LUXTON SEEKS SUBMISSIONS ON THE FUTURE ROLE AND FUNCTION OF THE SECURITIES COMMISSION

  • John Luxton
Commerce

Today the Minister of Commerce, Hon John Luxton, released a discussion paper on the future role and functions of the Securities Commission.

The Securities Commission is responsible for administering the disclosure based regulatory regime for securities markets in New Zealand.

Mr Luxton said today, "Since its establishment in 1978 the Securities Commission has provided New Zealand with an internationally credible regulator at a relatively low cost. However there has been no specific review of the Commission's role and functions since its establishment. Since then there have been significant changes in the securities markets and the regulation administered by the Commission. The key aim of the review is to improve the performance of the Commission's functions within the context of the disclosure based regime by ensuring the Commission's role and functions are well specified and targeted.

"While the discussion paper introduces a number of possible options for the role and functions of the Commission, the Government remains open-minded on these. The submissions received on the discussion paper will allow the Government to better assess these options, "Mr Luxton concluded.

Copies of the paper are available from the Competition and Enterprise Branch of the Ministry of Commerce (ph 04 472 0030). The closing date for submissions is 15 February 1998.