Implementation and review
The proposal is for appropriate amendments to be made to the Securities Markets Act 1988, the Personal Properties Securities Act 1999, the Securities Act 1978 and the Securities Transfer Act 1991 (along with other minor consequential amendments).
The proposal will come into effect shortly after passage of the necessary legislation. As the proposal is an opt-in regime, no transition period is necessary, although there will be a lead in time for development of operating rules, approval processes, etc before a regulated clearing and settlement system can become operational.
Consultation
The following agencies have been consulted and agree with the recommendations in this paper: Securities Commission, Reserve Bank, Treasury (Emissions Trading Group).
NZX has also been consulted during the preparation of this paper.
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