27 January 2005 Media Statement

Beyer and Quinn re-appointed to Securities Commission

Commerce Minister Pete Hodgson today announced the re-appointment of Colin Beyer and Cathy Quinn to the Securities Commission for second terms of five years which commence in February 2005.

“Colin Beyer and Cathy Quinn are both excellent contributors to the Commission and will provide continuity in the current period of growth, capacity building and the addition of new powers”, Pete Hodgson said.

Background

Cathy Quinn Cathy Quinn is a commercial corporate partner of Minter Ellison Rudd Watts. A leading lawyer in the field of securities and corporate governance she co–authored Morison’s Company and Securities Law. Ms Quinn was appointed as a member of the sub-committee on securities law issues following the inaugural Australia New Zealand Leadership Forum which was held in May 2004. The nature and future of the relationship between the two countries was a focus of the Forum.

Colin Beyer As a lawyer practising in Wellington for more than 40 years, including 10 years as partner in Simpson Grierson, Colin Beyer specialised in company, commercial and mining law. In 2003 he retired from Simpson Grierson but remains a consultant to the firm. He has considerable private sector governance experience including 10 years as Chair of Tower Corporation and subsequently five years as Chair of Tower Limited as well as directorships on Capital Power Limited and Trustpower Limited. He remains Chair of Capital Properties New Zealand Limited.

Securities Commission The Commission is a Crown entity the role of which is to regulate the securities market. The Commission achieves this through its statutory functions under the Securities Act 1978 and the Securities Markets Act 1988.

Its statutory functions include:

enforcement of securities law including insider trading, substantial security holder disclosure, and offers of securities to the public;

reviewing and making enquiries into market practices;

a supervisory role in relation to securities exchanges;

granting exemptions from securities law;

promoting public understanding of the law and practices relating to securities;

co-operating with overseas regulators; and

providing administrative and support services to the Takeovers Panel.

The Commission also has various advisory functions under the Corporations (Investigation and Management) Act 1993 and the Reserve Bank of New Zealand Act 1989.

Under the proposed Securities Legislation Bill the Commission’s functions will be enhanced including through an increased range of penalties and remedies available for breaches of securities trading law and in taking on a public enforcement role in relation to investment advisers and broker obligations.

Criteria for Membership of the Commission

The ten members of the Commission are appointed by the Governor-General on the recommendation of the Minister. When considering appointments the Act requires the Minister to recommend candidates who have knowledge of, or experience in, industry, commerce, economics, law, accountancy, public administration, or securities. At least one member must be a barrister or solicitor with a minimum of seven years experience.

ENDS

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Arguably Reassuring: Inspector-General Finds GCSB "Arguably" Legal

Of the 88 individuals:

• 15 cases involving 22 individuals did not have any information intercepted by GCSB.

• another four cases involving five individuals were the subjects of a New Zealand Security Intelligence Service warrant and the GCSB assisted in the execution of the warrants. The Inspector-General is of the view that there were arguably no breaches and the law is unclear.

• the Bureau only provided technical assistance which did not involve interception of communications, involving three of the individuals, so no breach occurred.

• the remaining cases involved the collection of metadata, and the Inspector-General formed the view that there had arguably been no breach, noting once again that the law is unclear.
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