Mentions of Securities Commission in New Zealand Parliament debates

JONATHAN YOUNG ... Authority—the FMA—is an independent Crown entity funded by Vote Commerce. It was established in 2011, replacing the Securities Commission. It commenced on 1 May. The Financial Markets Authority enforces securities, financial reporting, and company law as ...

PESETA SAM LOTU-IIGA ... in its first year, have tabbed for it $31.7 million for its establishment and also its functioning. It replaces the Securities Commission. We are informed that it will provide for a more active, more well-resourced, and more streamlined regulator of ...

KATRINA SHANKS ... to use them. The Financial Markets Authority opened for business on 1 May and takes over the functions of the Securities Commission and the Government Actuary. This new authority will lift the bar in terms of market behaviour, and will have the tools ...

Hon SIMON POWER ... bills. The Financial Markets Authority Bill establishes the new Financial Markets Authority, which will replace the Securities Commission and take on responsibilities of the Government Actuary and some of the regulatory roles of the Registrar of Companies. ...

CHARLES CHAUVEL ... investors; allowing criminal prosecutions against finance companies that had misled investors to be funded from the Securities Commission’s litigation fund; making the Reserve Bank the prudential regulator for non-bank deposit takers, and finance companies ...

HILARY CALVERT ... of the Financial Markets Authority will help foster such investment. The authority will not only replace the Securities Commission but also incorporate several other functions previously delegated to various other agencies. It makes perfect sense to ...

KATRINA SHANKS ... or statutory supervisors. They have to perform their functions effectively, and they have to be accountable to the Securities Commission for any failure to act to expected standards. That is a significantly higher bar. This legislation is positive and ...

RAYMOND HUO ... in some investment schemes. It introduces a licensing regime for trustees that will be run, firstly, by the Securities Commission, then by the Financial Markets Authority when it is established. Under the new regime all trustees, statutory ...

CLARE CURRAN ... the Commerce Committee, which I sit on, by a number of significant bodies, such as the Retirement Commission and the Securities Commission, as an area of critical importance. If this Government is to do anything meaningful to underpin the new legislation, I ...

Hon LIANNE DALZIEL ... Mariette van Ryn, and Scott St John. Shelley Cave is the one person who has come across and is also a member of the Securities Commission, which probably is neither here nor there, but it does seem a shame that the one person who has made it on to the board,...

STUART NASH ... in finance company collapses have not been held to account—and I hope they will be. This bill also requires that the Securities Commission be notified by trustees or statutory supervisors when any issuer or supervisor gets into difficulty, and it gives the ...

Hon JOHN CARTER ... The Financial Markets (Regulators and KiwiSaver) Bill establishes the new Financial Markets Authority to replace the Securities Commission and to take on the responsibilities of the Government Actuary and some of the regulatory roles of the Registrar of ...

Hon DAVID PARKER ... responsibility regarding the regulation of the financial sector. It takes over some of the existing functions of the Securities Commission, which is disestablished; it assumes some of the responsibilities of the Government Actuary and the Registrar of ...

PESETA SAM LOTU-IIGA ... because, as we saw with a lot of the inaction over the last 4 to 5 years in terms of finance company failures, the Securities Commission did not have the power to take action against some of the rogue parties in our financial markets. So what does the ...

CLARE CURRAN ... the Government is acting on its recommendations. We are concerned about a lack of transparency around the current securities commissioners. Labour supports this bill, as I said. We think that the concentration of power in the hands of the Financial ...

Hon DAVID CUNLIFFE ... make a timely declaration of a possible perceived conflict of interest around his recommendation, as chairperson of a Securities Commission committee, to place Allan and Jean Hubbard into statutory management, along with Aorangi Securities. It has further ...

RAHUI KATENE ... promoted as a super-regulator for our financial markets, bringing together functions that have been spread across the Securities Commission, the Ministry of Economic Development, the Government Actuary, and NZX. This Government clearly likes the super-size ...

MELISSA LEE ... This authority will consolidate functions that are currently fragmented across several departments such as the Securities Commission, which is the current market conduct regulator; the Government Actuary, which is the current market regulator of ...

Hon DAMIEN O’CONNOR ... panel has priority in terms of a ruling over commercial negotiations or failure in commercial negotiations. Will the Securities Commission have a part to play in this or will the rulings panel override all of that? Mr Gilmore does not know and he cannot ...

