The Capital Market Development Taskforce has released its final
report outlining its 'blueprint' for developing New
Zealand's capital markets.
As signalled in the Taskforce's previous reports, its
recommendations focus on two key areas:
Improving the quality of products available to retail
investors, including simplifying and standardising offer documents,
improving on-going disclosure and governance and developing the
range of products available to retail investors
Developing the right capital markets for New Zealand, including
revising our existing regulatory framework to provide clear and
consistent regulation, eliminating tax and regulatory discrepancies
between investments and developing new markets (such as a
speciality agricultural capital market)
The report emphasises that New Zealand's capital markets are
a system of interrelated participants and processes and that
isolated changes will not achieve the goal of driving economic
growth. Accordingly, the Taskforce's recommendations are wide
ranging; from core recommendations such as facilitating access to
capital by private enterprises and clarifying the differences
between public and private offers through to incorporating
financial literacy concepts into the school curriculum and revising
immigration policy to assist businesses with attracting highly
The Government's initial response to the report has been
positive; with an announcement that the Prime Minister will lead a
response to the recommendations early in 2010 and that some
recommendations will be considered as part of the Ministry of
Economic Development's current review of the Securities
The Minister of Commerce also stated that he hopes to have a
discussion paper out on the Securities Act review early next year.
This will be a major focus for us on 2010. We are reviewing the
recommendations in detail and will keep you up to date with any
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should not be relied on as a substitute for professional advice.
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