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• Financial Sector Policy

• Securities Law, Securities Markets Law and Settlement Systems

• Review of Securities Legislation

• Media Statements
• Securities Legislation Bill
• Discussion Documents
• Cabinet Papers
• RISs & BCCSs

Cabinet has enacted:

• The Securities Markets (Substantial Security Holders) Regulations 2007;
• The Securities Markets (Investment Advisers and Brokers) Regulations 2007; and
• The Securities Markets (Investment Advisers and Brokers) Regulations 2007.

The regulations (and the dependent primary legislation, the Securities Markets Amendment Act 2006) came into effect on 29 February 2008.

Also commencing on 29 February 2008 are:

• The Securities Amendment Act 2006;
• The Takeovers Amendment Act 2006;
• The Companies Amendment Act (No 2) 2006; and
• The Fair Trading Amendment Act 2006.

The regulations:

• Tidy up several unpractical aspects of the regime by making minor changes to the existing Securities (Substantial Security Holders) Regulations 1997;
• Provide more certainty to the market on the application of the newly introduced prohibition on market manipulation;
• Clarify that market stabilisation complying with specified conditions will be allowed; and
• Clarify that short selling and trade crossings undertaken in accordance with NZX's rules will not be considered manipulative solely because they are short sales or crossings.

The regulations provide more certainty in relation to investment advice disclosure by:

• Defining "bank term deposit";
• Exempting telephone investment advice from full disclosure obligations;
• Explaining how lawyers, chartered accountants, and advisers, isolated from certain relationships within a firm, are affected by disclosure obligations; and
• Clarifying the practical application of disclosure requirements on remuneration.

Finally, the regulations require clear, concise and effective disclosure with set format requirements.

Regulations are not proposed for insider trading prohibition at this stage.

The regulations were developed in consultation with stakeholders through a series of meetings and a discussion document released earlier this year.

• Media Statements
  Media Statements pertaining to Review of Securities Trading Law.
• Securities Legislation Bill
  The Securities Legislation Bill is designed to ensure confidence in, and promote the efficiency of, New Zealand's capital markets by increasing the effectiveness of securities, securities trading, and takeovers laws.
• Discussion Documents
  Discussion Documents released as part of the Review of Securities Trading Law.
• Cabinet Papers
  Cabinet Papers relating to the Review of Securities Trading Law.
• Regulatory Impact and Business Compliance Cost Statements
  Regulatory Impact and Business Compliance Cost Statements relating to Cabinet Papers in the Review of Securities Trading Law.