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Adviser regulation slips back

Any plans to regulate, or control, financial advisers appears to have moved further back on the government's agenda.

Thursday, May 6th 2004, 6:32AM

by Rob Hosking

Any moves on the regulation of financial advisers now look a few months off.

Incoming Minister of Commerce Margaret Wilson promised, back in March, that the next phase of financial market law reform would be announced in early May.

That has now slipped back a few months. A spokeswoman for Ms Wilson told Good Returns that a draft Securities Trading Law Bill – which grew out of a discussion document released last year by former Commerce Minister Lianne Dalziel – will be released for discussion “in the next few months.”

That will cover:

  • A stronger disclosure and enforcement regime under the Investment Advisers (Disclosure) Act 1996;
  • Tighter insider trading rules
  • Introducing comprehensive prohibitions on market manipulation;
  • Harsher penalties for breaches of securities trading law.
The fourth phase of financial market reform, which will include the issue of regulating financial advisers, is not likely until late this year or sometime in 2005.

That final phase of reform includes a comprehensive review of the entire Securities Act and cover such issues as the possible licensing of financial intermediaries, transfer of securities, verification and monitoring of securities, reviews of the Unit Trust Act 1960 and contributory mortgages.

Wilson - who has stressed a “business as usual” approach to her new job – is, like Dalziel, looking closely at aligning New Zealand law more with the Australian regime in this area.

Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.

« KPMG queries some fixed interest investmentsSovereign takes regulation bull by the horns »

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