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New power for the Securities Commission

New power for the Securities Commission

Enforceable undertakings are a new tool available to the Securities Commission for enforcing securities law.

The Commission was given the power to accept written undertakings from people who have breached securities law when the Securities Act 1978 was amended late last year.

“Written undertakings are a flexible and effective enforcement tool,” Commission Chairman Jane Diplock said. “They are appropriate in certain circumstances and can be enforced through the courts if the party fails to fulfil the undertaking.”

Undertakings accepted by the Commission will usually be made public in a statement to the news media. The signed, written undertaking will also be published on the Commission’s website, http:// http://www.sec-com.govt.nz.

The Commission used this power for the first time on 18 June 2003 when it accepted written undertaking from NZIFL 3 Limited, NZ Forestry Investment Limited and Mr Ross Anthony Collins, all of Papamoa, Tauranga.

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