Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Communiqué of Securities Commissions Conference

News release 9 June 2006

Final Communiqué of the XXXI Annual Conference of the
International Organization of Securities Commissions (IOSCO)

The Securities Commission received the Final Communiqué of the 31st Annual Conference of the International Organization of Securities Commissions (IOSCO) today.

Some key issues from the meetings in Hong Kong were:

IOSCO MoU – 34 members have signed the MoU. New signatories to the MoU are Dubai Financial Services Authority, the Financial Supervisory Authority of Denmark, the Israel Securities Authority and the Securities and Exchange Commission of Nigeria. An additional 9 members have committed to signing.
The meeting put greater emphasis on the IOSCO MoU adopted in May 2002. The MoU is IOSCO’s most significant contribution to regulatory cooperation and effective cross-border enforcement.

Cross-border cooperation in the freezing of assets - IOSCO adopted a resolution encouraging members to examine and review their legal frameworks to freeze assets derived from cross-border securities and derivatives violations. Those who break the securities laws will not be able to benefit from any gains made as a result of their illegal actions.

Boiler Room Activity - IOSCO continues to monitor “boiler room” activity around the world and has recently established an ad hoc group to carry out additional work on this issue. It aims to provide guidance on issues facing regulators in combating boiler room scams.

Compliance Function for Market Intermediaries - IOSCO has outlined the principles that should be considered by all market intermediaries and their regulators in order to increase effectiveness in compliance function of market intermediaries.

International Financial Reporting Standards (IFRS) - A database of information providing useful references for regulators on IFRS decisions will be available to members later during the year.

The SRO Consultative Committee released a Model Code of Ethics which aims to strengthen a culture of ethical behaviour within the financial services industry. This committee represents self regulating organizations and other securities and derivatives markets around the world.

Public panels – One public panel discussed regulations and expectations surrounding the implementation of International Financial Reporting Standards (IFRS). Others discussed increasing risks in hedge funds and transparency in bond markets.

A detailed copy of the communiqué is available from the Commission’s website


© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>