Securities Commission of New Zealand
The Securities Commission was an independent Crown entity of the government of New Zealand and the main regulator of investments. It was replaced on 1 May 2011 by the Financial Markets Authority. It was responsible for enforcement, monitoring and market oversight of the securities markets, authorising participants and promoting public understanding of investments. This included authorising the New Zealand Stock Exchange with which it ran a co-regulatory model. On 27 April 2010 the New Zealand minister for commerce Simon Power announced that Securities Commission would be replaced by a new integrated financial regulator the  Financial Markets Authority. History. The commission was first established under the Securities Act 1978 which determines its powers and functions. The commissions role was modified and extended by a number of additional pieces of legislation. These include the Securities Markets Act 1988, the Investment Advisers (Disclosure) Act 1996, the Securities Regulations 1983, the Securities Act (Contributory Mortgage) Regulations 1988, and the Securities (Fees) Regulations 1998. The Financial Advisers Act 2008 gave the Securities Commission new responsibilities to register and set minimum standards for financial advisers. There was some concern that the commission did not have the resources to effectively carry  out its responsibilities and that this additional responsibility would make the situation worse. The agency was chaired by Jane Diplock from 2001 until it was disbanded in 2011 and faced criticism for its handling of the collapse of a large number of finance companies. Jane Diplock was also the chairperson of the International Organization of Securities Commissions (IOSCO) during her time as chairperson of the Securities Commission. Responsibilities and functions. The Securities Commission undertook the following roles: