PNGX receives reconfirmation approval by securities commission

THE PNG National Stock Exchange (PNGX) has received a reconfirmation of approval by the Securities Commission of Papua New Guinea (SCPNG) to operate a stock exchange.
The approval was gazetted on Aug 29.
The Capital Markets Act (CMA) 2015 requires the approval of the SCPNG to operate a stock exchange.
PNGX has been operating the stock exchange since 1999 under a licence granted under the Securities Act 1997.
The PNGX has been operating under transitional licencing arrangements since the introduction of the CMA in 2018.
PNGX chairman David Lawrence said: “We thank SCPNG for issuing the new approval (which) provides PNGX with certainty to continue to operate the market.
“Just as importantly, it provides certainty to accelerate PNGX’s work to develop the country’s capital market and improve access to funding and investment opportunities for Papua New Guineans.”
Lawrence thanked SCPNG acting chairman Robert Salmon-Minak for supporting the development of the capital market.
Minak said: “This is the first approval issued by the Securities Commission since the introduction of the Capital Markets Act 2015.
“It is appropriate that the first approval is for the country’s stock exchange. We are now working towards licencing other financial service providers including stockbrokers, financial advisers and funds’ managers.
“This is an important step towards increasing competition for financial services and ensuring the quality of advice provided to Papua New Guinean investors.”