Are you preparing your firm’s submission?
Register to attend Thomson Reuters’ free industry webcast at
“The time provided, four weeks, is incredibly short for such a radical change. I understand a number of large issuers have decided that it’s too little time to undertake a meaningful review and to wait until the Select Committee process next year to provide their input. One hopes they won’t regret that decision.”
Lloyd-Kavanagh, (Partner, Minter Ellison Rudd Watts) guest speaker
The most comprehensive changes to the Securities Act since 1978
The New Zealand government is about to embark upon the most comprehensive changes to the country’s securities laws since the Securities Act was first passed in 1978. The new laws will include a licensing regime for market participants, extensive new powers for the Financial Markets Authority and penalties of up to $1 million for individuals and $5 million for companies — not to mention prison sentences of up to 10 years for “reckless and intentional” breaches.
The consultation period ends in 14 days time
Simon Power, the commerce minister, has described the reforms as a “once-in-a-generation opportunity” to have an impact on the re-write of New Zealand’s securities laws. Yet the government has given the industry just four weeks to comment on the exposure draft. The consultation period ends 6th September 2011.
More power, more quickly
Under the new framework New Zealand will introduce product disclosure statements similar to those used in Australia, will re-shape the licensing regime and significantly change the criminal penalties for misconduct. The market regulator will also have powers to act more quickly with a range of civil remedies including “speeding ticket” style infringement notices.
Hear and be heard by key industry figures
To assist firms with their submissions on the draft Financial Markets (Conduct) Bill, Thomson Reuters is hosting a discussion forum for industry participants. This forum will be an opportunity for industry practitioners to come together with key industry figures and lawyers to discuss the implications of the proposed laws. Click here for more information.
NZ Securities Law Changes Webcast Speakers Include:
- Liam Mason, head of legal at the Financial Markets Authority
- Lloyd Kavanagh, senior banking and financial services partner at Minter Ellison Rudd Watts
- Gary Hughes, senior associate at Wilson Harle, Auckland
– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
NZ Securities Law Draft Changes Webcast Details
- What: Discussion forum on the draft Financial Markets (Conduct) Bill.
- When: 2.30pm – 3.20pm (NZST) on Friday 26 August 2011. (12.30pm AEST).
- Who: Compliance officers, general counsel, lawyers, industry groups — anyone who is responsible for preparing a submission on the draft bill
- Where: From your own office (via webcast).
- Cost: Free.
- Register here: https://www1.gotomeeting.com/register/151988248
Or contact Natasha Walters at firstname.lastname@example.org or +61 2 9248 8953 to arrange access.