The Financial Markets Conduct Bill (the Bill) has been referred to the Commerce Select Committee.
Submissions are due by 26 April 2012.
The Ministry of Economic Development's last consultation process on the exposure draft of the Bill was focused on the technical details of the Bill. In contrast, the select committee review of the Bill will also involve matters of policy. One area that has been signalled by the Ministry as a likely focus for the select committee concerns the significant movement from criminal liability to civil liability, and the change in focus for primary liability for disclosure failings from the directors to the issuer.
Background material for your submissions
To assist with the review of the Bill, the MED has collated a table of the submissions it received on the exposure draft (including submissions made by Bell Gully). This table is available on the MED's website. It includes brief MED comments indicating where a change to the exposure draft has, or has not, been made in response to the submissions, or where further consideration is required.
The Ministry has also released an unofficial compare version of the Bill, showing changes between the exposure draft and the introduction version.
Read together, these documents show the changes made to the exposure draft of the Bill in response to submissions and all other changes that have been made.
For further background material released by the MED on the Bill, and its review of New Zealand's securities legislation, click here.
Do you need assistance with your submissions?
Bell Gully will be making submissions on the Bill and we will provide further updates as we consider the Bill in detail. In the meantime, if you have any questions, or would like assistance with making a submission of your own, please contact your usual Bell Gully adviser.
For more information on any of the cases, articles and features in Financial Services Quarterly, please email Rachel Gowing or call on 64 9 916 8825.
This publication is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.