28 August 2009

In a speech to the fifth annual Securities Law Update delegates in Wellington this week, Commerce Minister Simon Power discussed the introduction of a new regime for corporate trustees and statutory supervisors who supervise debt issuers and collective investment schemes.

Yesterday, Minter Ellison Rudd Watts partner, Allan McRae, spoke to TV3 ASB Business program host Michael Wilson about the new requirements for finance company moratorium documents, Trustees by end of year.

The interview discussed the transparency and clarity of documents and gave a glimpse into the new regulations that seek to simplify and clarify disclosure obligations for finance company moratoria.  The new regime seeks to ensure key information is available to investors who are being asked to vote on moratoriums for finance companies.

This new regime, the government hopes to introduce by the end of this year, will see the Securities Commission licensing trustees according to a stringent set of approval requirements relating to matters such as the trustees' infrastructure, monitoring systems and processes, and financial strength.

We invite you to view the TV3 ASB Business program interview, read our recent Minter Ellison Rudd Watts publication on this matter or to contact Allan or one of our other securities law experts for more information.