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4 December 1996

News release

Memorandum of Understanding with the SEC in Taipei

The Securities Commission wishes to announce that it has concluded a Memorandum of Understanding with the Securities and Exchange Commission in Taipei.

The memorandum which is signed by the two chairmen, Mr Euan Abernethy and Mr Daung-Yen Lu, provides for the two Commissions to establish arrangements to exchange supervisory, surveillance and investigatory information. The purpose is for the two Commissions to assist each other in securing compliance with rules of law and practice relating to securities and futures markets to the extent permitted by the law of each jurisdiction.

The two Commissions are members of the International Organisation of Securities Commissions and are committed to the objectives of that organisation, in particular, mutual cooperation.

As a direct consequence of this understanding it will be open to the Securities Commission to seek information from the Securities and Exchange Commission about possible investment activity by the citizens of Chinese-Taipei who are now free under Chinese-Taipei law to invest in New Zealand bank bill and futures and options contracts.

For further information contact
Mr Norman Miller
Senior Executive (Compliance)