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2003 Annual Report

THE YEAR IN BRIEF

reported that the initial public offer document of Wakefield Hospital Limited was misleading and the prospective financial information was likely to mislead investors
reported that the offer document of Vertex Group Holdings Limited was likely to mislead investors
completed 20 insider trading inquiries
recommended statutory management for eight companies operating housing "buy-back" schemes
accepted enforceable undertakings from three parties in respect of offer documents and advertisements for a forestry investment scheme
removed Harts Contributory Mortgages Limited and General Mortgage Limited as contributory mortgage brokers
took part in an international surf day to identify dubious investment websites
signed an MOU with the NZX on co-regulation of capital markets
recommended that the Minister of Commerce approve the Conduct Rules for the NZX
published a statement of principles on corporate governance and financial reporting
published a discussion paper on regulation of futures dealers
reviewed and revised more than 50 class and individual exemptions from securities law
took its place at the Executive Committee of IOSCO
applied to sign an international MOU on information sharing by regulators

Parliament amended the Securities Act and the Securities Markets Act enacting
- increased powers for the Commission
- new requirements for listed companies and stock exchanges
the New Zealand Stock Exchange demutualised and listed, and became New Zealand Exchange Limited (NZX)
international attention focused on standards of corporate governance
Government allocated additional funding to the Commission for public education in the 2003-2004 year