Page 32 Advertisements Column 1

Press, 23 November 1988, Page 32

COMMITTEE OF INQUIRY INTO THE SHAREMARKET On Friday, 28 October 1988, the Minister of Justice announced the establishment of a Ministerial Committee of Inquiry into the Sharemarket. The Committee's terms of reference are: 3. Market discipline and surveillance-what supervisory model is appropriate and what role ought there to be "To review the law and practices of, and relating to, the f or the New Zealand Stock Exchange and/or a statuoperations of the New Zealand sharemarket and to tory body. make recommendations to ensure the maintenance of a fair and efficient market for the investment in and 4. The constitution, management and membership or the tradingofsecuritiesoflistedcompanies,havingregard market- what developments might enhance the subto the importance of a capital market to New Zealand's stance, competence, liquidity and development of the economic system. market. The review is to include a consideration of appropriate Submissions are encouraged to provide instances of pracsupervisory structures." tices and transactions that have impacted on the sharer market's fairness and efficiency. It is stressed that the The Committee’s inquiry will not include current legisla- Committee’s inquiry will not include criticism of inditive proposals that relate to the sharemarket, namely the viduals, companies or institutions for past events. Securities Law Reform Bill (insider trading, futures trading, and disclosure of nominee shareholdings) and the Submissions (7 copies) to the Committee should.be sent Securities Commission's recent recommendations relating by Tuesday, 20 December 1988 to. to the reform of company takeover law. The Secretary (Mrs M Thom), The Committee's inquiry will include the following areas: Committee of Inquiry into the Sharemarket, Tribunals Division 1. Efficient functioning of the market - what measures Private Bag ought to be implemented to ensure that sharemarket Postal Centre dealings are completed more efficiently. WELLINGTON. 2. Fair and open market - what measures can be taken to -ph e c ornm ittee is to make its report to the Minister of ensure that the market is more informed, equitable and Justice by 31 March 1989. While it is not proposed to orderly. conduct public hearings, the committee may wish to enter into meetings and discussions in particular instances.

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