266:
all its shares to the public for about $ 250m. The report declared that this IPO was not misleading in any material particular. Nevertheless, over three thousand of the eight thousand subscribers to this IPO have taken legal action against various parties associated with making the offering on the grounds that the offering was misleading. The High Court (Houghton v
Saunders) found against the shareholders and as at April 2016 the matter is being considered by the Court of Appeal.
260:. In October 2004 the commission accused Midavia of insider trading and Richwhite of tipping off Midavia to sell $ 63 million worth of shares while knowing Tranz Rail was facing financial problems, which was not known to the public. The commission noted that the payments had been made "without any admission of liability".
265:
On 11 November 2007 the NZ Securities
Commission issued a report into two matters concerning Feltex Carpets Ltd which by then had gone into liquidation with the probable loss of all shareholders funds. The first matter was an Initial Public Offer made in April 2004 by which a sole shareholder sold
240:
In May 1993 the
Commission published a very extensive report on the manipulation of reported profits by the largely Government owned Bank of New Zealand. "Arrangements" to make the manipulation look valid were put in place in March 1988 but in the event they were not used until the Banks 1990 year
271:
In the second matter the
Securities Commission reported that Feltex had overstated the length of tenure of most of its extensive bank debt in its half-yearly report to 31 December 2005. The Ministry of Economic Development took legal action against five of the Feltex directors as a result of this
190:
The commissions role was modified and extended by a number of additional pieces of legislation. These include the
Securities Markets Act 1988, the Investment Advisers (Disclosure) Act 1996, the Securities Regulations 1983, the Securities Act (Contributory Mortgage) Regulations 1988, and the
194:
The
Financial Advisers Act 2008 gave the Securities Commission new responsibilities to register and set minimum standards for financial advisers. There was some concern that the commission did not have the resources to effectively carry out its responsibilities and that this additional
31:
272:
Securities
Commission report but in MED v Feeney Judge M Doogue dismissed the charges. Judge Doogue specialised in family court matters. Less than a year after this judgement she was promoted to Chief District Court Judge.
198:
The agency was chaired by Jane
Diplock from 2001 until it was disbanded in 2011 and faced criticism for its handling of the collapse of a large number of finance companies. Jane Diplock was also the chairperson of the
167:
It was responsible for enforcement, monitoring and market oversight of the securities markets, authorising participants and promoting public understanding of investments. This included authorising the
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announced that the
Securities Commission would be replaced by a new integrated financial regulator, the Financial Markets Authority.
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through one of the companies that they co-owned, Midavia Rail
Investments, paid $ 20 million to the commission to settle
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into statutory management after complaints from a number of investors. This also triggered an investigation by the
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The commission was first established under the Securities Act 1978 which determines its powers and functions.
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535:
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398:"Report of an Enquiry into Certain Arrangements entered into by Bank of New Zealand in March 1988"
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The Financial Markets Authority no longer officially recognises this predecessor organisation.
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292:. Eight weeks later on 31 August 2010, South Canterbury Finance was placed in receivership.
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8:
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551:"Aorangi Securities, charitable trusts, and Hubbards placed into statutory management"
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446:
371:
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447:"Feltex Carpets Ltd IPO Prospectus Financial Reporting and Continuous Disclosure"
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and the main regulator of investments. It was replaced on 1 May 2011 by the
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203:(IOSCO) during her time as chairperson of the Securities Commission.
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In late 2010, the Securities Commission successfully applied to the
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429:"Former Tranz Rail shareholders face insider trading charges"
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The Securities Commission undertook the following roles:
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On 27 April 2010, the New Zealand minister for commerce
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Te Kāhui Tātari Ture Criminal Cases Review Commission
342:
2009 Annual Report – Recruiting and retaining staff
201:
International Organization of Securities Commissions
277:On 20 June 2010, the Securities Commission put the
384:"Diplock defends commission over fin coy failures"
620:"Some big winners from South Canterbury collapse"
403:. New Zealand Securities Commission. 24 May 1993.
