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2004 Annual Report

ROLE, FUNCTIONS AND POWERS

The role and functions of the Commission include:

to keep under review the law relating to bodies corporate, securities and unincorporated
issuers of securities and to recommend changes to the Minister of Commerce
to keep under review practices relating to securities and to comment on these
to cooperate with overseas securities commissions
to keep under review securities markets activities and to comment on these
to advise the Minister of Commerce on securities exchanges' conduct rules and amendments to those rules
to promote public understanding of the law and practice of securities
to provide administrative and support services to the Takeovers Panel
to perform any other functions conferred by law.

To perform these functions we have a number of powers. These include:

to receive evidence as to securities law and practice, with power for this purpose to summon any person to appear before us
to publish reports and comments
to exempt persons from compliance with provisions of the Securities Act or of Regulations under the Act
to suspend or cancel a registered prospectus
to suspend or prohibit an investment statement
to prohibit advertising of any securities
to approve trustees and statutory supervisors
to carry out inspections
to accept enforceable undertakings
to hear appeals against certain decisions of the Registrar of Companies
to recommend regulations
to enforce insider trading and substantial security holder law
to enforce continuous disclosure law and to make orders requiring disclosure by issuers
to make orders requiring disclosure by unregistered exchanges
to require an exchange to provide information and assistance to the Commission
to administer the law relating to futures contracts
to recommend approval of electronic systems for the transfer of securities
to receive financial statements of issuers which do not comply with the Financial Reporting Act 1993.

The Commission may also consider certain matters arising under the Corporations (Investigation and Management) Act 1989 (in particular, directions to "at risk" corporations and declarations of statutory management).

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