Commerce Minister welcomes capital market report

Commerce Minister Simon Power has welcomed the Capital Market Development Taskforce's interim report, saying it would receive his urgent attention.

The report recommends changes to stock-market rules and to securities laws and regulations aimed at improving processes for raising capital. It notes that some of the changes would simply remove unnecessary duplication in the current regulations.

"Thriving capital markets are important for economic growth, and during the current difficult economic circumstances it is important the Government respond quickly with carefully considered and positive support for our businesses," Mr Power says.

"These interim recommendations are focused on reducing the costs to businesses of raising capital and were produced in response to the current circumstances.

"Although the taskforce was not due to report back till September next year, publishing an interim report in view of the current crisis is a welcome initiative.

"I look forward to working through these ideas with its chair, Rob Cameron, and other taskforce members, and will consider these proposals within the context of the wide range of work the Government is putting in place in response to these difficult times."

Mr Power intends to meet Mr Cameron in the next few days as the Government responds to financial pressures facing businesses.