The Government has made up its mind on changing insider trading laws, says the Business Roundtable.
In a submission on changes to the legislation, it said there should be a back-to-basics review of the entire rationale for the laws, not changes that preserved the present "unsatisfactory structure."
"We have long regarded the existing legislation in the Securities Amendment Act to be seriously deficient."
The Roundtable said it was discouraged from putting more resources into a submission "because it seems the Government's mind is made up."
Far from increasing confidence in the sharemarket, the Government would "simply exacerbate perceptions that it is hostile to business."
It would not listen to any proper public policy analysis of its plans.
The Government analysis had failed to establish that the alleged adverse market perceptions warranted the adoption of the proposed measures.
- NZPA
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