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18 September 1996

News release

MOUs signed with CFTC in the United States and SFC in Hong Kong

The Securities Commission wishes to announce that it has concluded Memorandum of Understanding with the Commodity Futures Trading Commission ("CFTC") in the United States and with the Securities & Futures Commission ("SFC") in Hong Kong. The two memorandum provide for consultation and mutual assistance for the exchange of information, in the case of the CFTC on futures and options matters, in the case of the SFC on securities, futures and options matters.

Mr Euan Abernethy said:

"The globalization of financial markets has increased significantly over the past decade. A consequence of this is that national financial markets are increasingly influenced by market and regulatory developments in other countries. Against this background it is important that New Zealand continues to be recognised as a jurisdiction where the proper expectations of market participants can be met and enforced. We welcome the signing of the memorandum with the CFTC and the SFC as significant developments in the regard."

The information sharing arrangements are similar to the arrangements concluded with the Australian Securities Commission in 1994.

Euan H. Abernethy
Chairman

For further information please contact Norman Miller, Senior Executive (Compliance).