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Who we are
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- The Securities Commission
- Our vision
- Our purpose
- Our work
- Outcome we contribute to
- Commission Members
- Role, functions & powers
THE SECURITIES COMMISSION
The Securities Commission is an independent crown entity under the Securities Act 1978.It is New Zealand's main regulator of investments.
OUR VISION
Investors can have confidence in New Zealand's securities markets so that the markets increasingly attract investment from New Zealand and overseas.OUR PURPOSE
To strengthen investor confidence and foster capital investment in New Zealand by promoting the efficiency, the integrity, and cost effective regulation of our securities markets.OUR WORK
Contributes to robust and vibrant capital markets in which investors, both domestic and overseas, can have confidence. This in turn is important for New Zealand's sustainable economic development.OUTCOME WE CONTRIBUTE TO
The integrity of New Zealand's securities markets is improved and confidence in these markets is strengthened.
Bad market practice is seen to be unacceptable and the law is complied with.
The regulatory environment is relevant and effective.
The securities law regime is tailored to the needs of the markets.
New Zealand's markets and regulatory environment are respected internationally, creating a climate for increased investment and good relationships with overseas regulators.
Public understanding of the law and practice of securities is increased.
COMMISSION MEMBERS
The Securities Commission consists of not less than 5 or more than 10 Members appointed by the Governor-General on the recommendation of the Minister of Commerce. Members hold office for a term not exceeding five years, but may be reappointed.
There are no statutory qualifications for membership, except one member must be a barrister or solicitor of not less than seven years' practice.
Members are chosen for their knowledge of, or experience in industry, commerce, economics, law, accountancy, public administration or securities.
The current Members of the Commission are:
 Jane Diplock AO Chairman |
 Colin Beyer |
 Mai Chen |
 Annabel Cotton |
 Keitha Dunstan |
 John Holland |
 David Jackson |
 Cathy Quinn |
 Neville Todd |
PROFILES OF MEMBERS
Jane Diplock AO BA(Hons), LL.B, DipEd (Sydney), Dip Int.Law (ANU). Chairman of the Commission since 3 September 2001, based in Wellington. Professional: Barrister and Solicitor of the ACT Supreme Court and High Court of Australia; Barrister of the New South Wales Supreme Court; Fellow of the Institute of Public Administration Australia; Chevening Fellow at London School of Economics; Fellow of the New Zealand Institute of Management;
Chairman of Executive Committee of IOSCO.
Colin Beyer LL.B, FIOD. Consultant to Simpson Grierson, Wellington. Professional: Solicitor, Wellington.
Mai Chen LL.B (Hons) (Otago), LL.M (Harvard), FNZIM. Lawyer, Wellington. Professional: Foundation partner of Chen Palmer, Barristers & Solicitors, Public law specialists. Specialist in government regulation of business, administrative and constitutional law, public policy and legislation. Member of New Zealand Trade and Enterprise, Beachheads Advisory Board and the Asia New Zealand Foundation. Formerly on the AMP Life Limited (NZ) Advisory Board and Senior Law Lecturer at Victoria University of Wellington. Fellow of the New Zealand Institute of Management.
Annabel Cotton BMS (Accounting & Finance), ACA, CSAP. Business Consultant, Hamilton. Professional: Consultant to companies listed in New Zealand and overseas. Directorships: Genesis Power Limited, Kingfish Limited and its subsidiaries, Marlin Global Limited, Barramundi Limited and director of a number of private companies.
Keitha Dunstan PhD(QLD), M.Bus(QUT), Grad Dip Mgt(UCQ), B.Com(QLD). Research Professor School of Accounting and Commercial Law, Victoria University of Wellington. Founding director of the Centre for Accounting, Governance and Taxation Research at Victoria University of Wellington; New Zealand President Accounting and Finance Association of Australia & New Zealand.
John Holland B.Com, LL.B. Lawyer, Christchurch. Professional: Partner of Chapman Tripp specialising in securities and competition law and mergers and acquisitions. Directorships: Board member of Chapman Tripp.
David Jackson M.Com (Hons) FCA. Company Director, Auckland. Professional: Chartered Accountant; Previously Senior Audit Partner with Ernst & Young. Directorships: Fontera Co-operative Group, Nuplex Industries Limited, Pumpkin Patch Limited and The New Zealand Refining Company Limited.
Cathy Quinn LL.B. Lawyer, Auckland. Professional: Partner of Minter Ellison Rudd Watts specialising in corporate, securities and competition law. Joint author Morison‘s Company and Securities Law.
