NZ Takes Its Place On World Regulatory Stage

14 June 2002

New Zealand Takes Its Place On World Regulatory Stage – Elected To IOSCO Executive Committee

New Zealand was one of nine countries elected to the governing body of the International Organisation of Securities Commissions (IOSCO) at its recent world conference. IOSCO has 170 members and affiliate members.

“This is a very prestigious appointment and we are proud of this achievement,” Commission Chairman Jane Diplock said. “It is important international recognition of New Zealand as an increasingly well regulated market and one suitable for international investment.”

The Executive Committee is dealing with major matters arising from 11 September 2001 and the need for increased international cooperation and information sharing in the fight against international terrorism. It is promoting a multilateral Memorandum of Understanding with all IOSCO member countries.

The Committee is also dealing with the implications of the ENRON collapse and issues relating to the independence of analyst reports arising from the Merrill Lynch decision in the United States. Accounting and auditing standards, and the demutualisation of stock exchanges are also on the IOSCO Executive Committee’s agenda.

“Election to this international committee means that we will take an active part at a world level in addressing these important regulatory issues,” Jane Diplock said, “With the globalisation of world capital markets, these issues are increasingly important here in New Zealand.”

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