by Rob Hosking
In the latest Securities Commission’s annual report chairman Jane Diplock stresses the need for greater co-operation between New Zealand and offshore regulators, and also that New Zealand’s rules need to meet internationally accepted norms.
“The need for international regulators to work together to create well regulated securities markets and to enforce securities law has never been greater,” says Diplock.
Regionally, there is a pressing need to integrate more with the Australian market, she says.
“New Zealand needs to be regarded internationally as a well regulated and attractive securities market. We also need to work constructively with Australia towards a single economic market that will bring benefits to business and investors on both sides of the Tasman.”
Diplock is currently chair of the International Organisation of Securities Commissions. That body operates a “multilateral memorandum of understanding “ which enables much greater ability of regulators to exchange information across borders.
New Zealand became a signatory two years ago and “we have reaped the benefits of this in obtaining information and evidence from overseas,” says Diplock.
The commission has had a particularly active year, and its report shows it had to go to the government for an extra $656,020 for its litigation fund – which, considering the original budget for the fund was $840,000, is a hefty increase.
The commission’s litigation budget for the current year has been increased to almost as much as it spent last year – it is now $1.218 million.
Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.
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