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2005 Annual Report

ACHIEVEMENTS

PUBLIC UNDERSTANDING AND MARKET PRESENCE

The Commission's goals in this key result area are that people understand the law and practice of securities and the Commission's presence in the markets.

Responsibility

promote public understanding of the law and practice of securities

Achievements this year

carried out, jointly with the Serious Fraud Office, a public education campaign, Protect yourself from fraud, in Tauranga and Western Bay of Plenty
sponsored the Investment module in Enterprise New Zealand Trust's financial education programme in schools and the development of a financial studies paper
completed an education campaign to alert churches and other groups at risk from affinity fraud
began a campaign to alert small business owners to share scams promoted by telephone callers from overseas
achieved rankings of 4th of 25 Crown entity websites and 8th of 57 government websites
responded to 1466 inquiries from the public

14% of expenditure

Education

The Commission's education programme is delivered via well-defined projects which target clearly identified audiences with specific messages. The overall aim is to help New Zealanders make better investment decisions. Four projects were undertaken during the year.

Tauranga Campaign
The Commission carried out a campaign, Protect yourself from fraud, jointly with the Serious Fraud Office in Tauranga and Western Bay of Plenty in October and November 2004. It included a reception, advertising and editorial in local media, and an extensive speaking programme. A survey an independent company following the campaign showed that the main objective, to raise awareness investment fraud, was satisfactorily achieved. The survey also revealed that 75 percent of those surveyed had been exposed to investment frauds. The majority of these were telephone and email scams.


Catherine Chapman	Jenny Pugh

Youth Project
We sponsored Enterprise New Zealand Trust's financial literacy programmes for schools. This included funding a review of the teaching module relating to investment, and development of a new paper in financial studies for more senior students. The revised investment module is now available to schools together with extensive resource materials. The paper in financial studies will be tested in schools during 2005 and available more widely next year. We supported ENZT's bid to the New Zealand Qualifications Authority to develop unit standards for financial studies. This was successful and unit standards will be developed over the next two years. Unit standards will make financial studies courses more attractive because students will earn credits on the National Qualifications Framework, which will show on their record of learning and count towards University Entrance.


Zoe Drevanya	Poly Banerjee

Affinity Fraud Project
We completed a project begun in June 2004 to reach people at risk from affinity fraud. We targeted religious and cultural groups vulnerable to fraudsters who use the trust that exists within such groups to peddle their investment scams. The project attracted considerable coverage in news and Māori programmes which helped raise awareness of this type of fraud. Responses from the groups indicated they found the information useful and relevant.

Telephone Share Scams
Continuing reports of "brokers" telephoning from overseas with share scams, together with the extent of these calls revealed by the survey in Tauranga, led the Commission to undertake a media and internet campaign, Don't be sucked in by share scams. This was launched in June 2005 with its own website, www.sharescams.org.nz. It targets small businesses throughout the country. The campaign includes advertising in Sunday newspapers, advertising and editorial in relevant magazines and community newspapers, and messages on relevant internet newsletters.

Communications
The Commission communicates with its various stakeholders via its website, the quarterly newsletter The Bulletin, news releases, speeches and presentations, and by responding to public inquiries. The website www.seccom.govt.nz was reviewed by e-Gov, an agency contracted by the State Services Commission to evaluate government websites. The Commission's website was placed 4th of 25 Crown entity sites and 8th of 57 government sites by e-Gov Watch. We were pleased the site scored highly for usability, accessibility, and information delivery. The website brings together all the Commission's efforts to increase public understanding of securities law and practice including publications, news releases, plain language summaries of exemptions granted from securities law, and investor information. Some 2000 people are registered to receive email alerts to new items on the site. On average 25,000 visits are made to the website each month. Staff handled 1466 inquiries from the public. The Commission issued 37 media releases, initiated media interviews, and responded to inquiries from the news media. The Chairman, Members and staff regularly spoke to groups about the Commission and its work.

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