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• May 2002 Discussion Documents

• Financial Sector Policy

• Securities Law, Securities Markets Law and Settlement Systems

• Review of Securities Legislation

• Discussion Documents

On 31 May 2002, the Government released three discussion documents as part of the Review of Securities Trading Law. Submissions closed on 30 August 2002.

The three discussion documents cover:

1. A first principles review of insider trading law. This looks at the definition of insider trading and examines various policy justifications for regulating against insider trading. It also explores how an insider trading regime can best meet and promote these policy objectives.
2. A review which considers New Zealand’s existing market manipulation law. This looks at whether the government should do more to prevent market manipulation and what forms of market manipulation should be banned.
3. A review of which financial products and entities should be covered by New Zealand securities trading law and what penalties and remedies should apply. In particular, it considers what improvements could be made to civil and administrative remedies for breaches of the law and whether criminal and civil penalties regimes should be introduced.

The results of this consultation were released in a series of Cabinet Papers on 14 July 2003.

Documents

Reform of Securities Trading Law: Volume One: Insider Trading: Fundamental Review  [ Published 31 May 2002 ]
Discussion document that examines the various policy justifications for implementing insider trading regulation and explores how the content of an insider trading regime could best meet and promote the government's policy objectives.

Reform of Securities Trading Law: Volume Two: Market Manipulation Law  [ Published 31 May 2002 ]
This discussion document considers whether more substantive market manipulation law should be implemented in New Zealand.

Reform of Securities Trading Law: Volume Three: Penalties, Remedies and the Application of Securities Trading Law  [ Published 31 May 2002 ]
This discussion document is part of a broad programme of reforms aimed at strengthening the regulatory framework to enhance the performance of, and confidence in, the New Zealand's securities markets.