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2005 Annual Report

The Year in Brief

THE COMMISSION

• completed 201 enforcement and surveillance matters including
  • 20 insider trading inquiries
  • suspending the investment statement or prospectus of 3 issuers
  • prohibiting the investment statement and prospectus of 1 issuer
  • prohibiting advertising of 2 issuers
  • accepting 7 enforceable undertakings
• successfully settled proceedings in a case regarding substantial security holder disclosure
• filed proceedings in the High Court in 2 insider trading cases
• began a surveillance programme to review financial reporting by issuers
• monitored corporate governance reporting by listed issuers
• made submissions on the Securities Legislation Bill, International Financial Reporting Standards
• and their New Zealand equivalents, and the Financial Reporting Act 1993
• commented on consultation papers of the Financial Intermediaries Task Force
• continued the review of the Securities Regulations
• considered 85 applications for exemption from securities law
• granted 8 class exemptions and 61 individual exemptions from securities law
• authorised 6 futures dealers and made 2 futures contract declarations
• completed our review of trustee and statutory supervisor authorisations
• approved 11 trustees and/or statutory supervisors
• promoted New Zealand as a well-regulated market at IOSCO and other international forums
• led the adoption of a new strategic direction for IOSCO
• took part in IOSCO's Executive Committee, Technical and Emerging Markets Committees, and the Asia Pacific Regional Committee
• fulfilled its obligations under the IOSCO Multilateral Memorandum of Understanding
• furthered its relationship with the Australian Securities and Investments Commission
• carried out a successful education campaign Protect yourself from fraud in Tauranga and Western Bay of Plenty, jointly with the Serious Fraud Office
• supported financial literacy programmes in New Zealand schools
• completed an education campaign to alert groups at risk from affinity fraudsters
• targeted small businesses with a Don't be sucked in by share scams campaign to raise awareness of
• telephone fraudsters from overseas
• was ranked 4th in a review of 25 Crown entity websites
• was rated one of New Zealand's 20 best places to work

THE CHAIRMAN OF THE COMMISSION

• undertook international responsibilities in her role as Chairman of the Executive Committee of IOSCO, in addition to her work as Chairman of the Commission