NZ policymakers back criminal sanctions for reckless directors in securities law overhaul

NZ policymakers back criminal sanctions for reckless directors in securities law overhaul
By Paul McBeth Sept. 10 (BusinessDesk) - New Zealand directors could face criminal sanctions if their reckless behaviour leads to offer documents containing false statements as an overhaul of the nation's decades-old Securities Act gets a step closer. Parliament's Commerce Committee, chaired by National MP Jonathan Young, backed criminal liabilities for 'reckless' directors, shooting down opposition from a range of submitters on the Financial Markets Conduct Bill. The committee tweaked some of the bill's wording to spell out where liability...