New Zealand: Securities Commission annual report published

The Securities Commission has published its 2010 annual report: see here (html) or here (pdf). This provides, amongst other things, an overview of the regulatory changes taking place in New Zealand and discussed by the Commission's chairman, Jane Diplock, in her report:

In September 2009, the Report on the Effectiveness of New Zealand's Securities Commission [here, pdf] was published by two independent experts ... Their key findings were that the Commission was an efficient and effective organisation within the constraints of its funding and legislative remit. The report concluded that New Zealand securities regulation has been hampered by the Securities Commission's narrow mandate, and limited powers and funding. This view reflects the Commission's own and the recommendations we have consistently made to government in recent years.

Consequently, the Commission has actively supported the process of regulatory reform over the past 12 months, working with the Capital Market Development Taskforce and the Ministry of Economic Development (MED). Like many other New Zealanders, I am enthusiastic about the potential of the new Financial Markets Authority (FMA) when it takes over the functions of the Securities Commission in 2011. It will combine the functions of the Securities Commission with some regulatory functions of the Companies Office, the MED's National Enforcement Unit, the Government Actuary and NZX".