Law Reform: Investment Advisers
A Discussion Paper

1. Should all investment adviser disclosure be mandatory at the initial stage?

2. Would there be serious difficulties in providing any such information as initial disclosure?

3. Should updated disclosure be required if new information comes to light?

4. Should investment advisers be obliged to refer to their investment adviser disclosure statement in their advertising?

5. Should employees of issuers or promoters be included in the definition of investment adviser?

6. Does the exclusion from the definition of investment adviser, for persons who only transmit investment advice relating to particular securities given by the issuer or promoter, fit within the purposes of the Act? If not what changes should be made?

7. Should there be an obligation to disclose all material benefits the investment adviser receives from advising on investment products?

8. Should the current term "reasonably likely to influence" be changed?

9. What should investment adviser disclosure include?

Chapter 5

10. Should it be an offence for an investment adviser in certain situations to advise a client to acquire securities that do not comply with the Securities Act and Regulations?

11. What should these situations be?

12. What defences should be available?

13. What penalties should apply?

Chapter 6

14. Are current enforcement powers effective? If not, what changes should be made?

15. Should a section preserving common law remedies be added to the Investment Advisers (Disclosure) Act?

16. Should the Commission have powers to suspend or prohibit an investment adviser disclosure statement? In what situations?

17. Should the Commission have the power to prohibit an advertisement by an investment adviser where the advertisement is likely to deceive, mislead or confuse?

18. Should the Commission have the power to enforce the Investment Advisers (Disclosure) Act 1996 in respect of investment advisers?

19. Should the Commission have powers to prohibit investment advisers in certain cases? In what cases should the Commission have these powers?

Chapter 7

20. Should the term "investor" be replaced with the term "member of the public"?

21. Should the definition of computer software be altered to cover distributors (or software designers) of investment advisory computer software?

22. Should a definition be provided for "relationship"?

Chapter 8

23. Are there any other matters relating to regulation of investment advisers that should be addressed?

24. Should there be a wider review of the law relating to investment advisers and if so should we recommend this to the government?

25. If you consider there should be a wider review do you think that in the meantime we should press ahead with the proposals for reform as discussed in this paper?

Name:
Organisation:
Address:
Email: