THE Banking Council claims the proposed Companies Amendment Bill, which would require greater disclosure of nominee shareholders and reporting of share movements beyond certain thresholds, will be inefficient and expensive. The Trade and Industry Department believes the Bill will help contain insider trading on the Johannesburg Stock Exchange. Banking Council general manager Kevin Daly said on Monday that as some nominees hold securities for as many as 50000 shareholders, the requirement will be costly and “impractical”. Rather, parties issuing securities should have the right to acquire information on request, he said. The National Assembly trade and industry portfolio committee has asked the council and the department for other possible solutions.