THURSDAY, JANUARY 7, 1988
GOVERNMENT STUDIES ISSUES OF IMPORTANCE TO INVESTORS
WHICH
ARE
THE GOVERNMENT IS CURRENTLY ADDRESSING WIDER ISSUES OF IMPORTANCE TO THOSE INVESTING IN STOCKS AND SHARES, THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, SAID TODAY (THURSDAY).
HE SAID THIS WAS IN ADDITION TO THE WORK OF THE SECURITIES REVIEW COMMITTEE WHOSE REPORT WOULD, HE BELIEVED, PROVIDE THE RIGHT FOUNDATION FOR A MAJOR OVERHAUL OF OUR SECURITIES LEGISLATION AND THUS ENABLE US TO BRING OUR REGULATORY FRAMEWORK AND MARKET
FULLY UP STRUCTURES
TO THE STANDARDS NOW EXPECTED OF A MAJOR INTERNATIONAL STOCK MARKET.
NENDICK WAS SPEAKING AT THE OPENING OF THE SEMINAR MR
ASSOCIATION OF IN PRACTICE" ORGANISED BY THE INTERNATIONAL IN ECONOMICS AND BUSINESS MANAGEMENT.
"FINANCE STUDENTS
ON HE SAID THE STANDING COMMITTEE
COMPANY LAW REFORM HAD RECOMMENDED THAT, IN LINE WITH THE PRACTICE IN OTHER MAJOR CENTRES, THERE SHOULD BE FULL DISCLOSURE OF THE BENEFICIAL OWNERSHIP OF SHARES OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS OF PUBLIC LISTED COMPANIES AND OF THEIR SHARE DEALINGS.
"SUCH DISCLOSURE REQUIREMENTS WOULD REVEAL WHO ACTUALLY
г
DEALING MORE
DIFFICULT,
CONTROLLED A COMPANY AND THUS MAKE INSIDER HE SAID.
COMMITTEE'S PROPOSALS
WERE
WERE
MR NENDICK SAID THE STANDING CONSIDERED AND SUPPORTED BY THE SECURITIES COMMISSION AND SUBSEQUENTLY SET OUT 'N THE FORM OF A WHITE BILL FOR PUBLIC COMMENT.
THAT, BASED ON COMMENTS
MAINLY PERIOD,
FROM WAS A GENERAL
HE SAID IT WAS ENCOURAGING TO FIND
THE RECEIVED DURING
THREE-MONTH CONSULTATION PROFESSIONAL BODIES AND THE BUSINESS COMMUNITY, THERE CONSENSUS THAT MORE DISCLOSURE WOULD BE IN THE PUBLIC INTEREST.
AND, WHERE
THESE COMMENTS WERE NOW BEING CAREFULLY CONSIDERED APPROPRIATE, WOULD BE REFLECTED IN THE REVISED BILL, HE SAID.
ΤΟ INTRODUCE IT INTO IT WAS THE GOVERNMENT'S INTENTION LEGISLATIVE COUNCIL IN THE CURRENT LEGISLATIVE SESSION.
THE
THAT ADDRESSED EFFECTIVE VIEWS
IN
AS
ME
SAID NENDICK AS REGARDS INS DER DEALING ITSELF,
COMPANY LAW REFORM MARCH 1987, THE STANDING COMMITTEE ON
AND CONCLUDED THAT A THE ISSUE OF INSIDER DEALING
MORE DETERRENT WAS REQUIRED, ALTHOUGH THEY WERE DIVIDED IN THEIR TO THE APPROPRIATE WAY FORWARD.
REVISIONS HE SAID TWO POSSIBLE
ΤΟ THE PRESENT
ARRANGEMENTS
WERE IDENTIFIED.
THE SANCTIONS
UNDER THE EXISTING FINANCIAL PENALTIES);
THE FIRST WAS TO INCREASE TRIBUNAL SYSTEM (INCLUDING THE INTRODUCTION OF THE SECOND, TO MAKE INSIDER DEALING A CRIMINAL OFFENCE.
"BOTH OPTIONS