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Good response to insider trading review

By Phil Boeyen, ShareChat Business News Editor

Thursday 19th October 2000

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It'll be early next year before any recommendations are made on New Zealand's insider trading regime.

A discussion paper was released on the issue in September, focusing primarily on improving the prevention of breach, detection and enforcement of the current New Zealand regime. It also suggested looking at the possibility of introducing criminal penalties for insider trading.

The Ministry of Economic Development says it has received around 30 submissions on the paper, with a third coming from private parties, including private sharemarket investors and former company directors. The closing date for submissions was last Friday.

A ministry analyst says given the technical nature of the paper they are happy with the response, and there have been plenty of good comments and suggestions from interested people.

Ministry policy analysts will now work on the submissions in conjunction with the Securities Commission before deciding what recommendations, if any, it will make to government.

Commerce Minister Paul Swain says the review is an important first step towards ensuring New Zealand has an insider trading regime that reassures investors that the gains in the securities market are not limited to those with access to privileged information.

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