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IOSCO Press Release

From the IOSCO Asia Pacific Regional Committee & the New Zealand Securities Commission

20 February 2004

PRESS RELEASE

For immediate release

Securities Regulators from Asia Pacific meet in New Zealand

The IOSCO Asia Pacific Regional Committee held its meetings in Wellington today, hosted by the New Zealand Securities Commission. It is the first time an IOSCO meeting was held in New Zealand. Some 60 chair persons, senior officials and enforcement directors from 22 jurisdictions in the region attended the meetings. The Minister of Commerce, Hon. Lianne Dalziel, welcomed the visitors to New Zealand at a Parliamentary reception last night.

The Asia Pacific Regional Committee meeting is chaired by the Chairman of the Malaysian Securities Commission, Datuk Ali Abdul Kadir. The APRC is the forum of securities market regulators to discuss regional issues affecting the capital markets. Particular emphasis is accorded to the enhancement of co-operation and collaboration amongst its members towards regional financial stability (including co-ordinated enforcement activities) and continued development of regional capital markets. This meeting gave particular focus to issues on investor protection, regional bond markets, corporate governance, regulation of stock exchanges, and co-operation for the purposes of enforcement of securities laws, particularly cross-border enforcement issues.

The New Zealand Securities Commission entered into three Memoranda of Understanding with its counterparts in the Asia Pacific region in the area of information sharing and enforcement of securities markets. They are the Malaysian Securities Commission, the China Securities Regulatory Commission and the Indonesian Capital Market Supervisory Agency.

Mr. Roel Campos, Commissioner of the United States Securities and Exchange Commission also attended the meeting and had a dialogue with the regional securities regulators on developments in the United States capital markets, including its impact and relevance to the Asia Pacific regional capital markets. Mr. Roel Campos had earlier given a guest lecture on the Sarbanes-Oxley Act and the regulatory environment of United States of America on 19 February. The lecture was attended by more than 300 people in Wellington.

Commissioner Campos spoke on the need for all jurisdictions to be vigilant in scrutiny of their securities markets.

"A country like New Zealand may not have an Enron or similar company disaster, but that may be because it hasn't been found yet," Mr. Campos said.

Mr. Campos talked about the United States reaction to corporate failures. The Sarbanes-Oxley has imposed strict new regulation for companies.

He welcomed the Securities Commission's report on Corporate Governance for New Zealand, saying that the behaviour and integrity of directors is the key to good corporate governance.

Note :

The International Organisation of Securities Commissions (IOSCO) is the pre-eminent forum for international co-operation among securities market regulators and is recognised as the international standards setter for the securities sector.

The Asia Pacific Regional Committee is one of the four regional committees of IOSCO.

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Contact:

Catherine Chapman
Communications Manager
New Zealand Securities Commission

Phone 04 471 7659