Rates Round Up:
Commission focussing in on Hanover; Bank disclosure review outcome
Monday, November 22nd 2010, 10:53AM
The Securities Commission says it is near completion of its investigation into Hanover Finance, United Finance and Hanover Capital.
It says the investigation has been complex and involves a team including investigators, forensic accountants, financial analysts and lawyers.
Commission members will meet before Christmas to decide whether criminal charges will be laid against directors of the companies and although no decision has yet been made, it is likely any charges will be laid in the New Year.
Bank disclosure review outcome: better information, less compliance cost
The Reserve Bank has finalised the main policy decisions in its review of disclosure requirements for registered banks.
The main changes to the existing regime include:
- Dropping the quarterly Key Information Summary and Supplemental Disclosure Statement
- Introducing a single quarterly disclosure document aimed at more financially savvy readers
- Cutting by three or four times the size of the half-year disclosure document, by basing it on interim rather than full-year accounting standards
- Further rationalisation of information across all time periods
Deputy Governor Grant Spencer says this is the first major overhaul of the disclosure regime since it was set up in 1996 and will better align disclosure information with its original purpose of enhancing market discipline in the banking sector.
The first disclosure statements under the new regime will be for reporting periods ended 31 March 2011.
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