The principles are
wide ranging and include all types of investment schemes and market
intermediaries, as well as securities
markets and trading.
The Reserve Bank's FSAP secretariat
will liaise with the New Zealand
regulatory agencies, the IMF and the
World Bank. The secretariat will coordinate
the preparation for FSAP
and facilitate the FSAP team's visit.
The Commission is principally
involved with the securities market
module of the FSAP, together with
the Ministry of Economic
Development. The Commission is
also involved in the securities sector
parts of the anti-money laundering
module and the module dealing
with transparency of financial
policies.
The FSAP will involve other
regulatory bodies including the
Registrar of Companies, the
Takeovers Panel, the New Zealand
Exchange and the New Zealand
Futures and Options Exchange.
Further information
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Morgan Price faces court action in Australia
The New South Wales Supreme Court has appointed a receiver and manager to
Morgan Price Limited, a brokerage firm which has cold-called investors in
New Zealand from Sydney.
"We investigated Morgan Price after complaints from people who had been
approached by them," Director of Enforcement Norman Miller said. "We then
referred the matter to the Australian Securities and Investments Commission
(ASIC). We are pleased that this company has been put out of action by the
Australian authorities."
ASIC has obtained injunctions against the company and its directors, Douglas
Pestano, Robbie Joseph and Nicholas Seow, from promoting or offering any
shares. The company has also been ordered to cease operating its website.
ASIC alleges
that Morgan Price has broken the law by operating a financial services business
without the required Australian licence;
that the conduct of Morgan Price contravenes various provisions of the
Corporations Act and the ASIC Act; and
that Morgan Price, and its directors and officers, have engaged in
unconscionable, misleading and deceptive conduct in relation to the offer of
shares, and about the company's ability to legally conduct a financial services
business in Australia and internationally.
The matter will return to Court on 11 August 2003.
New Zealand people who paid money to Morgan Price could contact the receiver,
Hall Chadwick, Level 29, St Martins Tower, 31 Market Street, Sydney, NSW
2000.
See http://www.seccom.govt.nz/invest/overseas-brokers1.shtml for the names of
brokers who are known to have approached New Zealanders without complying
with New Zealand law. |
IOSCO MOU
The Commission has applied to become a signatory to a Multilateral MOU on
consultation and cooperation and exchange of information. The MOU is promoted
by the International Organisation of Securities Commissions (IOSCO).
It followed the events of 11 September 2001 and a determination to improve
international cooperation and information sharing.
We have completed a detailed questionnaire on our ability to cooperate
internationally and to provide the information required for international assistance.
Our application will now be examined by a screening group of IOSCO members
involved directly in international technical work on enforcement.
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Securities Commission
Level 12, Reserve Bank Building
2 The Terrace, Wellington
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