Auchinvole Chris: Securities Legislation Bill — In Committee 
Auchinvole Chris: Securities Legislation Bill — In Committee 
[Volume:634;Page:5484] 
CHRIS AUCHINVOLE (National) 
: 
 We have heard quite a lot lately about the seeming inability on the part of the Government to encourage New Zealanders to invest in stock shares bonds securities and other financial instruments instead of domestic property. I have no wish to be seen to be critical of Minister Dalziel—nothing would be further from my mind—but surely the Minister in charge of this bill will take a measure of responsibility for the seeming lack of confidence on the part of punters to invest their money beyond domestic property. 
Perhaps the Minister in the chair the Hon Lianne Dalziel will take a call and explain why this bill is so late in coming forward. 
The CHAIRPERSON (Ann Hartley) 
: We are on three clauses—clauses 60 to 62—and they are quite narrow. 
Hon Lianne Dalziel 
: Part 3. 
The CHAIRPERSON (Ann Hartley) 
: Part 3 clauses 60 to 62. 
CHRIS AUCHINVOLE 
: We are sharing information on this aspect and I am sure the Minister will be interested in it. She is looking particularly interested as I speak. The Minister has surely accepted the fact of the matter that people are not sufficiently assured over the security of putting their money into the financial markets. 
 So we look at the specific parts we are presently discussing clauses 60 to 62 as the Chair pointed out to me. Clause 62 amends the principal Act by inserting after section 48 new section 48A “Sharing of information with Securities Commission or Takeovers Panel” which states: “(1) The Commission may communicate to the Securities Commission or the Takeovers Panel any information that the Commission (a) holds in relation to the exercise of the Commission’s powers or the performance of its functions and duties in respect of this Act; and (b) considers may assist the Securities Commission or the Takeovers Panel in the exercise of their powers or the performance of their functions and duties in respect of false misleading or deceptive conduct under the Securities Act 1978 or the Securities Markets Act 1988 or the Takeovers Act 1983 or the takeovers code in force under that Act.” 
Finally for the sake of the listeners I will read out subsection (2): “The Commission may use any information communicated to it by the Securities Commission under section 17B of the Securities Act 1978 or under section 15B of the Takeovers Act 1983 in the Commission’s exercise of its powers or the performance of its functions and duties in respect of this Act. (3) This section applies despite anything to the contrary in any enactment contract deed or document.” 
A central feature of the bill is the relationship between the Securities Commission and the Takeovers Panel which is laudable. The question though that the Minister in the chair the Hon Lianne Dalziel should take a call on and answer is what will this do to improve the confidence of investors in this country in the financial markets? Where will they draw from—the purpose of the bill—to increase the confidence of securities? How will this happen? How will it help? That is the challenge for the Minister. Will they stop investing in property? Will we see with the passing of this bill the intended target of the present Government which is to see a wider-based level of investment on the part of New Zealanders other than into property? That is the question. 
The question was put that the amendments set out on Supplementary Order Paper 59 in the name of the Hon Lianne Dalziel to Part 3 be agreed to. 
Amendments agreed to. 
Part 3 as amended agreed to.