Accordingly, it is vital to ensure that legislation takes the interests into account people’s and reflects the will of the people, which are preconditions to ensuring that the people will respect the rule of law. There does not appear to be adequate transparency in the legislative process itself. It was reported in the media that a new Securities Commission Act, a new Capital Markets Act and a new Central Depository Act were promulgated during 2015. However, the mission was not able to confirm this with parties with firsthand knowledge thereof or obtain a copy of any of these legal instruments. There is no official central data base of financial sector legislation: Accordingly, it is not possible for a citizen readily to determine what the applicable legislative prescriptions are. Even the BPNG to date has not been able to obtain a signed copy of the 2013 amendments to the Superannuation (General Provisions) Act 2000. In December 2015, the PNGSC was not in possession of an official version of the abovementioned three pieces of legislation, even though reportedly it had been promulgated months previously. When legislation is amended, it appears that no official consolidated legal instruments are prepared and placed in the public domain. The mission was not able to obtain a consolidated version of key legislation which had been amended. The law must be readily accessible to citizens, which implies that it is necessary for the legislature to ensure that citizens have access to consolidated legal instruments, thereby obviating the need for citizens to compile consolidated legal instruments. Recommendations: Ensure public and stakeholder consultation during the development of financial sector public policy, legislation and regulations. Ensure that newly promulgated legislation promptly is placed in the public domain. Create, maintain and give ready access to an official comprehensive central data base of financial sector legislation. Ensure that consolidated legal instruments are placed in the public domain.
Accordingly, it is vital to ensure that legislation takes the people’s interests into account and reflects the will of the people, which are preconditions to ensuring that the people will respect the rule of law. There does not appear to be adequate transparency in the legislative process itself. It was reported in the media that a new Securities Commission Act, a new Capital Markets Act and a new Central Depository Act were promulgated during 2015. However, the mission was not able to confirm this with parties with firsthand knowledge thereof or obtain a copy of any of these legal instruments. There is no official central data base of financial sector legislation: Accordingly, it is not possible for a citizen readily to determine what the applicable legislative prescriptions are. Even the BPNG to date has not been able to obtain a signed copy of the 2013 amendments to the Superannuation (General Provisions) Act 2000. In December 2015, the PNGSC was not in possession of an official version of the abovementioned three pieces of legislation, even though reportedly it had been promulgated months previously. When legislation is amended, it appears that no official consolidated legal instruments are prepared and placed in the public domain. The mission was not able to obtain a consolidated version of key legislation which had been amended. The law must be readily accessible to citizens, which implies that it is necessary for the legislature to ensure that citizens have access to consolidated legal instruments, thereby obviating the need for citizens to compile consolidated legal instruments. Recommendations: Ensure public and stakeholder consultation during the development of financial sector public policy, legislation and regulations. Ensure that newly promulgated legislation promptly is placed in the public domain. Create, maintain and give ready access to an official comprehensive central data base of financial sector legislation. Ensure that consolidated legal instruments are placed in the public domain.