Enforceable undertakings by Aquiline Holdings The Commission has accepted enforceable undertakings from Aquiline Holdings Limited and its directors, Messrs R J Scott, G M Cowley, D B Oldershaw & J McCrea. The Commission investigated offers and allotments of shares by AHL. The company had not registered a prospectus, and some shares may have been allotted in breach of the Securities Act 1978. AHL will offer replacement shares to its existing shareholders using a registered prospectus. The undertaking is published on www.seccom.govt.nz.   MOUs signed Chairman Jane Diplock (front right) with Datuk Ali Abdul Kadir, Malaysian Securities Commission (front left), Mr Freddy Saragih, Director, Indonesian Capital Market Supervisory Agency (back left), and Ms Laura Cha, Vice President, China Securities Regulatory Commission (back right) at Te Papa after signing the MOUs. The Securities Commission signed three Memorandums of Understanding with counterpart regulators in Wellington last month. The MOUs are with regulators in China, Malaysia, and Indonesia. They provide for information sharing relating to enforcement of securities law. Asia Pacific securities regulators meet in New Zealand Chairmen, officials and enforcement directors from 22 jurisdictions in the Asia Pacific region met in Wellington on 19-21 February. It was the first time a regional committee of IOSCO (International Organisation of Securities Commissions) had met in this country. IOSCO is the pre-eminent forum for international cooperation among securities market regulators and is recognised as the international standards setter for the securities sector. The Asia Pacific Regional Committee is concerned with issues affecting the capital markets in this region, in particular enhancing cooperation and collaboration amongst members, including enforcement activities. The chairmen's meeting focused on issues of investor protection, regional bond markets, corporate governance, regulation of stock exchanges, and crossborder cooperation. It was chaired by Datuk Ali Abdul Kadir of the Malaysian Securities Commission. Delegates were particularly interested in a paper on the demutualisation and listing of the New Zealand Exchange by Jane Diplock, Chairman of the New Zealand Securities Commission. Delegates from jurisdictions which, like New Zealand, have undergone the Financial Sector Assessment Programme conducted by international financial institutions, shared their experiences of this detailed and comprehensive exercise. The enforcement directors' meeting, chaired by Norman Miller, Securities Commission Director of Enforcement, shared experiences on enforcement issues. "The discussions were very useful in providing a frank and constructive exchange of views," Mr Miller said. How to Contact Us Securities Commission Level 8, Unisys House 56 The Terrace, Wellington PO Box 1179, Wellington Telephone +64-4-472 9830 Facsimile +64-4-472 8076 Email seccom@seccom.govt.nz Website www.seccom.govt.nz   If you would like to receive the Bulletin by email contact catherine.chapman@seccom.govt.nz The views expressed in The Bulletin do not necessarily represent the formal views of the Securities Commission, whether on securities or other matters.

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