New Securities Law for
Investment Advisers and Market Participants
2008
A guide to new requirements under
the Securities Markets Act 1988
Introduction
What this Guide is about
This Guide is about changes to the Securities Markets Act 1988 which come into force on 29 February 2008. It explains the new requirements and what people affected by the new law need to do to comply with their obligations.
The changes are to the sections of the Act relating to:
- investment advisers and investment brokers;
- insider trading;
- market manipulation;
- substantial security holder disclosure; and
- the Securities Commission's powers to enforce this law.
Who this Guide is for
The Guide is for people who are affected by the new law. They are:
- investment advisers and investment brokers; and
- other participants in the securities markets and their advisers.
Many people including sharebrokers, financial planners, lawyers, accountants and others will be investment advisers under this law if they give investment advice to the public. Every investment adviser is obliged to comply with the new law.
The Investment Advisers (Disclosure) Act 1996, which previously set out the requirements for advisers and brokers, is repealed. Disclosure requirements for investment advisers are now in the Securities Markets Act 1988.
Features of this Guide
The Guide has chapters on investment advisers and investment brokers, insider trading, market manipulation, and substantial security holders. In each chapter the Commission's enforcement role is also explained.
A detailed index is provided at the beginning of each chapter. A glossary is at the back of the Guide. All words in bold when they first appear in the text are defined in the glossary. Some bolded words are also defined in the text.
Footnotes in this guide refer to relevant sections of the Securities Markets Act 1988 and to regulations of the Securities Markets (Investment Advisers and Brokers) Regulations 2007.
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