Finance & Securities amendment Bill welcomed

19 February 2009

Taskforce welcomes new Securities Disclosure and Financial Advisers Amendment Bill

The Capital Market Development Taskforce welcomed the introduction yesterday of the Securities Disclosure and Financial Advisers Amendment Bill by the Minister of Commerce, Hon Simon Power.

Chair, Rob Cameron, says the taskforce is pleased that the Government has responded so rapidly to the recommendations it made in its November interim report, which proposed ways to improve businesses’ access to capital and reduce the costs of raising capital.

“New Zealand is in the midst of an unprecedented change in the global financial system and in this context, ensuring that New Zealand firms are able to raise capital in an efficient and low cost manner, while maintaining high levels of investor protection, is critical to allowing our economy to move forward”, said Rob Cameron.

“Taskforce members are committed to working to develop further meaningful improvements in our capital market – a task that gets more important by the day. We’ll be continuing to work alongside Government and industry as we do so.”

The industry-led taskforce was launched in July 2008 to develop New Zealand’s capital markets. It is due to complete its final report in September 2009.

Taskforce members from the private sector are: Rob Cameron (Chair), Adrian Orr, Cathy Quinn, Franceska Banga, Gareth Morgan, Jonathan Ling, Mark Weldon, Nigel Williams, Rob McLeod and Scott St John. The taskforce is supported by key officials from the Ministry of Economic Development, Treasury, the Reserve Bank and the Inland Revenue Department.

ENDS

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