Securities Commission hearing

Press, 28 November 1979, Page 25

Securities Commission hearing

The Securities Commission’s full hearing into nominee shareholdings would probably take the form of a public hearing in early February, according to the executive director of the commission (Mr C. B. Rampton). This will be the second hearing by the commission, which was established earlier this year. The hearing into nominee shareholdings was expected to attract considerable interest because the issue affected virtually every public company in the country, Mr Rampton said. The commission is to look into the practice whereby shares in public companies are held by nominees for undisclosed purposes and the

; practices relating to the exercise of rights attached 1 to the shares by owners of the shares not registered by the company. The commission will also look into the law relating to the disclosure of the identity of the beneficial owners of shares jin companies. ■ A review of New Zealand and overseas legislation on the Subject has been compiled by the commission and is being sold to the public. This includes extracts of the MacArthur Committee’s review of the Companies Act, as well as the Cohen and Jenkins’ Committee reports from Britain and the Eggleston Committee report ol Australia. Organisations and individ-i uals wanting to make sub-

missions are asked to contact the commission by December 20. Advertising The Securities Commission hearing into financial advertising began yesterday. Four organisations made submissions. These were the Broadcasting Council of New Zealand. the Permanent and Terminating Building Societies, and the Public Relations Institute represented by Mr Robin Clulee. The hearings are in public. The hearings were expected to continue all week, Mr Rampton said. A total of 17 organisations would be either appearing or presenting formal submissions. The Reserve Bank is I among those to make sub-1 missions today.