Commerce Commission want hearing on brokers rule

Press, 4 March 1980, Page 18

Commerce Commission want hearing on brokers rule

PA Wellington The Commerce Commission wants to inquire into a complaint about a rule of the Stock Exchange Association of New Zealand which prevents sharebrokers opening branch offices. However, the association has told the commission that it is applying, to the. Supreme Court for. a decision on whether the Commerce Commission has jurisdiction over the association’s rules. A spokesman for the association said this was being done because the Justice Department had approved the association’s rules, and the association wished to know

(which Government departement — Justice, or Trade : and Industry (which covers : the Commerce Commission) ! — had jurisdiction over its rules. The Commerce Commission said that it had received a report from the Examiner of. Commercial Practices. His report concluded with a recommendation that the commission should make an order prohibiting the association from preventing its members from opening branch offices. The commission said it would sit in Wellington on March 25 to hear parties interested in the matter. i

The association said it as{sdmed that, in the meantime, the commission would defer the fixing of a hearing date, and that it would not be necessary for the association to apply for an interim injunction restraining the commission from dealing with the matter. The commission said its solicitor wished the commission to hear his comments on this preliminary aspect, so later this month it would hear any party wishing to comment on the question of deferring the main case until the Supreme Court had settled the jurisdiction issue. _