IOSCO Executive Committee electionChairman, Jane Diplock AO, has been re-elected Chairman of the Executive Committee of the International Organisation of Securities Commissions (IOSCO). Jane was first elected chair in May 2004 for a two year term. “I am delighted to have this opportunity to continue our contribution to the work of IOSCO for a second term,” Jane Diplock said. “It is a very great honour for New Zealand to be recognised at such an important international level. It is an affirmation that the development of New Zealand’s own regulatory framework is in line with international best practices.” IOSCO has 183 members from over 100 jurisdictions around the world. Its members regulate more than 90 per cent of the world’s securities markets. Under Jane Diplock’s chairmanship IOSCO adopted a new strategic direction last year. This focuses on raising standards of securities regulation worldwide and promoting IOSCO’s Multi-lateral Memorandum of Understanding. The latter enables signatories to exchange information to enforce securities law and combat international fraud. Since its creation in 1983, IOSCO has been actively engaged in work on sound principles and practices for the regulation of securities markets. It is recognised as the international standard setter for securities regulation. The Executive Committee is the governing body of IOSCO responsible for achieving the objectives of the organisation. |
Educating young people about investingThe Commission is funding a further sponsorship of Enterprise New Zealand Trust’s work in schools. The money will be used to develop teacher resource packs in support of Enterprise New Zealand Trust’s Financial Studies Paper for senior secondary school students. This paper was developed under a previous sponsorship by the Commission. It is now available to schools throughout the country. The 2006 funding also enables Enterprise New Zealand Trust to undertake training for teachers who will deliver this paper. The sponsorship provides the training and resource packs at no cost to schools. This makes the financial studies paper attractive to schools and teachers, thereby encouraging them to offer the paper to students. |
IOSCO annual conferenceFour regulators had passed the rigorous scrutiny to enable them to sign the IOSCO MMoU at IOSCO’s annual conference in Hong Kong last month. The MMoU enables crossborder regulatory cooperation and enforcement of securities law. The new signatories are the Dubai Financial Services Authority, the Financial Supervisory Authority of Denmark, the Israel Securities Authority and the Securities and Exchange Commission of Nigeria. There are now 34 signatories and a further nine regulators are listed in Appendix B which commits them to undertaking reforms needed to become signatories. New Zealand was accepted as a signatory after rigorous scrutiny of our regulatory and legal regime in October 2003. Over 650 delegates from more than 135 jurisdictions attended the 31st annual conference hosted by the Hong Kong Securities and Futures Commission in June. Conference highlights included:
The conference communiqué is
available at |
Class exemption – financial institutionsThe Commission recently renewed the Securities Act (Financial Institutions) Exemption Notice 2001. The Notice allows financial institutions to use their debt securities prospectus and, to the greatest extent practical, financial statements that have been prepared in accordance with Financial Reporting Standard 33: Disclosure of Information by Financial Institutions, rather than the second schedule to the Securities Regulations 1983. The Commission has also extended this Notice so that those financial institutions that prepare their financial statements in accordance with the New Zealand equivalent to International Accounting Standard 30: Disclosure in the Financial Statements of Banks and Similar Financial Institutions, can rely on the exemption. |
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The views expressed in The Bulletin do not necessarily represent the formal views of the Securities Commission, whether on securities or other matters.
THE BULLETIN July 2006