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Proposal to Declare Certain Derivative Contracts to be Futures Contracts Under the Securities Markets Act 1988

A Discussion Paper


5 April 2007

The Securities Commission is an independent statutory body. The Commission is reviewing its policy in relation to the futures regime under the Securities Markets Act 1988, with particular regard to dealing in derivative contracts.

We invite comment on the matters raised in this paper. Any comments received will be subject to the Official Information Act 1982. It is the Commission's usual practice to make submissions available on request and where appropriate to draw attention to them in any further paper.

If you would like us to withhold information included in comments on this paper please state this clearly in your response. Any request to withhold information will be considered in accordance with the Official Information Act 1982.

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