Securities and capital markets

Securities law changes passed
New securities laws with measures to streamline raising capital for New Zealand businesses are now in effect.

Simplified securities disclosure regime to apply from 1 October
Commerce Minister Simon Power announced on 26 August that Cabinet had approved new securities regulations (the Securities Regulations 2009) which implement a range of recommendations made by the Capital Market Development Taskforce, including the implementation of the simplified disclosure prospectus regime. In this article, senior associate Stephen Layburn provides a brief overview of the new regulations.

Clear signals for future capital markets change – and more quick fixes now
The Capital Market Development Taskforce, appointed by the Government last July, has released a progress report identifying major issues facing New Zealand's capital markets. It builds on its earlier interim report, released last December, adding to the list of quick fixes identified in the interim report and setting the scene for the likely recommendations to be contained in its final reports now due this December. In this article, senior associate Stephen Layburn outlines the taskforce's latest recommendations.

Changing regulatory functions at issue for New Zealand and Australian exchanges
In this article, senior associate Stephen Layburn discusses NZX's proposals to reallocate some of its capital markets regulatory functions as set out in a discussion document prepared for the Capital Market Development Taskforce.

Recent developments affecting finance company activities
In this update, senior associate Stephen Layburn discusses four recent developments which impact on the finance company sector, namely: the extension of the retail deposit guarantee scheme; a proposed new licensing regime for corporate trustees who supervise debt issuers (including finance companies); the introduction of regulations which will simplify and clarify disclosure obligations for finance company moratorium proposals by the end of the year; and the Commerce Select Committee's inquiry into finance company failures.

Takeovers Panel considers class exemption for rule 16(b)
In August, the Takeovers Panel released a consultation paper on whether to grant a class exemption from rule 16(b) of the Takeovers Code. The paper discusses the Panel's current approach in granting specific exemptions from rule 16(b), the appropriateness of granting a class exemption and the possible terms and conditions of a class exemption.

NZX rule consultation for new clearing and settlement systems
Over the last 18 months, NZX has been working on implementing new clearing and settlement systems and infrastructure for its core trading markets and it has now released five Consultation Memoranda on various changes which are required for the implementation of the new system. In addition, NZX is also taking the opportunity to bring NZX's corporate action entitlement processing in line with international best practice.

Enquiries and information

For more information on any of the cases, articles and features in Commercial Quarterly, please email Diane Graham or call her on 64 9 916 8849.