NZ securities reform cherry picks from Aus

Author: | Published: 16 Aug 2011

New Zealand’s once-in-a-generation reform of outdated securities and financial markets legislation will cherry-pick the best of Australian regulations to produce a better regime.
A drastic overhaul of New Zealand's out-dated capital markets regulation took a significant step forward last week with the publication of the consultation draft of legislation at the centre of reforms.
The 400-page draft Financial Markets Conduct Bill consolidates existing securities and financial markets legislation into one regulatory outline, and re-writes much of the current laws.
Key changes proposed include a shift to regulating products according to their economic substance rather than their legal form, and a move away from regulating only publicly-offered...