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20 November 2000
News Release
INSIDER TRADING LAW AND PRACTICE - REPORT RELEASED
The Securities Commission has released a report on insider trading law and practice. The report follows the Commission's inquiry into trading in the shares of Fletcher Challenge Limited in May 1999.
Chairman Euan Abernethy said the inquiry raised questions about insider trading law and practice which the Commission believed should be made public. It welcomes comment on these questions.
"The current law is inadequate to deal with events described in the report," Mr Abernethy said.
"Current liability provisions might operate inappropriately against those who have made no gain, and current legislation might be too narrow to catch all whose actions should be penalised under insider trading or market manipulation laws."
The report has been referred to the Ministry of Economic Development for consideration in the context of the Government's current review of insider trading law.
The report is on the Commission's web site www.seccom.govt.nz. Copies are available on request from our offices
Click here to view the report online.
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