Rate rule ditched
PA Wellington Stock exchange rules that set broking rates for shares are to be thrown out as part of the Government’s deregulation policies for the financial sector.
The Minister of Justice, Mr Palmer, said approval had been given last month to a number ’of other changes aimed at deregulating and improving the efficiency of stock exchange operations. But revoking the rates of brokerage could not be done then because a provision in the Sharebrokers Amendment Act required the exchange to set the rates.
The Commerce Act, when it came into force at the beginning of the month, repealed that provision.
"The revocation of the brokerage rules will take effect on the date of their gazetting,” Mr Palmer said.
The move would allow the sharebroking industry to set its own, competitive rates of brokerage, he said.
At his mid-Cabinet press conference, the Prime Minister, Mr Lange, said the stock exchange had an arbitrary system of brokering charges which were inconsistent with a deregulated environment.
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Press, 13 May 1986, Page 22
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166Rate rule ditched Press, 13 May 1986, Page 22
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