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2007 Annual Report

Functions and powers

The Commission is established under the Securities Act 1978 which determines its functions which 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 and comment on practices relating to securities
to cooperate with overseas securities commissions
to keep under review and comment on securities markets activities
to advise the Minister of Commerce on conduct rules proposed by securities exchanges
to promote public understanding of the law and practice of securities.

To perform these functions the Commission has a number of powers. These include:

to receive evidence as to securities law and practice, with power to summons people and documents and to carry out inspections
to ban misleading and illegal offer documents and advertisements
to enforce insider trading and substantial security holder law
to enforce continuous disclosure law and to make orders requiring disclosure by issuers
to require an exchange to provide information and assistance to the Commission
to accept enforceable undertakings
to publish reports and comments
to make orders requiring disclosure by unregistered exchanges
to exempt persons from compliance with provisions of the Securities Act or Regulations under the Act
to authorise certain market participants
to recommend law reform
to hear appeals against certain decisions of the Registrar of Companies.

The Commission is an independent Crown entity in terms of the Crown Entities Act 2004.

Other legislation the Commission works with includes the Securities Markets Act 1988, the Investment Advisers (Disclosure) Act 1996, the Financial Reporting Act 1993, the Securities Regulations 1983, the Securities Act (Contributory Mortgage) Regulations 1988, and the Securities (Fees) Regulations 1998.

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

Authority

This annual report was approved by the Securities Commission on 19 July 2007.

Jane Diplock AO Chairman Chairman

Jane Diplock AO
Chairman

Joanna Perry Audit and Risk Review Committee

Joanna Perry
Chairman
Audit and Risk Review Committee

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