23 December 2009

Capital Market Development Taskforce 2009 Report

The Capital Market Development Taskforce has released its final report outlining its ‘blueprint’ for developing New Zealand’s capital markets.
New Zealand Finance and Banking
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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 skilled migrants.

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 Act.

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 significant developments.

© DLA Phillips Fox

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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.

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