Hon NATHAN GUY ... for the regulation of the financial sector. The authority will assume the current responsibilities of the Securities Commission, which will be disestablished. It will also take over the regulatory roles of the Government Actuary and some of the ...

Hon LIANNE DALZIEL ... member of the ACT Party. I remember that we did not have strong enough rules to prohibit insider trading. Would the Securities Commission have got $20 million for—oh, no, it was not really this—insider trading out of Fay Richwhite, if it had not been for ...

Hon PANSY WONG ... meet minimum standards of professionalism and have to make informative disclosure to clients while being subject to Securities Commission oversight. Furthermore, all financial service providers, including financial advisers, are required to belong to an ...

Hon LIANNE DALZIEL ... job, and they do it every second of every hour of every day—we now have provisions in place that will enable the Securities Commission to haul them into the frame. That will ensure there are better protections in place for the future. But I give a ...

JONATHAN YOUNG ... made more flexible by adding a number of regulation-making powers. That sounds slightly oxymoronic, does it not? The Securities Commission can now provide limited exemptions from financial adviser obligations. The commission is not expected to consider ...

CLARE CURRAN ... As Lianne Dalziel has said, this law will capture the Blue Chips of the future. This legislation will allow the Securities Commission to bring such companies into the system, and I hope that the legislation will today send a real message to financial ...

CLARE CURRAN ... securities in some investment schemes. It introduces a licensing regime for trustees that are to be run first by the Securities Commission and then by the Financial Markets Authority. That is why we are saying the Government should put the legislation on ...

Hon SIMON POWER ... with this bill separately now. There is a Supplementary Order Paper in my name that replaces references to the Securities Commission with references to the Financial Markets Authority to reflect the fact that they are being dealt with as cognate ....

CARMEL SEPULONI ... regime for the trustees and supervisors of securities and retirement villages. The regime will be administered by the Securities Commission until the Financial Markets Authority is established. We support the bill, but not without concerns. As I said, it is ...

JACINDA ARDERN ... 9 to 18 of Subpart 1, which are about decisions on applications for licences. This is where the bill empowers the Securities Commission to license persons to be trustees when it comes to debt securities, statutory supervisors, etc. This is also where the ...

Hon NANAIA MAHUTA ... regular intervals between 6 and 12 months from the issue of the licence, and once every 6 months after that, to the Securities Commission, particularly concerning the licence holder’s compliance with the terms of trust deeds and deeds of participation, and ...

Hon SIMON POWER ... question as to the issues—[ Interruption] No, it was good. It was a good question as to why the obligations that the Securities Commission can inquire into do not relate to trustees but to licensees. There are a couple of reasons. The first is that ...

CLARE CURRAN ... with the complexities of the issues that came before us at the Commerce Committee. Clauses 9 to 18 empower the Securities Commission to licence persons to be trustees in respect of debt securities, statutory supervisors in respect of participatory ...

CLARE CURRAN ... 3 of the Securities Trustees and Statutory Supervisors Bill, which contains clauses 43B to 50. The bill gives the Securities Commission the power to require a trustee, statutory supervisor, or unit trustee to attest to the commission as to whether the ...

Hon SIMON POWER ... statutory supervisors who supervise certain issuers of securities or retirement villages. It also provides for the Securities Commission to be notified by trustees or statutory supervisors when any issuer they supervise gets into difficulties, and gives ...

Hon LIANNE DALZIEL ... regulation in this area. Regulating quickly does not actually assist them with the problem. I remember asking the Securities Commission a question at a select committee hearing earlier this year about whether we needed trustees any more and whether the ...

Hon DAVID PARKER ... both the United Kingdom and Australia, where they have a central regulator that has more powers than the New Zealand Securities Commission. They effectively take some of those roles that have sat with trustee companies, rather ineffectually at times, and ...

JOHN BOSCAWEN ... a full 6-month period on this bill. I was also interested in Lianne Dalziel’s comments about the beefing up of the Securities Commission and the greater role played in Australia by the Australian Securities and Investments Commission, the Australian ...

MELISSA LEE ... Statutory Supervisors Bill is intended to protect investors’ interests and enhance market confidence by enabling the Securities Commission to hold trustees and statutory supervisors accountable for failing to perform effectively. It will be an offence to ...

