Chapman Tripp has collated the Capital Market Development Taskforce recommendations according to whether the Government has accepted them, earmarked them for further consideration or rejected them.
The Taskforce has a high hit rate. Of 60 recommendations, the Government has adopted 25 and will consider a further 28 for adoption. But the devil will be in the detail, and much of this will have to await the release of the Securities Act Review discussion document in April with implementation targeted for October 2011.
The timeline is understandable, given the size and scope of the work programme. But it is important that the work proceed as quickly as possible as the reform package contains a number of very useful initiatives which have the potential in the aggregate to improve New Zealand’s economic performance.
The rejection of the recommendation that the Government partially float central and local government owned companies was to be expected given that National had already explicitly ruled it out for this term and until it had campaigned on the policy and won a public mandate for it.
Please click on the pdf above to read the summary of recommendations.