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27 September 2004

News Release

Disclosure by finance companies - Securities Commission releases discussion paper

The Securities Commission has today released a discussion paper Disclosure by Finance Companies.

Finance companies have been increasing in both number and profile in New Zealand. The number of matters relating to finance companies that come before the Commission has also increased. These trends prompted the Commission to review disclosure by finance companies.

The discussion paper invites comment on the Commission's preliminary views about required disclosure standards for finance companies under the Securities Act 1978 and the Securities Regulations 1983.

"We think that some finance companies need to carefully assess the adequacy of the disclosures that they make to investors, particularly about the risks of the investment," Commission Chairman, Jane Diplock said. "We invite feedback from finance companies and their advisers on our views."

Closing date for comments on the discussion paper is 25 October 2004.

"We will consider the public comments and then publish a report on the Commission's expectations for disclosure by finance companies," Jane Diplock said. "The Commission will review a sample of finance companies' disclosure documents about six months after the report is published to assess whether compliance has improved."

The discussion paper is available from the Commission's website
www.seccom.govt.nz

Comments on the discussion paper should be sent to:
Securities Commission
Finance Companies Project
PO Box 1179
WELLINGTON

or by email to: julie.myers@seccom.govt.nz

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Contact: Janet Perkins - 04 471 7666