NEW Zealand fund managers can stop holding their breath waiting for the Securities Commission’s report on practices within their industry — it has officially been canned.
Outgoing Securities Commission chief executive John Farrell has confirmed the commission has ditched the report on fund management practices it has been working on for two years.
Farrell says the commission decided not to proceed because the amount of information gathered was too big to draw together on the commission’s resources, and some of the information was now out of date.
He says the commission has no plans to promote the idea of regulation of fund managers.
—Philip Macalister
