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Annual Report 30 June 2000

IN THIS SECTION: STATEMENT OF PURPOSE NOTABLE EVENTS

CONTENTS: Statement of Purpose Notable Events Members Chairman's Review Chief Executive's Report New Zealand Securities Markets Enforcement Authorisations Exemptions Reform Internationl Liaison Public Understanding Administration and Staffing ----------------------------- Role, Functions and Powers Financial Statements Statement of Responsibility Statement of Objectives Statement of Service Performance Report of the Audit Office ----------------------------- Staff How to Contact Us

STATEMENT OF PURPOSE

Our purpose is to foster capital investment in New Zealand by:

	promoting the efficiency of New Zealand securities markets,
	enhancing the integrity of these markets,
	promoting the cost-effective regulation of these markets,
	strengthening public and institutional confidence in these markets, both in New Zealand and overseas.

To achieve this purpose we direct our work to promoting:

	good standards of disclosure,
	reliable and ethical procedures for effecting transactions,
	flexibility in development of best regulatory practice,
	sound principles for market regulation,
	cost-effective rules of law,
	compliance with the law,
	good working relationships with overseas regulators,
	public understanding of the law and practices of securities.

NOTABLE EVENTS

DURING THE YEAR

PARLIAMENT:

	increased Commission funding.

GOVERNMENT:

	announced that it will introduce a Takeovers Code,
	announced that it will review insider trading regulation.

COMMISSION:

	published reports on:
	-	Max Resources Limited (in statutory management),
	-	trading in the shares of Fletcher Challenge Limited,
	-	offers of unlisted interests in commercial properties,
	recommended statutory management for IMI Pacific Group Limited and Walakahai Pacific Corporation Limited,
	granted exemptions for:
	-	Great Britain overseas collective investment schemes,
	-	the New Capital Market of the New Zealand Stock Exchange,
	completed, with the Ministry of Economic Development, a discussion paper on the Securities Regulations 1983,
	published a discussion paper on retirement villages,
	published a discussion paper on a possible rulings power for the Commission,
	took part in the work of the IOSCO Implementation Committee on the Objectives and Principles of Securities Regulation.