INDEPENDENT NEWS

Insider Trading Cover-up

Published: Fri 28 Apr 2000 09:39 AM
“What is it about insider trading law review that Trevor Mallard is trying to hide inside his Ministry”, said ACT commerce spokesman, commercial lawyer and former Securities Commissioner Stephen Franks.
The Securities Commission gave the Minister a report in March, described as identifying the most effective method to beef up New Zealand’s insider trading laws.
“Is the Minister relying on the gagging provision (Section 28A(2)) to prevent the Commission itself, from releasing its report to the Minister?
“I requested a copy of the report under the Official Information Act, but I have received only holding replies.
Mr Franks is concerned that he may be being stone walled because the report has advised that dealing with “detection and enforcement”, would be tinkering at the edges while ignoring the defective definition of insider trading that is the heart of the problem.
“When entirely ethical conduct can be culpable, and morally guilty people can escape through definition loopholes, beefing up detection and enforcement will merely enrich lawyers.
“Technical complications will ensnare the law-abiding, and allow the guilty to mock the law.
“By not releasing the existing report it seems the Government wants to drip feed its diet of feel good “reforms”. Has the Minister told his officials to spin this out until August to hide Labour’s ignorance of the real issues for the market?” said Stephen Franks.
ENDS

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