Parliament passes three Bills
Source: Post-Courier, October 28, 2015, 12:29 am
BY JEFFREY ELAPA
PARLIAMENT yesterday
passed three Bills that would regulate the Security Commission Bill, an
important legislation that updates the outdated provisions in the
Securities Act 1997.
The three are the Security Commission Bill, the Capital Market Bill and the Central Depository Bill.
The Securities
Commission Bill 2015, which repeals and replaces the Security Act of
1997, will allow for the establishment of the securities commission of
Papua New Guinea as an independent and fully-fledged office.
Trade, Commerce and
Industry Minister Richard Maru (pictured) said the proposed changes will
establish a board of the commission, the office of the chairman, and
the establishment of a proper organisational structure of the
commission.
He said currently the
office is situated as a division with the Investment Promotion Authority
and has been deriving its funds and resources from IPA for the past 17
years.
Mr Maru said the new
laws will accommodate new developments, in terms of corporate
governance, clear guidance on the objective of the commission, the
establishment of the board of securities commission and allow the
commission to conduct investigations into improve conduct including;
providing investigative powers to the commission, powers to prosecute
and funding of the commission.
Once the securities
commission is fully established, it is able to fully regulate the
capital market industry in PNG, including the Port Moresby Stock Market.
Mr Maru said the Capital Market Bill will change the way business are conducted on the Port Moresby Stock Exchange.
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