The Securities Commission says Minister of Communications David Cunliffe acted consistently with cabinet guidelines after his regulatory package was leaked to Telecom in May.
Cunliffe was criticised by Telecom and the opposition after giving an interview to news agency Bloomberg. Following the interview, Telecom's share price fell sharply as investors took a negative view of Cunliffe's comments.
However, the Securities Commission recommends that the government works out guidelines together with the NZX. There are currently no detailed guidelines for announcing regulatory policies that may affect the share price of listed companies.
Spokesman John Goulter says Telecom is happy with Securities Commission's inquiry.
"It's a useful report. We welcome and understand its findings as we put a lot of stock into complying with continuous disclosure and other obligations."