INDEPENDENT NEWS

Minister still considering Unlisted venture

Published: Fri 19 Dec 2003 02:50 PM
19 December 2003 Media Statement
Minister still considering Unlisted venture
Commerce Minister Lianne Dalziel is still considering whether to exercise the declaration power contained in the Securities Markets Act 1988 in relation to the Unlisted securities trading facility
"As Minister of Commerce I have the power to declare that a market must either cease operating or become registered under the Securities Markets Act, if I am satisfied that not doing so is likely to be detrimental to the integrity or effectiveness of, or the confidence of investors in, securities markets in New Zealand," Lianne Dalziel said.
One method that the integrity, effectiveness and confidence criteria may be satisfied is through the operation of an unregistered facility that is in substance, an ‘exchange’.
The Act is focused on maintaining the integrity, effectiveness and confidence principles by ensuring the proper operation of all exchanges operating in the New Zealand securities market. This is accomplished through registration and the accompanying scrutiny of the exchange's rules and operation, and with oversight from the Securities Commission.
"I have made it clear to the Unlisted operators, M-co, that should the venture operate sufficiently similarly to an exchange, then I would regard the statutory criteria as having been met, which would allow me to invoke the declaration power.
“I have yet to make a decision regarding the Unlisted operation and I will monitor the situation carefully. The key test requires me to consider the substance of the facility and then to ask whether there is detriment to the integrity or effectiveness of, or the confidence of investors in, New Zealand's securities markets,” Lianne Dalziel said.
ENDS

Next in New Zealand politics

Bringing Back The Health Of Hauraki Gulf
By: New Zealand Government
The Rt Hon Winston Peters - AGM Address
By: New Zealand First Party
New Members Appointed To Waitangi Tribunal
By: New Zealand Government
Nurses Reject DHB Offer And Confirm Strike Action
By: New Zealand Nurses Organisation
Small Steps For Hauraki Gulf Protection, Much More Action Needed
By: Green Party
Fishing Reserves Hijacked By Co-governance Agenda
By: ACT New Zealand
New Protections And Restrictions In The Hauraki Gulf – Expert Reaction
By: Science Media Centre
A Positive Change For Tīkapa Moana, The Hauraki Gulf
By: WWF
DHBs Disappointed By Strike Action
By: All District Health Boards
View as: DESKTOP | MOBILE © Scoop Media