PM to issue response to capital markets review in early new year

Wednesday 16th December 2009

Prime Minister John Key will lead the government's response to the recommendations of the Capital Market Development Taskforce, published today.

"These recommendations are a key part of the Government's wider work programme for the financial sector, and to demonstrate just how important we regard it, the Prime Minister will lead the response by announcing it early in 2010," said Commerce Minister Simon Power.

"The proposed initiatives will make real improvements to the robustness and productivity of our capital markets and will make a strong contribution to economic growth."

The taskforce assessed how these markets are working and what improvements can be made. The report focuses on delivering better outcomes for investors, in both the quality and range of products available, and developing and growing access to capital for businesses.

Mr Power said the Government will look closely at some of the recommendations as part of the current review of the Securities Act. He intends to release discussion documents on the review in the new year.

"Our capital markets cannot be allowed to under-perform," said Power. "They are a key means of wealth creation for New Zealanders and a vital source of finance for businesses.

"It's important that we develop our capital markets to allow for business growth while ensuring that investors receive proper levels of protection."

Businesswire.co.nz

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