister Simon Power said the paper picked up many of the recommendations of the capital market development taskforce and built on the establishment of the Financial Markets Authority.
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Attribution: Ministry of Economic Development release & discussion paper, ministerial release, story written by Bob Dey for the Bob Dey Property Report.