Special Edition of SuperNews - July 2010
Review of Securities Law
The long anticipated review of New Zealand’s securities law is now underway with the launch of a 200-page discussion document seeking input on the scale, scope and direction of change.
The discussion document is available here.
A useful summary of the discussion document has been completed by Chapman Tripp and is available here.
Major reform is on the cards with the replacement of the Securities Act 1978 and the Securities Markets Act 1988 as well as significant amendment to other legislation.
The discussion paper picks up many of the recommendations of the Capital Market Development Taskforce and will support many of the other changes that have been made or are in the process of being implemented, such as the:-
- Financial Advisers Act 2008;
- Financial Service Providers (Registration and Dispute Resolution) Act
- Securities Trustees and Statutory Supervisors Bill
- recent Government decisions to consolidate the market conduct regulators into a new Financial Markets Authority; and
- changes to improve the regulation of “retail KiwiSaver” schemes.
Submissions to the Ministry of Economic Development (MED) close on 20 August 2010.
To inform our submission to the MED we invite members of Workplace Savings to share their views and/or concerns to the questions raised in the discussion document.
To assist us meet the submission deadline, we would appreciate your email feedback by close of business 6 August 2010.
We have summarised the principal proposals from the Discussion Paper that are likely to impact on Workplace Savings NZ members. For more information we suggest you go to the following sections of the discussion document:-
- Executive Summary (page 6)
- Significant upcoming changes to regulation (page 123)
- Application of the regime (5.3 Superannuation & KiwiSaver – page 151)
Summary of Impacts arising from the Review of Securities Law is available here.
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