Securities Commission almost ready with regulations, codes

The National Business

By LEMACH LAVARI
THE Securities Commission (Secom) will conclude drafts regulations and codes for the capital market by the end of this month, chairman Christopher Hnanguie says.
Hnanguie told The National that Secom initiated the drafting of:

  • Capital markets regulations;
  • corporate governance code;
  • compulsory mergers and acquisitions code;
  • licensing guidelines for trustee fund managers; and,
  • Financial intermediaries.

“Secom will use the draft to consult with stakeholders before finalising and submitting to the office of Legislative Counsel and National Executive Council for endorsement,” he said.
Hnanguie said the draft was expected to be gazetted by September.
“Secom is also working on the capital markets development strategic master plan 2018-2030,” he said.
“This will lay out the strategic directions for developing the country’s capital market.”
Hnanguie said regulation of the capital market and its reform followed an NEC decision in 2011.
“Under the legislative changes, the Securities Act 1997 and its regulations were repealed and replaced with three new pieces of legislations.”
Hnanguie said three new capital market-related acts came into force in December last year.
These acts include Securities Commission Act 2015, Capital Market Act 2015, and Central Depositories Act 2015.
“We are also engaged in dialogue with market participants on the reforms to Port Moresby Stock Exchange, and branding of the Secom,” Hnanguie said
“Branding of the Secom will start with adopting a new logo.
“This began with a nationwide logo design competition last year that ended this June. We are in the process of selecting three winners.”