CLARE CURRAN ... of debt and some investment schemes, and it introduces a licensing regime for trustees that will be run by the Securities Commission. The bill makes it an offence to act as a trustee or statutory supervisor without a licence, so that a person who ...

JONATHAN YOUNG ... The bill requires corporate trustees, statutory supervisors, and unit trustees to be licensed. It also requires the Securities Commission to oversee how trustees and statutory supervisors act in situations where investors’ interests may be at risk. Greater ...

RAYMOND HUO ... breaches”. It fears that the power to direct the trustees how to act will blur the clarity between trustees and the Securities Commission, and it says it does not fit well with the proposal to give the regulator the ability to take legal action against ...

Hon LIANNE DALZIEL ... bill was that inadvertently we had prevented those people from becoming authorised financial advisers, because the Securities Commission would not have the power to grant them that status. They were ineligible because they did not advise on a category 1 ...

PESETA SAM LOTU-IIGA ... particularly important, and we have seen in the last two Budget appropriations more resources being committed to the Securities Commission and other such regulators. I think that all parties support that. The proposed move involves the bringing together in ...

Hon GEORGINA TE HEUHEU ... person has met the qualification criteria. However, it has become clear that the Act currently does not allow the Securities Commission to authorise a person to provide services solely in relation to category 2 products. To ensure that consideration can ...

Hon LIANNE DALZIEL ... I had asked, which was whether the Government will put on the record that it intends to regulate to allow the Securities Commission to have authorised financial advisers in the mortgage broking space. That is the question we have been asked, and I ...

Hon LIANNE DALZIEL ... only way that the Minister of Commerce can put a company into statutory management is on the recommendation of the Securities Commission. There is no right in law for the Minister to operate in isolation of that recommendation, and once the commission ...

MELISSA LEE ... financial advisers should they so wish. The best thing about this bill is we are giving more power to the Securities Commission. The commission will now be able to ban people for up to 10 years by way of an application to the courts. They have ...

CLARE CURRAN ... charges of offering and allotting securities to members of the public without a prospectus or an offerer’s statement. Securities Commission spokesperson Roger Marwick was quoted in the Timaru Herald as saying that the commission had received ...

Hon NATHAN GUY ... and Dispute Resolution) Act have also been made more flexible, by adding a number of regulation-making powers. The Securities Commission can now provide limited exemptions from the obligations of financial advisers. However, the Minister of Commerce does ...

PESETA SAM LOTU-IIGA ... legislation. This bill also provides a more flexible regime by adding a number of regulation-making powers for the Securities Commission. Currently the commission can provide limited exemptions from the financial adviser obligations, but it is expected to ...

PESETA SAM LOTU-IIGA ... out by the two prior speakers, relate to the qualifying financial entity model. Those entities are regulated by the Securities Commission first and foremost to take responsibility for advice provided by employees and contractors on an extended range of ...

CHARLES CHAUVEL ... so the qualifying financial entity mechanism was established to effectively provide for group registration. The Securities Commission was the regulatory body empowered to oversee the new rules. The Act established a Commissioner for Financial Advisers ...

KATRINA SHANKS ... a bit of the jargon, that is a QFE. So what is a qualifying financial entity? It is a company that is approved by the Securities Commission to take responsibility for advice that employers and contractors provide to mums and dads out there—to anybody looking ...

RAYMOND HUO ... complications ahead with the roll-out of such a model. Secondly, at a policy level these changes risk undermining the Securities Commission’s stated desire for there to be regulatory neutrality, or at least they create that perception. Expanding the relief ...

Hon SIMON POWER ... markets, or futures markets only, or in respect of both securities markets and futures markets. Currently, only the Securities Commission may authorise futures dealers, although there are class authorisations for the Sydney Futures Exchange and for the ....

MELISSA LEE ... to the select committee. We also had advice from the Ministry of Economic Development, the Reserve Bank, and the Securities Commission. Submissions suggested that fines and imprisonment were unnecessary and that the remedy should be limited to ...

Hon LIANNE DALZIEL ... of New Zealand in consultation with the Ministry of Economic Development (including the Companies Office), and the Securities Commission. These views have been reflected in the policy development. Annex 3 provides further detail on the issues raised in ...

