In The NZ Herald this morning Securities Commission Chair Jane Diplock is quoted as saying that even when there is full disclosure regarding an investment there is nothing at all the Commission can do to make sure intentions disclosed are fulfilled.
Honesty at last – and all credit to her – no amount of disclosure and no regulator can “save” investors through disclosure. So there is absolutely no point:
1. Pretending that disclosure will protect investors in more than a minimal fashion, or,
2. Spending any great time and money on it. Certainly costly laws and regulatory activity cannot be justified.
In our hearts we knew this all along – why are are we so weak then?