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2009 Annual Report

HIGHLIGHTS

The Commission:

• took court proceedings against the directors of Bridgecorp and Nathans alleging they misled investors by making untrue statements in their companies' offer documents
• banned Propertyfinance Securities Limited advertisements for a proposed restructure of moratorium arrangements
• alerted investors about what to look for when considering moratorium proposals
• published reports on Cycles 7 and 8 of the Financial Reporting Surveillance Programme
• published consultation documents on financial adviser competence and regulation and began other work on implementing the Financial Advisers Act
• advised the Government on Capital Market Development Taskforce recommendations
• granted exemptions to allow listed companies to raise capital from shareholders to meet urgent funding needs
• advised on the financial adviser reforms and the Settlement Systems, Futures, and Emissions Units Bill
• consulted and granted two class exemptions on the New Zealand deposit guarantee schemes
• assisted overseas regulators with investigations on 10 occasions
• promoted New Zealand's securities markets to international business audiences
• concluded the three-year sponsorship agreement of Young Enterprise Trust's Financial Studies Course.

The Chairman of the Commission:

• led the work of the International Organisation of Securities Commissions (IOSCO) on addressing the global financial crisis
• was appointed to the Financial Crisis Advisory Group.