An independent body established under the
Securities Act 1978, the
Commission promotes the efficient and cost-effective regulation of New Zealand's capital markets. The Securities Commission maintains oversight of securities market activities including offers of securities to the public. It has oversight of securities exchanges and has powers to investigate insider trading, substantial security holder disclosure, and disclosure by listed companies and their directors. The Commission recommends reform of securities law. It cooperates with securities commissions in other countries to combat cross border securities fraud.
The Securities Act 1978
The Securities Act established the Commission, and sets out its functions and powers. The Act, together with the Securities Regulations, defines 'securities' and the requirements for offers of securities to the public. These include the information that must be disclosed to investors both before they invest and on an ongoing basis.
The Securities Markets Act 1988
This Act regulates various activities on securities markets including registration of stock exchanges, regulation of insider trading, market manipulation, disclosure by listed companies and their directors, disclosure of changes to substantial securities holdings, and dealing in futures contracts.
