Thursday 18th February 2010 |
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New rules and greater enforcement of the duties of fund managers and their supervising trustees is on the way, Commerce Minister Simon Power says.
Power made the comments in response to the recommendations of the Capital Markets Development Taskforce.
The government will also seriously consider merging the regulatory oversight roles of the Securities Commission, the Companies Office, and the NZX Disciplinary Tribunal into a new market conduct regulator.
NZX chief executive Mark Weldon signalled support for that approach last year.
Also of clear interest to NZX is the government's explicit commitment to "supporting the development of derivatives markets in commodities and energy".
NZX is launching a global dairy derivative this year, and is in a race with its Australian counterpart, ASX, to provide the market platform and clearing system for the energy derivatives that will emerge following electricity sector reforms this year.
Other recommendations of the taskforce, led by merchant banker Rob Cameron, that the government is committed to implementing are:
Many of the issues will be covered in the review of the Securities Act, a discussion document will be issued in April, with potential changes implemented by October 2011.
The full set of recommendations is available here
Businesswire.co.nz
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