Summary of Questions for Submissions
- Should market manipulation be viewed as a private wrong or a wrong against the market?
- What definition of market manipulation should be adopted for any law that is introduced in New Zealand?
- Should the concept of market manipulation focus on the purpose or the effect of the conduct? What are the reasons for your view?
- Do you believe market manipulation exists in New Zealand?
- Should we regulate market manipulation in New Zealand?
- What are the reasons for your view?
- If you are in favour of regulating market manipulation, what do you think the policy justification for our market manipulation legislation should be?
- Should a market manipulation regime adopted in New Zealand rely on a general prohibition, the prohibition of specific practices or a combination of the two?
- Should a general prohibition against misleading or deceptive conduct in relation to dealings in securities be adopted in New Zealand?
- If such a provision is adopted, should the Fair Trading Act 1986 be amended to expressly exclude conduct which relates to securities markets?
- If such a provision is adopted, should the Commerce Commission or the Securities Commission be the body responsible for its enforcement?
- Should a specific prohibition against conduct creating an artificial price be adopted in New Zealand?
- Should the prohibition be effect based or purpose based?
- Should the prohibition be broad or prescriptive?
- Should a provision prohibiting fictitious transactions be adopted in New Zealand?
- Should the provision be broad or prescriptive?
- Should the law include a prohibition on making false or misleading statements in relation to dealings in securities?
- Should the provision be effect or purpose based?
- Does the fact that short selling is dealt with by self regulation impact on investor confidence in the New Zealand sharemarket? Give reasons for your view.
- Should short selling be regulated as part of any market manipulation law implemented?
- If so, what do you think the policy justification for short selling legislation should be?
- How should any short selling legislation deal with short selling other than on registered stock exchanges?
- What should the relationship be between the NZSE membership regulations and any legislative provisions?
- Should the Securities Commission be given a civil enforcement role in any market manipulation regime introduced?
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