206:
864:
372:Securities Commission needs staff, money and IT
241:when the Bank's profit was overstated by $ 55m.
195:responsibility would make the situation worse.
702:
453:. NZ Securities Commission. 11 November 2007.
855:indicates an entity which has been dissolved
811:Office of Film and Literature Classification
571:
215:Enforcement, monitoring and market oversight
842:Transport Accident Investigation Commission
733:public sector organisations in New Zealand
709:
695:
355:"One financial regulator to rule them all"
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883:Former government agencies of New Zealand
301:to have the assets of former director of
172:with which it ran a co-regulatory model.
873:Defunct financial regulatory authorities
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352:
878:New Zealand independent crown entities
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760:Children and Young People's Commission
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888:2011 disestablishments in New Zealand
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646:"Hotchin assets frozen by High Court"
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801:Independent Police Conduct Authority
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191:Securities (Fees) Regulations 1998.
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893:1978 establishments in New Zealand
791:Health and Disability Commissioner
618:Hutching, Chris (31 August 2010).
290:Serious Fraud Office (New Zealand)
100:Jane Diplock, Chairman (2001–2011)
14:
909:
744:Accounting Standards Review Board
675:
417:. Fairfax NZ News. 24 April 2009.
415:"Fay Richwhite money a hard sell"
386:. Good Returns. 9 September 2009.
749:Broadcasting Standards Authority
470:. Feltex Carpets Ltd. April 2004
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353:Bennett, Adam (29 April 2010).
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230:Promoting public understanding
227:International co-operation and
207:Responsibilities and functions
1:
682:Securities Commission Website
574:"SFO to investigate Hubbards"
572:BusinessDesk (20 June 2010).
549:Power, Simon (20 June 2010).
511:"Directors Backsides Exposed"
328:
624:The National Business Review
536:"Chief District Court Judge"
7:
786:Financial Markets Authority
775:Drug Free Sport New Zealand
465:"Feltex Carpets Prospectus"
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162:Financial Markets Authority
131:http://www.sec-com.govt.nz/
66:Financial Markets Authority
16:Financial Markets Regulator
10:
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827:Sport Integrity Commission
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170:New Zealand Stock Exchange
898:Regulation in New Zealand
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765:Climate Change Commission
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644:NZPA (15 December 2010).
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553:. New Zealand Government
282:South Canterbury Finance
256:proceedings relating to
821:Productivity Commission
796:Human Rights Commission
754:Children's Commissioner
650:The New Zealand Herald
578:The New Zealand Herald
433:The New Zealand Herald
359:The New Zealand Herald
538:. Justice Department.
490:"Houghton v Saunders"
323:Securities Commission
156:of the government of
150:Securities Commission
24:Securities Commission
816:Privacy Commissioner
781:Electoral Commission
770:Commerce Commission
152:was an independent
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603:has generic name (
59:Superseding agency
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284:which was run by
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303:finance company
279:finance company
254:insider trading
250:David Richwhite
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38:Agency overview
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499:. High Court.
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661:. Retrieved
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472:. Retrieved
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154:Crown entity
149:
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75:Headquarters
20:
18:
723:New Zealand
663:21 December
246:Michael Fay
177:Simon Power
158:New Zealand
867:Categories
583:21 October
329:References
299:High Court
258:Tranz Rail
221:Exemptions
218:Law reform
79:Wellington
658:1170-0777
593:cite news
137:Footnotes
86:Employees
51:Dissolved
629:11 April
557:11 April
520:29 April
474:29 April
317:See also
312:frozen.
183:History
127:Website
656:
43:Formed
514:(PDF)
493:(PDF)
468:(PDF)
401:(PDF)
665:2010
654:ISSN
631:2012
605:help
585:2010
559:2012
522:2016
476:2016
248:and
148:The
46:1978
721:of
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