New Zealand: Government responds to Capital Market Development Taskforce recommendations

The Government has published its response to the recommendations made last year by the Capital Market Development Taskforce: see here and here (pdf).

The Government has expressed its support for many of the recommendations including: ensuring the duties of fund managers and supervisors are clear and enforced; considering consolidating parts of the Companies Office, Securities Commission and the NZX Disciplinary Tribunal into a new market conduct regulator; and making it easier and cheaper for companies to raise capital privately by clarifying and broadening the exemptions to the Securities Act 1978 and Takeovers Act 1993.

Some of the recommendations are being considered as part of the Government's review of the Securities Act 1978.