Hon SIMON POWER ... be used only for securities that rank, as I said, equally or preferentially to the issuer’s listing securities. The Securities Commission will monitor and enforce compliance with the simplified disclosure prospectus regime once it is implemented. The ...

CHARLES CHAUVEL ... delights in making its personnel available for public office in this way. There is Cathy Quinn’s contribution on the Securities Commission. David Patterson served on Michael Cullen’s tax review, the so-called McLeod Tax Review. Peter Rowe served on the ...

JACQUI DEAN ... and to report to one or more of four supervisors. Those supervisors are, at the moment, the Reserve Bank, the Securities Commission, the Police, and the Department of Internal Affairs in the case of casinos. Those supervising entities will be ...

Hon Dr WAYNE MAPP ... the oversight, regulation, and enforcement of the new regime. As supervisors, the Reserve Bank of New Zealand, the Securities Commission, and the Department of Internal Affairs will support reporting entities to implement and maintain the new regime. ...

Hon SIMON POWER ... collectively referred to hereinafter as reporting entities. The bill establishes the Reserve Bank of New Zealand, the Securities Commission, and the Department of Internal Affairs as supervisors that will monitor the compliance of reporting entities. These ...

Dr PAUL HUTCHISON ... was that the supervision arrangements of the four New Zealand entities—the Reserve Bank of New Zealand, the Securities Commission, the Department of Internal Affairs, and the Police, which are all involved at present—could in the future be wrapped ...

JACQUI DEAN ... also bring about some changes to Government agencies. This bill will enhance the existing supervisory roles of the Securities Commission, the Reserve Bank of New Zealand, and the Department of Internal Affairs by making them supervisors of the anti - money-...

JOHN BOSCAWEN ... been very, very heavily concentrated, and investors have not appreciated the true risk. At the annual review of the Securities Commission Jane Diplock made the point, as head of the Securities Commission, that the commission was required to authorise or ...

JOHN BOSCAWEN ... model. I note also in Mr Simon Power’s press release yesterday that he says that is something he wants the Securities Commission to give urgent attention to and to review. I congratulate Mr Power again on that. Mr Harris then looked at the ...

JOHN BOSCAWEN ... more relevant by the submission given to the Commerce Committee this morning by Jane Diplock, the chairperson of the Securities Commission. Jane Diplock appeared before the committee during the course of the committee’s annual review of the commission’s ...

AMY ADAMS ... will be able to take advantage of that simplified disclosure regime for their prospectuses. Having worked with the Securities Commission on behalf of clients for many years, I am well aware what a prudent and effective watchdog of investor rights it is. I ...

PESETA SAM LOTU-IIGA ... fully understand and be informed as to the requirements going forward. As the Hon David Parker has referred to, the Securities Commission will monitor and enforce compliance of the simplified disclosure prospectus—or SDP—regime, once it is introduced. ...

CHARLES CHAUVEL ... provide for all prospectus amendments to be sent to investors before subscription, and it will provide for additional Securities Commission powers to ensure that these prospectuses are used only by appropriate advisers, and that potential investors will have ...

CLARE CURRAN ... investment statement, for all prospectus amendments to be sent to investors before subscription, and for additional Securities Commission powers to ensure these prospectuses are used only by appropriate issuers. Part 2 will amend the Financial Advisers Act ...

AMY ADAMS ... in addition, the extensive penalties continue to apply. From my experience within this area of law, I know that the Securities Commission, in conjunction with the Companies Office, acts as a particularly vigorous watchdog in this regard. In difficult ...

Hon SIMON POWER ... and I look forward to hearing the views put forward, and the advice of the committee, on that specific point. The Securities Commission will monitor and enforce compliance with the simplified disclosure prospectus regime, once it is introduced, and will ...

CHARLES CHAUVEL ... meet certain standards, including international standards and those of the joint regulators, the Reserve Bank and the Securities Commission. This provision concerning joint regulation is the result of a change recommended by the Commerce Committee. This ...

PESETA SAM LOTU-IIGA ... contracts on any futures markets operated by the authorised futures exchange. That does not affect the ability of the Securities Commission to authorise futures dealers more generally, but codifies the existing class authorisations granted by the Securities ...

