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25 July 2002

News Release

Securities Commission Releases Annual Report

The Securities Commission's annual report for the year to 30 June 2002 is published on the website www.seccom.govt.nz.

Introducing the report, Chairman Jane Diplock said:
The securities market is vital to New Zealand. Investors provide finance for the industries and businesses that create wealth for a country and its people. For investment to flourish we must strive for a securities market of integrity, a market that is well-regulated, a market in which compliance with the law will be enforced. In short, a market in which New Zealand and overseas investors can have confidence.

The role of the Securities Commission in enhancing investor confidence in the securities market is an important one.

The Commission has had an energetic and exciting year. It was a year marked by many achievements and significant changes both in personnel and in the overall approach to regulation of the securities market.

The Securities Markets and Institutions Bill is a further step towards the development of a well-regulated market and increasing investor confidence in that market. The Bill heralds more changes for the Commission by giving us new responsibilities supported by additional powers and increased funding.

Our recent appointment to the Executive Committee of the International Organization of Securities Commissions has put New Zealand firmly on the international regulatory scene. We believe it will enhance the perception of this country as a well-regulated and attractive securities market.

Significant events

During the year the Commission:

acted to protect investors' money in respect of several contributory mortgages
published a report on the 1 Parliament Street contributory mortgage
published a report on certain statements about Air New Zealand Limited
declined a request under s17 of the Securities Amendment Act 1988
issued warnings about illegal overseas brokers
published a report on Gideon Investments Pty Limited and Morison Guildford & Associates Limited
completed 11 insider trading inquiries
published a discussion paper on Conduct Rules of the New Zealand Stock Exchange
authorised five futures dealers
adopted new policy on authorising trustees and statutory supervisors
consulted on policy on designation of substantial security holders
began a review of class and specific exemption notices
recommended changes to strengthen the law on investment advisers
made submissions on proposed new securities law
elected to the Executive Committee of the International Organization of Securities Commissions
signed a Memorandum of Understanding with the Securities and Exchange Commission of Sri Lanka
initiated a "meet market participants" programme

Significant changes for the Commission during the year were:

Jane Diplock assumed an Executive Chairman role
the Takeovers Code came into force involving Commission staff in its administration and support for the Takeovers Panel
the Securities Markets and Institutions Bill, introduced into Parliament, heralded
- increased powers for the Commission
- significant changes for listed companies and the stock exchange
the Commission increased enforcement work
John Farrell stepped down after 17 years as Chief Executive

Copies of the report are available from the Commission, phone (04) 472 9830 or email to seccom@seccom.govt.nz.

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Contact: Catherine Chapman, phone (04) 471 7659

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