'Reckless' directors a bridge too far for criminal liability in securities law revamp

Mon, 11 Jun 2012

By Paul McBeth June 11 (BusinessDesk) - The government is casting too wide a net in deeming ‘reckless’ directors to be criminally culpable, according to a number of submissions on the revamp of New Zealand's decades-old Securities Act. A common concern among the 65 written submissions on the Financial Markets Conduct Bill is how far-reaching the term 'reckless' can be when determining the criminal liability of a director of a company that issues securities. The bill, which passed its first reading in March, was designed to limit criminal l...

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