JONATHAN YOUNG ... potential models of regulator: the Reserve Bank of New Zealand as a sole regulator with a duty to consult with the Securities Commission, and the Securities Commission and the Reserve Bank as joint regulators. It has been suggested that the oversight of ...

Hon NATHAN GUY ... The final change I note is the change to the period within which the joint regulators, the Reserve Bank and the Securities Commission, could disallow a proposed amendment to the rules of a designated settlement system, which is to be reduced from 40 ...

Hon LIANNE DALZIEL ... systems that clear and settle products as well as payments. This will be jointly overseen by the Reserve Bank and the Securities Commission. The Settlement Systems, Futures, and Emissions Units Bill also aligns the regulatory environment for exchanges ...

Dr RICHARD WORTH ... investigation into delinquent and criminal activity. Fine, the Minister has signed a new output agreement with the Securities Commission, but there does not seem to be a will to bring those who have erred to justice. There is a second aspect to all of ...

Hon Dr MICHAEL CULLEN ... will allow financial service providers to be registered and set up dispute resolution schemes, and will enable the Securities Commission to undertake a role in the licensing of financial advisers.

Funding has also been ...

SIMON POWER ... these comments from an article dated 3 May entitled Blue Chip Investors Battle for Justice: “The Securities Commission is limited in what it can do about Blue Chip because it was property investment. Property is not covered by the ...

Hon SHANE JONES ... been rorted and destroyed by the Fay Richwhite cabal—and, fortunately, some of them faced virtual charges from the Securities Commission. Secondly, as Toll has suffered all sorts of financial woes in the sharemarket of Australia, Dr Cullen had the ...

Dr RICHARD WORTH ... difficulties, and huge losses. I would just express the hope, in that context, that the Commerce Commission and the Securities Commission, which are well resourced, take the steps that are appropriate to be taken in pursuing those who have been responsible ...

Dr RICHARD WORTH ... the substantive Act, the Securities Act, is one of two pieces of legislation that give powers to two commissions, the Securities Commission and the Commerce Commission, to take action in respect of investments that sour. Those two commissions consider that ...

Hon LIANNE DALZIEL ... ensure that the election period can be put to good use by officials from the Ministry of Economic Development and the Securities Commission, and by the industry as a whole, to inject the detail into a regulatory framework that should reinvigorate a much-needed...

SIMON POWER ... financial advisers accountable for the advice they give. This bill, very appropriately in our view, establishes the Securities Commission as the sole regulator of financial advisers, and abandons the original co-regulatory model. It allows institutions to ...

Hon LIANNE DALZIEL ... a working group that will encompass representatives of the industry, the Ministry of Economic Development, and the Securities Commission to provide a feedback loop as we go forward. The committee has recommended changes to the bill that, first, focus on ...

CRAIG FOSS ... the investors—whatever they were. We have to distinguish between the two, because the Serious Fraud Office, the Securities Commission, and the police are investigating many of those instances right now. I again make the point in this House that in ...

Hon LIANNE DALZIEL ... qualifying financial entity, which is required to meet a standard in order to have that status acquired through the Securities Commission, takes responsibility for defining who falls on either side of the line. On one side of the line we have the ones who ...

CRAIG FOSS ... obligations and responsibilities of qualified financial entities that are mentioned in the bill—and I agree that the Securities Commission having that call is exactly right; it is the gateway of all things regulatory around financial markets, along with the ...

CHRIS TREMAIN ... advisers are to be regulated. Essentially, as the legislation is now to be enacted, it will be under the guide of the Securities Commission, which was established in Part 1 of the Securities Act. It was going to be product regulation based under the ...

Hon LIANNE DALZIEL ... approved professional bodies as the front-line regulators with oversight by a central regulator—in this case, the Securities Commission. The Securities Commission will ensure there is consistency across the approved professional bodies, setting minimum ...

SIMON POWER ... interesting question as to whether a pyramid-shaped regulatory framework should exist for financial advisers—with the Securities Commission at the top of the pyramid, followed by a few or several approved professional bodies, and the consumer at the bottom—or...

Hon MARK GOSCHE ... something that the public will be very keen to see enacted. The bill will set up a co-regulatory regime between the Securities Commission and industry-based approved professional bodies. The bill sets up that regime for financial advisers, and its main ...

