New disclosure bill delayed
Introduction of the Securities Legislation Bill, which has tough new rules for adviser disclosure, has been slowed down because of new concerns.
Thursday, June 8th 2006, 6:39AM
The concerns raised, it said in a statement, were:
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Investment advisers may not always be able to meet their disclosure obligations if they have to make all the disclosure prior to giving advice
- The requirement that investment advisers disclose whether they have been the subject of an adverse finding by a tribunal or disciplinary body could be too broad
- Professional advisors such as lawyers, accountants and investment advisers may be inadvertently caught by insider trading laws when acting in their professional capacity.
MED's statement says that it is likely policy proposals for the regulations will be sent to Cabinet in July, and draft regulations to Cabinet in September/October 2006.
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