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2002 Annual Report

THE YEAR IN BRIEF

THE COMMISSION

• acted to protect investors' money in respect of several contributory mortgages
• published a report on the 1 Parliament Street contributory mortgage
• published a report on certain statements about Air New Zealand Limited
• declined a request under s17 of the Securities Amendment Act 1988
• issued warnings about illegal overseas brokers
• published a report on Gideon Investments Pty Limited and Morison Guildford & Associates Limited
• completed 11 insider trading enquiries
• published a discussion paper on Conduct Rules of the New Zealand Stock Exchange
• authorised five futures dealers
• adopted new policy on authorising trustees and statutory supervisors
• consulted on policy on designation of substantial security holders
• began a review of class and specific exemption notices
• recommended changes to strengthen the law on investment advisers
• made submissions on proposed new securities law
• was elected to the Executive Committee of the International Organization of Securities Commissions
• signed a Memorandum of Understanding with the Securities and Exchange Commission of Sri Lanka
• initiated a "meet market participants" programme

SIGNIFICANT CHANGES

• Jane Diplock assumed an Executive Chairman role
• the Takeovers Code came into force involving Commission staff in its administration and support for the Takeovers Panel
• the Securities Markets and Institutions Bill, introduced into Parliament, heralded
  - increased powers for the Commission
  - significant changes for listed companies and the stock exchange
• the Commission increased enforcement work
• John Farrell stepped down after 17 years as Chief Executive