Amendments to the PNG Securities Commission Act passed
The Papua New Guinea National Parliament in its 29 November 2023 sitting, passed the amendments to the Securities Commission Act 2015 by an overwhelming majority. The Bill, tabled by the Hon. Richard Maru, Minister for International Trade and Investment, is intended to amend the Securities Commission Act 2015 and the Capital Markets Act 2015. Minister Maru in his Bill presentation speech said, following a review of the current legislative framework of the securities laws by the Securities Commission of PNG (SCPNG), with the assistance of the Asian Development, certain governance and administration issues were identified. The Securities Commission (Amendment) Bill 2023 (SCA) brings various regulatory reforms aimed at improving governance, disclosure, compliance, investor protection and creates investment platforms for capital raising and investments.
The SCA aims to improve the governance and administration framework of the SCPNG by:
Establishing the position of CEO of the SCPNG, with the responsibility of overseeing the day-to-day operations of the SCPNG;
Clear delineation between the roles of the Chairman, CEO, and members of the SCPNG Board; and
Refining other related provisions for the purposes of ensuring the effective implementation of the SCPNG’s functions under the SCA.
Minister Maru commented that the amendments will streamline the governance structure of the SCPNG by ensuring the Board of Commissioners as a whole, has oversight capability of the Commission. “It will be the first step approach to a full regulatory overhaul of the capital market regime in PNG. The amendment will also demonstrate that the government is serious about its commitment to undertake reforms necessary to embrace PNG’s economic prosperity and aspiration to have Port Moresby the financial hub for the blue pacific by 2040,” Minister Maru said.