Appointments will bring stability in securities commission: Maru

THERE will be stability in the Securities Commission of PNG with the appointment of its board and management, says International Trade and Investment Minister Richard Maru.
Maru said they planned to make appointments in the next six weeks.
“Under the PNG Securities Commission Act 2015, we are supposed to have a chairman who runs the organisation, and four or five commissioners who will constitute the board,” he said.
“There were so much fighting previously about who should become the chairman.
“Since then, we haven’t got a permanent, experienced, competent chairman appointed and commissioners as well.
“Now that I am back, the first thing I would do is to clean up the house by making sure that we advertise the position of the chairman and the commissioners so we can bring in competent people to run this important regulatory body.”
The commission is an independent watchdog of the PNG capital markets established under the Securities Commission Act 2015.
It enforces the Capital Market Act 2015 and Central Depositories Act 2015.
It strives to facilitate the development of the market while ensuring that it remains a fair, secure, orderly, and efficient forum for all stakeholders.
“The capital markets hold immense potential for the country,” Maru said.
“There is so much liquidity in the economy and we need to ensure we shepherd it into the capital markets.”