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Briefing Paper for Minister of Commerce Hon Lianne Dalziel

Annex 2 - Appropriations

The Estimates of Appropriations for the Government of New Zealand for the year ending 30 June 2006, Vote Commerce, Volume 1, page 195).

This appropriation covers the cost of purchasing of the following functions by the Securities Commission :

• Enforcement - inquiring into suspected breaches of securities law and intervening in the interests of investors in accordance with its statutory powers.
  • Monitoring and market oversight - maintaining oversight of securities market activity and taking action in accordance with its statutory powers.
• Enforcement-based law and practice reform - reviewing securities law and practice and making recommendations for reform.
• Exemptions and authorisations - considering and deciding on applications for exemptions from the provisions of the Securities Act 1978, Securities Markets Act 1988 and the Securities Regulations 1983; considering and deciding on applications for authorisation of market participants, for example futures exchanges and dealers, trustees and statutory supervisors; review existing authorisations.
• International recognition - promoting New Zealand as a well-regulated country, keeping abreast of developments in global standard-setting and contributing the Commission's views to this process.
• Public Understanding and Market Presence - promoting public understanding of the law and practice of securities.