Securities Markets Act 1988

  • repealed
  • Securities Markets Act 1988: repealed, on 1 December 2014, by section 4(1)(b) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
  • Previous title has changed

Part 2
Disclosure

  • Part 2 heading: substituted, on 1 December 2002, by section 15 of the Securities Markets Amendment Act 2002 (2002 No 44).

Subpart 1Continuous disclosure by public issuers

  • Subpart 1: inserted, on 1 December 2002, by section 16 of the Securities Markets Amendment Act 2002 (2002 No 44).

Purpose of this subpart

  • Heading: inserted, on 1 December 2002, by section 16 of the Securities Markets Amendment Act 2002 (2002 No 44).

19A Purpose of this subpart
  • (1) The purpose of this subpart is to provide for appropriate continuous disclosure by public issuers of material information that is not generally available to the market.

    (2) The following criteria are relevant to the implementation of that purpose (without limiting other relevant criteria):

    • (a) promoting fair, orderly, and transparent listed markets:

    • (b) providing an appropriate level of protection for investors:

    • (c) ensuring that the benefits resulting from the continuous disclosure regime justify the costs, including the following costs:

      • (i) the value that a public issuer gives up if the information is not kept confidential; and

      • (ii) compliance costs for public issuers and registered exchanges in disclosing the information:

    • (d) ensuring reasonable consistency and predictability in the application of the continuous disclosure regime:

    • (e) avoiding unfair advantages resulting from inappropriate disclosure of information to some, but not all, investors:

    • (f) recognising the importance to the New Zealand listed markets of attracting and retaining exchange participants and maintaining international competitiveness:

    • (g) [Repealed]

    • (h) recognising the importance of maintaining international best practices for continuous disclosure in listed markets:

    • (i) any principles applying to the co-ordination of business law between Australia and New Zealand set out in any agreement or memorandum of understanding between the Governments of New Zealand and Australia.

    Section 19A: inserted, on 1 December 2002, by section 16 of the Securities Markets Amendment Act 2002 (2002 No 44).

    Section 19A(2)(a): substituted, on 1 May 2011, by section 8(1) of the Securities Markets Amendment Act 2011 (2011 No 7).

    Section 19A(2)(b): substituted, on 1 May 2011, by section 8(1) of the Securities Markets Amendment Act 2011 (2011 No 7).

    Section 19A(2)(f): substituted, on 1 May 2011, by section 8(2) of the Securities Markets Amendment Act 2011 (2011 No 7).

    Section 19A(2)(g): repealed, on 1 May 2011, by section 8(2) of the Securities Markets Amendment Act 2011 (2011 No 7).