10. JONATHAN YOUNG (National—New Plymouth) to the Minister of Commerce: What priority will the Government give to responding to the recommendations of the Capital Market Development Taskforce?

Hon SIMON POWER (Minister of Commerce) : It will give that a high priority. The Prime Minister will lead the Government’s response with an announcement early in 2010. I take this opportunity to thank the members of the task force for their service, and, in the spirit of Christmas, to acknowledge the previous Minister of Commerce, Lianne Dalziel, for establishing the task force.

Jonathan Young: What priority has the Government given to earlier recommendations of the task force?

Hon SIMON POWER: In response to the task force’s interim report, the Government worked quickly to implement a number of important measures, including passing legislation to enact new, simplified disclosure prospectuses, bringing in new securities regulations, and helping to facilitate changes to the NZX listing rules in order to make it easier for firms to access capital.

Hon Lianne Dalziel: Will he rule out the task force’s recommendations for the partial listing of Government assets, in line with the pre-election promise from the Prime Minister that there would be no sale of State assets in this term; or did that promise not extend to partial privatisation?

Hon SIMON POWER: No. The promise relates to any dilution of equity in this term. The member is quite aware of that.