Neville Todd B Com (Otago). Company Director, Wellington. Professional: Managing Director of Kinloch Funds Management Limited. Directorship: Kinloch Funds Management Limited and its subsidiaries.
Colin Beyer LL.B, FIOD. Consultant to Simpson Grierson, Wellington. Professional: Solicitor, Wellington.
Mai Chen LL.B (Hons) (Otago), LL.M (Harvard), FNZIM. Lawyer, Wellington. Professional: Foundation partner of Chen Palmer, Barristers & Solicitors, Public law specialists. Specialist in government regulation of business, administrative and constitutional law, public policy and legislation. Member of New Zealand Trade and Enterprise, Beachheads Advisory Board and the Asia New Zealand Foundation. Formerly on the AMP Life Limited (NZ) Advisory Board and Senior Law Lecturer at Victoria University of Wellington. Fellow of the New Zealand Institute of Management.
Annabel Cotton BMS (Accounting & Finance), ACA, CSAP. Business Consultant, Hamilton. Professional: Consultant to companies listed in New Zealand and overseas. Directorships: Genesis Power Limited, Kingfish Limited and its subsidiaries, Marlin Global Limited, Barramundi Limited and director of a number of private companies.
Keitha Dunstan PhD(QLD), M.Bus(QUT), Grad Dip Mgt(UCQ), B.Com(QLD). Research Professor School of Accounting and Commercial Law, Victoria University of Wellington. Founding director of the Centre for Accounting, Governance and Taxation Research at Victoria University of Wellington; New Zealand President Accounting and Finance Association of Australia & New Zealand.
John Holland B.Com, LL.B. Lawyer, Christchurch. Professional: Partner of Chapman Tripp specialising in securities and competition law and mergers and acquisitions. Directorships: Board member of Chapman Tripp.
David Jackson M.Com (Hons) FCA. Company Director, Auckland. Professional: Chartered Accountant; Previously Senior Audit Partner with Ernst & Young. Directorships: Fontera Co-operative Group, Nuplex Industries Limited, Pumpkin Patch Limited and The New Zealand Refining Company Limited.
Cathy Quinn LL.B. Lawyer, Auckland. Professional: Partner of Minter Ellison Rudd Watts specialising in corporate, securities and competition law. Joint author Morison‘s Company and Securities Law.
Neville Todd B Com (Otago). Company Director, Wellington. Professional: Managing Director of Kinloch Funds Management Limited. Directorship: Kinloch Funds Management Limited and its subsidiaries.
ROLE, FUNCTIONS AND POWERS
The Commission is established under the Securities Act 1978 which determines its powers and functions. The Commission is an independent Crown entity in terms of the Crown Entities Act 2004. Other legislation the Commission works with includes the Securities Markets Act 1988, the Investment Advisers (Disclosure) Act 1996, the Securities Regulations 1983, the Securities Act (Contributory Mortgage) Regulations 1988, and the Securities (Fees) Regulations 1998. The Commission may also consider certain matters arising under the Corporations (Investigation and Management) Act 1989 (in particular, directions to "at risk" corporations and declarations of statutory management).
The role and functions of the Commission include:
- to keep under review the law relating to bodies corporate, securities and unincorporated issuers of securities and to recommend changes to the Minister of Commerce
- to keep under review practices relating to securities and to comment on these
- to cooperate with overseas securities commissions
- to keep under review securities markets activities and to comment on these
- to advise the Minister of Commerce on conduct rules proposed by securities exchanges
- to promote public understanding of the law and practice of securities
- to provide administrative and support services to the Takeovers Panel
- to perform any other function conferred by law.
To perform these functions we have a number of powers. These include:
- to receive evidence as to securities law and practice, with power for this purpose to summon any person to appear before us
- to publish reports and comments
- to exempt persons from compliance with provisions of the Securities Act or Regulations under the Act
- to suspend or cancel a registered prospectus
- to suspend or prohibit an investment statement
- to prohibit advertising of any securities
- to approve trustees and statutory supervisors
- to carry out inspections
- to accept enforceable undertakings
- to hear appeals against certain decisions of the Registrar of Companies
- to recommend regulations
- to enforce insider trading and substantial security holder law
- to enforce continuous disclosure law and to make orders requiring disclosure by issuers
- to make orders requiring disclosure by unregistered exchanges
- to require an exchange to provide information and assistance to the Commission
- to administer the law relating to futures contracts
- to recommend approval of electronic systems for the transfer of securities
- to receive financial statements of issuers which do not comply with the Financial Reporting Act 1993.