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2006 Annual Report

The year in brief

The Commission

• settled with two defendants in the Tranz Rail insider trading case who paid full compensation of more than $7 million
• successfully settled proceedings in an insider trading case relating to shares in Provenco Group Limited
• completed 145 enforcement and market oversight matters including
  • 26 insider trading inquiries
  • 8 inspections
  • 5 enforceable undertakings
  • 1 prohibition of advertising
• published a report on the performance by NZX of its regulatory functions prior to the collapse of Access Brokerage
• published Information Control in Market Participant Firms following an inquiry into trading by ABN AMRO Craigs in June 2004
• published results of two reviews of financial reporting by issuers
• began a review of NZX’s performance of its obligations as a registered exchange
• reviewed disclosure by finance companies
• began an inquiry into the effects on the markets of certain statements made in May 2006 concerning telecommunications
• made submissions on a range of proposals for securities law reforms
• considered 60 applications for exemption from securities law
• granted 45 individual exemptions from securities law
• authorised 3 futures dealers and made 2 futures contract declarations
• published a discussion paper on regulation of foreign exchange futures contracts
• approved 10 trustees and/or statutory supervisors
• promoted New Zealand as a well-regulated market at IOSCO and other international forums
• hosted meetings of IOSCO’s Executive and Technical Committees and the Emerging Markets Advisory Board
• worked to implement IOSCO’s strategic direction globally and enhance its relationships with other international standard setters
• was re-elected to IOSCO’s Executive Committee for a third term
• fulfilled its obligations under IOSCO’s Multilateral Memorandum of Understanding
• worked closely with the Australian Securities & Investments Commission
• supported investment education in New Zealand schools
• raised awareness among small business people about telephone fraudsters from overseas
• ranked 4th in a review of 25 Crown entity websites
• rated 2nd of 69 small workplaces in Unlimited/JRA Best Places to Work in New Zealand Survey.

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
• was re-elected Chairman of the Executive Committee for a second two year term