• About
• Publications
• Exemptions
• Notices
• What's new?
• International
• Speeches
• Information for investors
• Contact us
• Site map
• Home

18 December 1997

News Release

Securities Commission Welcomes Report on its Role and Functions

The Securities Commission today welcomed the discussion paper on its role and functions released by the Ministry of Commerce.

Commission Chairman, Mr Euan Abernethy said the study is timely, and he hopes it will attract comment from a wide range of interested parties.

"The need for increased savings is being stressed by Government and the community," Mr Abernethy said. "People must be able to make responsible decisions about their savings and we assist that process".

The Securities Commission was set up in 1979 and no changes have been made to its core role and functions since then. Securities markets have changed enormously and it is important to ensure that the regulatory scheme keeps abreast of the best practices of the securities professions and markets.

"We were consulted and had input to the study, but it is the Commerce Ministry's paper and we did not seek to influence the nature of the questions raised in the paper".

The Ministry's paper follows an operational review of the Securities Commission, by Coopers and Lybrand, completed early in July. The consultants reported to Government that the Commission is well administered and sets its work priorities with care, and recommended a review of the funding.

This discussion paper from the Ministry of Commerce is a further important step in determining the appropriate funding for the Securities Commission in the future.

The opportunity for public consultation on the report is sensible. The community is the major beneficiary of the Commission's work so it should have input.

"We encourage people to express an opinion on the questions raised, particularly those who are familiar with the Commission's work", Mr Abernethy said, "The Commission hopes that the outcome of the review will be an appropriately defined and properly funded Securities Commission". Contact:
Catherine Chapman, Communications Officer, 04 472 9833 ext 840

Return to index