Insider trading
PA Wellington The Government yesterday introduced legislation banning unfair financial dealings which the Minister of Justice, Mr Palmer, said had made New Zealand the “last wild West show.” The Securities Law Reform Bill brings in civil laws against insider trading, requires disclosure of nominee shareholding and calls for self-regulation of the futures industry under supervision of the Commerce Commission. The bill makes an insider who buys securities from or sells securities to any person liable to that person for any loss.
It also makes the insider liable to the public issuer for any gain made or loss avoided by the insider plus a pecuniary penalty that a court considers appropriate. A gain or loss is defined according to the difference between the consideration paid or received for the security and the value the security would have had at the time of the transaction if the inside information had been publicly available.
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Press, 22 July 1988, Page 4
Word Count
153Insider trading Press, 22 July 1988, Page 4
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