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2002 Annual Report

FROM THE CHAIRMAN

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.

The Members and staff of the Commission welcome the challenges our new responsibilities will bring. We look forward to another year of achievement in 2002-2003.

Jane Diplock
Chairman