Securities and capital markets

Takeovers Panel continues to advocate for regulatory changes for schemes of arrangements and amalgamations
Last week the Takeovers Panel released details of its latest recommendations for regulatory change for schemes of arrangements and amalgamations.

The trans-Tasman Mutual Recognition of Securities Offerings scheme
In June 2008, the Australian and New Zealand Governments introduced a mutual recognition scheme which should make it easier for issuers to extend their securities offerings outside their home jurisdictions to members of the public in their trans-Tasman counterpart country. In this article Bell Gully partners, Anna Buchly and James Gibson discuss how the scheme is to operate in both jurisdictions.

Key aspects of the Financial Advisers Bill still under consideration
The Finance and Expenditure Committee has recently released its second interim report on the Financial Advisers Bill and has called for a further round of public submissions on its latest proposals. In this article, Bell Gully partner Haydn Wong re-looks at the main aims and expectations of the bill as introduced last year and outlines the current changes under consideration.

Directors' and Officers' disclosure - simplification at last
In July 2008, Cabinet agreed to amend the Securities Markets (Disclosure of Relevant Interests by Directors and Officers) Regulations 2003 (D & O Regulations) to reduce compliance costs. Key to those amendments are the problems associated with the very wide definition of "officer". A number of operational improvements are also to be made to the D & O Regulations.

Vision and pragmatism aim for new capital markets taskforce
In this article, senior associate Stephen Layburn looks at the new taskforce charged with developing plans for strengthening New Zealand's capital markets, a move which is in step with similar approaches being taken in key international economies.

Legislation to transform capital markets, boost investor confidence
In this article, senior associate Stephen Layburn provides a useful reminder of pending legislative developments arising from the Review of Financial Products and Providers against the backdrop of the public war of words that has broken out between Minister of Commerce Lianne Dalziel and media commentator Brian Gaynor about the Capital Market Development Taskforce.

Report on cycle seven of the Securities Commission's review of financial reports
The Securities Commission has completed the seventh cycle of its financial reporting surveillance programme. Although generally pleased with the level of compliance, the Commission has highlighted a number of areas with room for improvement. These include the disclosure of related party transactions, substantial security holders, directors' interests and directors' share dealings. The Commission also highlighted issues surrounding the disclosure of key management in its latest review.

Enquiries and information

For more information on any of the cases, articles and features in Commercial Quarterly, please email Diane Graham or call her on 64 9 916 8849.