• About
• Publications
• Exemptions
• Notices
• What's new?
• International
• Speeches
• Information for investors
• Financial adviser regulation
• Contact us
• Site map
• Home

10 May 1996

News release

Companies listed in both New Zealand and the United States of America

The Securities Commission wishes to announce that it has entered into an information sharing arrangement with the United States Securities and Exchange Commission ("SEC"). Under the arrangement the SEC and the Securities Commission will notify each other whenever certain publicly announced regulatory actions are taken against issuers whose securities trade in the markets of both countries. The relevant actions include (a) the suspension from trading, (b) delisting, and (c) the initiation of enforcement action.

The arrangement is in recognition of the ever increasing number of companies that are seeking the benefits of multiple listings, and the need for market regulators to cooperate and to apprise one another of significant regulatory actions involving these companies. The arrangement has been developed as a result of the initiative of the SEC. Currently in the United States there are 750 foreign issuers whose securities are registered with the SEC and which trade in the United States markets. Four of these companies are New Zealand companies with a primary listing on the New Zealand Stock Exchange. They are Carter Holt Harvey Limited, Fletcher Challenge Limited, New Zealand Petroleum Co Limited and Telecom Corporation of New Zealand Limited.

The SEC is finalising similar notification arrangements with more than 25 other foreign securities regulators around the world.

Norman F. Miller
Senior Executive (Compliance)