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1997 Annual Report

John Farrell

CHIEF EXECUTIVE'S REPORT

INTRODUCTION
The Securities Commission has two broad aims:

to encourage, promote and facilitate good securities and corporate practice,

to discourage malpractice,
both in the promotion of securities and in the management of investors' fund.
Standing behind the Commission and giving us the authority to achieve these two aims are the Securities Act 1978 and its amendments. We use this authority to observe

offers of securities to the public,
financial reporting by issuers of securities,
insider trading,
disclosure of substantial holdings in listed securities,
dealings in futures and options contracts.

We exercise statutory powers to achieve these aims where this seems useful. A description of our activities during the past year is set out in this report.

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Securities Commission, New Zealand

12th floor, Reserve Bank Building, 2 The Terrace, PO Box 1179 Wellington, New Zealand

+64 4 472 9830 phone +64 4 472 8076 fax

Inquiries to seccom@seccom.govt.nz