Securities law review decisions announced
The Cabinet's decisions on a comprehensive review of securities law were announced today by Commerce Minister Simon Power.
The Cabinet's decisions on a comprehensive review of securities law were announced today by Commerce Minister Simon Power.
The review will result in a re-write of legislation including the Securities Act, the Securities Markets Act, the Unit Trusts Act, the Superannuation Schemes Act, and the non-tax parts of the KiwiSaver Act.
The current review takes into account the work of the Capital Market Development Taskforce, the effects of the global financial crisis, and the failure of many New Zealand finance companies.
Together with the establishment of the Financial Markets Authority, the new securities law regime will largely complete the major regulatory reform programme in the financial sector.
"This is a once-in-a-generation opportunity to modernise our securities law and I'm determined to get it right. Ongoing input from investors and industry is vital to ensure the changes we make can last for the next 30 years," Mr Power said.
The reform includes the financial adviser regime, auditor regulation, the licensing of trustees and statutory supervisors, the prudential regulation of the non-bank deposit regime, finance company moratorium requirements, and the requirement for financial service providers to be registered and belong to a dispute resolution scheme.
The next step in the process will be the release of a draft of the new legislation later this year. Officials will engage with industry during the drafting process and the Government intends to introduce the bill to Parliament by the end of this year.
NZPA
Thu, 17 Mar 2011
Thu, 17 Mar 2011
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Securities law review decisions announced
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