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Securities Act Update

NZ $27.50
Author(s): Liz Hickey, Gillian Goodwin D
Published: 16 July, 1997
Pages: 48



This history of the changes introduced to the Securities Act, the Financial Reporting Act, the Unit Trusts Act and the Superannuation Schemes Act and the history of the introduction of the Investment Advisers (Disclosure) Act 1996 (the “IA Act”) are inextricably linked. Indeed, until almost the final draft of the various amending statutes and the new statute, there was only one act - amending the Securities Act and incorporating the investment adviser disclosure regime.

In understanding the new regime, it is helpful to understand the underlying economic and political impetus which led to the changes. It is also important to understand the existing statutory framework within which those changes were introduced.


Content outline

  • Background to the changes
    • Product disclosure requirements prior to 1996
    • Other statutes of general application to investment product disclosure
    • Giving of investment advice prior to 1996
    • The overseas position with respect to financial advisers and planners
    • The case for change in New Zealand
    • Impetus for regulation from the Accord on Retirement Income Policies
    • The working group and the new legislation
  • Investment advisers
    • The regulation of the giving of financial advice and the receipt of investment moneys
    • Disclosure regime for investment advisers and investment brokers
  • Investment products disclosure
    • Principles underlying the new legislation
    • Securities offered to the public - implication of the new legislation
    • Prospectuses
    • What is an advertisement?
    • Investment statement
  • Enforcement
    • Enforcement actions relating to the content of an investment statement, by reason of it being an advertisement
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