From the Minister of Commerce
Hon Pete Hodgson cont ...
market manipulation as well as with
the disclosure regime for investment
advisors. It should complete its
passage through the House later this
year.
Also on the agenda is a review of
the Securities Act 1978. It will
focus on the disclosure regime for
public offerings and the supervision
and regulation of collective
investment schemes, and financial
intermediaries.
The Task Force on the Regulation
of Financial Intermediaries is due to
report back in June. This follows a
consultation exercise and I await its
findings with interest.
Much good work is also being done
to progress the Single Economic
Market with Australia, particularly
in the areas of Mutual Recognition
of Securities Offerings and the
Memorandum of Understanding
on Business Law Coordination. It's
also pleasing to see recent trans-Tasman cross-appointments such
as those across the Takeovers Panel
and Accounting Standards Review
Board.
I'd also like to congratulate Jane
Diplock on her election as Chair
of the Executive Committee of
the International Organisation
of Securities Commissions
(IOSCO). New Zealand benefits
from such close associations with
prominent bodies such as this
and the Australian Securities and
Investments Commission (ASIC).
I also support the Securities
Commission's investor education
work. This is an important defence
against fraud, dubious share offers
and other get rich quick schemes.
The robustness and smooth
workings of the financial system are
important to both New Zealand and
this government. I'm pleased to be
involved with the many people that
are working hard to strengthen that
system for the good of New Zealand.
