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Annual Report 30 June 2000

IN THIS SECTION: ROLE, FUNCTIONS AND POWERS

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

ROLE, FUNCTIONS AND POWERS

The role and functions of the Commission 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 practices relating to securities and to comment to any appropriate body,
	to cooperate with overseas securities commissions,
	to promote public understanding of the law and practice of securities,
	to perform any other functions conferred by statute law.

To perform these functions we have a number of powers. These include:

	to receive evidence as to securities law and practice, with power for this purpose to summon any person to appear before us,
	to publish any report or comment made by us in the course of the exercise of our functions,
	to exempt persons from compliance with provisions of the Securities Act or of Regulations under the Act,
	to suspend or cancel a registered prospectus,
	to suspend or prohibit an investment statement,
	to prohibit advertising of any securities,
	to approve trustees and statutory supervisors,
	to inspect the documents of issuers and promoters of securities and of investment advisers,
	to hear appeals against certain decisions of the Registrar of Companies,
	to recommend regulations,
	to administer aspects of insider trading and substantial security holder law,
	to administer the law relating to futures contracts,
	to recommend approval of electronic systems for the transfer of securities,
	to receive financial statements of issuers which do not comply with the Financial Reporting Act 1993.

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