Securities bill changes sought

Press, 26 August 1978, Page 4

Securities bill changes sought

PA Wellington Parliament’s Statutes Revisions Committee has recommended changes which will simplify the Securities Advertising Bill. One of its main recommendations is the adoption of a Government amendment to establish a Securities Commission. The bill in its original form set up a complex procedure for the protection of investors by requiring the disclosure of extensive detailed and accurate information before any invest ment was made. While the committee s recommendations retains the over-all aim of the hill,

n its suggested amendments would leave many of the de- ■- cisions to be made by the -• commission in the form of h regulations. s The committee’s chairman, Mr J. K. McLay (Nat. Birkeni- head) said the approach n would allow greater flexiit bility in the law governing ■s the commercial world. Exemptions from the prod visions of the bill would be >- left to the commission to if decide, said Mr McLay. e The Minister of Justice ;• (Mr Thomson) said that the bill would be circulated : among commercial parties. It would lie on the Order Paper until there had been e time for the changes to be I, considered.