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Our proposed work programme for the new year is set out below, divided into five categories:
- Exemptions,
- Market Authorisations,
- Enforcement,
- Reform,
- Public Understanding.
The level of funding to be available to the Commission in the new financial year is not yet known. The Government is considering proposals for increased third-party funding, for example, by increased fees payable for exemption and authorisation work. It is not yet clear whether we shall be able to commit fully to this work programme.
Category One - Exemptions
- Receive and Consider Applications
- Review Exemptions
-review selected existing exemptions,
-revoke exemptions no longer needed.
- Special Projects
-simplify offer procedures for small businesses.
Category Two - Market Authorisations
- Futures & Options Contracts
-authorise futures dealers,
-consider amendments to Exchange rules.
- Trustees and Statutory Supervisors
-review terms and conditions of approval,
-approve trustees and statutory supervisors.
- Share Dealing
- designate money market entities for relief from the substantial security holder disclosure rules.
- Securities Transfer
- receive and consider applications for approval of electronic systems.
Category Three - Enforcement
- Observe Securities Market Activity
- prospectuses, investment statements and advertisements,
- financial statements:
- listed companies,
- continuous issuers of debt securities,
- life insurance companies,
- superannuation schemes,
- unit trusts,
- other managed funds,
- disclosure of substantial security holdings,
- insider trading,
- company takeovers and compulsory acquisitions,
- corporate governance,
- funds management,
- investment advice.
- Conduct Inquiries and Initiate Action on:
- the use of the Commission's powers to suspend or cancel prospectuses and investment statements and to prohibit advertisements for securities,
- insider trading including the application
of statutory procedures for considering allegations of malpractice,
- substantial security holder disclosure including applications to the High Court in respect of non disclosure of prescribed information,
- the financial statements of public issuers,
- the practices of investment advisers,
- requests from overseas securities commissions.
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- Registrar of Companies
- requests to/from the Registrar for inspections of the documents of issuers and promoters of securities and of investment advisers,
- requests for the exercise of powers under the Corporations (Investigation and Management) Act,
- appeals against decisions of the Registrar.
Category Four - Reform
- Securities Act and Regulations
- review aspects of Securities Act 1978, in particular, administrative and efficiency aspects,
- subject to funds, review aspects of Securities Regulations 1983, in particular, proposals
- to reform outdated advertising rules,
- to better harmonise the financial reporting rules under the Financial Reporting Act and the Securities Regulations,
- to promote simplified business procedures for small businesses,
- to reduce compliance procedures for wholesale business to which the regulations apply,
- to remove impediments to the communication of offer documents by electronic means,
- to carry forward the provisions of the more permanent exemption notices.
- Electronic Communication
- review practices and procedures for the communication of offer documents by electronic means.
- Financial Reporting of Public Issuers
- review and comment on exposure drafts for financial reporting standards of the Institute of Chartered Accountants of New Zealand and the Accounting Standards Review Board,
- review and comment on IOSCO proposals for the promotion of international accounting standards.
- Substantial Security Holders
- review rules of law about substantial security holder disclosure and make recommendations for reform.
- Funds Management Practice
- review funds management practice and release discussion paper.
- Power to Make Rulings
- prepare discussion paper on possible power for the Commission to give binding rulings on application of securities law.
- International Regulatory Policy and Practice
- co-operate with the International Organisation of Securities Commissions, including projects on
- objectives and principles of securities regulation, and
- competition policy and securities regulation
- undertake studies on aspects of securities regulatory policy, law and practice in selected overseas jurisdictions with a view to simplifying and strengthening procedures for regulatory
co-operation,
- exchange information with overseas authorities about:
- overseas regulatory practices, and
- market malpractice.
Category Five - Public Understanding
- Communication
- publish regular Commission bulletins,
- speeches, papers, reports, correspondence including
telephone and other electronic communication.
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