LINDSAY TISCH ... this bill going to select committee and the need to establish a co-regulatory regime for financial advisers where the Securities Commission and industry-based approved professional bodies, to be known as APBs, will work together to create and monitor ...

Hon PAUL SWAIN ... really important. We then had to try to deal with things such as insider trading, and toughening up the powers of the Securities Commission and giving it more funds. I know that the Minister of Commerce has been beavering away on a number of other matters ...

Hon LIANNE DALZIEL ... in relation to breaches of the registration requirements, and will have the power to share information with the Securities Commission, the Reserve Bank of New Zealand, and other prescribed agencies that carry out supervisory and enforcement functions ...

CHARLES CHAUVEL ... in relation to breaches of the registration requirements, and will have the power to share information with the Securities Commission, the Reserve Bank, and other agencies that carry out anti - money-laundering supervisory and enforcement functions, ...

HONE HARAWIRA ... of this new registrar of financial service providers, which will have the power to share information with the Securities Commission, the Reserve Bank, and the police. We will be even more interested to see how it actually rolls out in practice, ...

Hon LIANNE DALZIEL ... regime providing for registered exchanges and the introduction of a co-regulatory regime that sees NZX and the Securities Commission undertaking their respective roles in a way that gives confidence to our capital markets, both domestically and ...

Rt Hon WINSTON PETERS ... New Zealand. That is why we now need a wide-ranging inquiry to set the matters right, once and for all. In 2003 the Securities Commission faced intimidation. The head of that commission may say that the threats were inconsequential and not a matter for the ...

Dr PITA SHARPLES ... have witnessed David Richwhite and a company involving his former partner Sir Michael Fay pay over $20 million to the Securities Commission to settle insider-trading proceedings relating to Tranz Rail—$20 million, the cost of innocence! We have watched ...

Rt Hon WINSTON PETERS I move, That the House take note of a matter of urgent public importance. We learnt the other day that the Securities Commission was able to get out of one David Richwhite $20 million, and, from a number of others, sums of up to $7 million in ...

Hon LIANNE DALZIEL ... opportunity to focus its attention on one of the most outstanding results that this country has ever seen from our Securities Commission. I want to place on record the congratulations of this House to the Securities Commission on not giving up the fight—and...

Hon BILL ENGLISH ...tricity—and telecommunications that this case underpins the importance of having a strong, independent regulator. The Securities Commission has done a good job. It is too much part of the culture of business in New Zealand that people who are in business ...

Dr PITA SHARPLES ...y—values we would expect to see right across the Government sector. Alongside the Minister of Commerce’s praise for the Securities Commission, I believe it is important that this House also acknowledge the leadership that Mr Peters has demonstrated and also ...

NANDOR TANCZOS ... of $27.5 million - odd. Even though that is a limited victory, I think we have to give our congratulations to the Securities Commission. We have to congratulate the commission, because in the past there have been some stunning defeats of the Serious ...

Madam SPEAKER ... settlement of the insider trading case. The settlement is a particular case of recent occurrence and, given that the Securities Commission is a party to the settlement, it does involve the ministerial responsibility of the Government. However, I am not ...

CHRISTOPHER FINLAYSON ... law. I mentioned the Law Commission and Justice Blanchard. I also mentioned Peter McKenzie, former chair of the Securities Commission and probably New Zealand’s leading expert in this field. Now that the legislation looks as though it will come into ...

Hon LIANNE DALZIEL ... information to be disclosed to clients before giving advice and by making all disclosures mandatory—also, the Securities Commission is given a public enforcement role in this area—and, finally, a complete overhaul of the size and range of penalties ...

HONE HARAWIRA ... Trading Amendment Bill, so it is supposed to change the way that business is done with the Commerce Commission, the Securities Commission, and the Takeovers Panel. This group of bills also brings in what is called a standard of civil liability to deal ...

CHRIS TREMAIN ... as 3A, containing new section 17B, which allows the sharing of information between the Commerce Commission and the Securities Commission, and new section 55F, proposed to be inserted by clause 8, which increases the amount of pecuniary penalty under the ...

SUE BRADFORD ... for this expropriation, and what are the consequences for those firms and individuals? In New Zealand we have a Securities Commission. It tells us that its vision is “that investors can have confidence in New Zealand’s securities markets so that the ...

