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Time To Tame The "Wild Beast" In The Wild West? The Regulation Of Disclosure Of Equity Derivatives In New Zealand, Nan Seuffert
Time To Tame The "Wild Beast" In The Wild West? The Regulation Of Disclosure Of Equity Derivatives In New Zealand, Nan Seuffert
Professor Nan Seuffert
The causes of the recent global financial crisis (GFC) have been a topic of intense debate, with commentators and others pointing to the enormous growth in, and relative lack of regulation of, derivative financial products, including over-the-counter equity swap agreements, as a contributing factor. In New Zealand the Court of Appeal held in Ithaca (Custodians) Ltd v Perry Corp [2004] 1 NZLR 731 that such swap agreements referencing substantial holdings in underlying securities of a particular company did not require disclosure under the substantial security holder disclosure provisions. This article analyses that decision in the context of the GFC and …
Taming The Wild Beast: The Regulation Of Equity Derivatives In New Zealand, Nan Seuffert
Taming The Wild Beast: The Regulation Of Equity Derivatives In New Zealand, Nan Seuffert
Professor Nan Seuffert
The causes of the recent global financial crisis (GFC) have been the topic of intense debate; the contribution of the enormous growth in, and lack of regulation of, derivative financial products, including over-the-counter swaps has been one of the epicentres of that debate. The regulation of derivatives was a topic of some controversy internationally prior to the GFC; derivatives were sometimes referred to as the "wild beasts" of finance markets and some commentators highlighted the systemic risks posed to national economies due to the lack of regulation of these markets. In New Zealand the issue of the regulation of the …