With key parts of the review already enacted and moving towards
implementation, the Government's review of financial
products and providers continues into 2009, with a review of the
Securities Act 1978 and Regulations still on the horizon.
Review of the Securities Act and Regulations
The Ministry of Economic Development is currently scoping a
project around this review which will be a significant undertaking.
The project will include further consideration and seek decisions
on the policy issues identified, which include:
The definition of a security.
The appropriate form of disclosure documentation (including
whether or not there is an ongoing need for both a Prospectus and
The role of the Securities Commission.
Reform of the Securities Act is not in the new
Government's immediate plans and, with other more pressing
issues to attend to, we consider it unlikely that any amending
legislation will be put before Parliament, at least in the first
half of 2009. We will monitor the situation and advise further of
any policy updates as they become available.
Any reform of the Securities Act and Regulations will obviously
have a significant impact on the way issuers currently offer
securities to the public.
In the meantime, the Financial Advisers and Financial Service
Providers (Registration and Dispute Resolution) Acts are passed, a
draft Anti-Money Laundering Bill has been released, and all move
towards full implementation in 2010.
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This publication is intended as a first point of reference
and should not be relied on as a substitute for professional
advice. Specialist legal advice should always be sought in relation
to any particular circumstances and no liability will be accepted
for any losses incurred by those relying solely on this
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In the years following the global financial crisis of 2008 many Australian investors lost their life savings as financial products failed and the Australian Stock Exchange shed over 3,000 points.
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