PANSY WONG ... went on to comment on the appropriate future dividend policy of Telecom, which is still a subject of inquiry by the Securities Commission. I am a bit sceptical, because at the moment the Labour Government is delaying the debate of the Committee stage of ...

PANSY WONG ... and that wiped another $200 million off the company’s value. The New Zealand Exchange referred those comments to the Securities Commission for investigation after complaints from market participants. This afternoon we have learnt that the Minister has ...

Hon BILL ENGLISH ... by the fracas around the Telecom leak and, now, David Cunliffe, the Minister of Communications, being subject to a Securities Commission investigation. In fact, it prompted a thought—[ Interruption]—the Cunliffe Budget, that is right; his first, his best, ...

Dr the Hon LOCKWOOD SMITH ... It has been overshadowed by the fact that the Minister of Communications, David Cunliffe, has been referred to the Securities Commission for a possible insider knowledge leak, through the wholesale news service, to wholesalers in our stock market that ...

Hon BILL ENGLISH ... power says to the market that Telecom should change its dividend policy, of course the market will take notice. The Securities Commission has taken that seriously, and, certainly, market participants have, because it said today that it had received a ...

Hon PETER DUNNE ... night. But that interpolation is speculative, at this stage. The question that requires the proper attention of the Securities Commission relates to the circumstances of the leak and the impact it had on the market, and also the questions that have arisen ...

PANSY WONG ... not good enough for the Minister. So the commissioner was sacked. I doubt, after we pass this legislation and the Securities Commission wants again to adhere to the legislation, whether confidence will be inspired. Once again, I ask how, with political ...

TIM GROSER ... authorities that have statutory responsibilities for pursuing misleading and deceptive conduct—that is, the Securities Commission, the Takeovers Panel, and the Commerce Commission—are a very sensible change and we welcome that. I guess my main ...

PANSY WONG ... amendments, one to Part 1 and the other one to Part 2. My Part 1 amendment proposes to increase the authority for the Securities Commission to carry out functions so that the relationship and the role of both the Securities Commission and the stock exchange ...

Hon LIANNE DALZIEL ... the Commerce Committee members handled that matter particularly well when they looked at the financial review of the Securities Commission, and I felt that the Securities Commission explained itself particularly well in its annual report, which has just ...

Hon LIANNE DALZIEL ... the member raised. It extends the time period for bringing civil proceedings from 2 years to 3 years, to enable the Securities Commission and others to have sufficient time to detect and investigate behaviour before bringing proceedings. It clarifies that ...

TIM GROSER ... this bill does some positive things, including the tidying up of the provisions for the three relevant bodies, the Securities Commission, the Takeovers Panel, and the Commerce Commission, that are responsible for ensuring that deceptive practices are not ...

PANSY WONG ... 2003 Provenco conducted an on-market buy-back of $4.2 million of its own ordinary shares, paying $1.4 million. The Securities Commission considered that the defendants received insider information about the future earning of the business. This case ...

PANSY WONG ...information;”. There was some speculation about whether the Hon David Cunliffe, when he was under investigation by the Securities Commission for speculating about the future dividend policy of Telecom, would be caught under this new extended definition of “info...

PANSY WONG ... I say that we are also pleased that there is a proposal in this legislation that the Commerce Commission, the Securities Commission, and the Takeovers Panel will sensibly share some of that information, to ensure that our legislation regarding the ...

PANSY WONG ... legislation is fine—we are supportive of it—but what sort of assurance do we have in relation to agencies such as the Securities Commission, which is a statutory body, the Takeovers Panel, and the Commerce Commission, all affected by this legislation? If ...

Hon JUDITH TIZARD ... generally supportive of the idea, they noted that a declaration of contravention could be made only subsequent to the Securities Commission or Takeovers Panel taking civil penalty proceedings. This would mean that a pecuniary award arising out of those ...

PANSY WONG ... his ending the so-called wild Wild West of our securities market. Indeed I have in my hand a press release from the Securities Commission today. The Securities Commission conducted a financial surveillance programme and it has picked 46 issuers of various ...

CHRIS TREMAIN ... as Mr Connell pointed out before. In order to ensure that confidence is maintained, it is imperative that the Securities Commission have the power to bring criminal charges in the event of a case involving insider trading. For example, in November ...