Agency overview | |
---|---|
Formed | 1978 |
Dissolved | 30 April 2011 |
Superseding agency | |
Headquarters | Wellington, New Zealand |
Employees | 51 [1] |
Agency executive |
|
Key documents | |
Website | http://www.sec-com.govt.nz/ |
Footnotes | |
The Financial Markets Authority no longer officially recognises this predecessor organisation. |
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 the Securities Commission would be replaced by a new integrated financial regulator, the Financial Markets Authority. [2]
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 [3] 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. [4] Jane Diplock was also the chairperson of the International Organization of Securities Commissions (IOSCO) during her time as chairperson of the Securities Commission.
The Securities Commission undertook the following roles:
A capital market is a financial market in which long-term debt or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers to those who can put it to long-term productive use, such as companies or governments making long-term investments. Financial regulators like Securities and Exchange Board of India (SEBI), Bank of England (BoE) and the U.S. Securities and Exchange Commission (SEC) oversee capital markets to protect investors against fraud, among other duties.
Investment banking pertains to certain activities of a financial services company or a corporate division that engages in providing advisory-based services on financial transactions for clients, such as institutional investors, corporations, and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of debt or equity securities. An investment bank may also assist companies involved in mergers and acquisitions (M&A) and provide ancillary services such as market making, trading of derivatives and equity securities, FICC services or research. Most investment banks maintain prime brokerage and asset management departments in conjunction with their investment research businesses. As an industry, it is broken up into the Bulge Bracket, Middle Market, and boutique market.
The Securities and Exchange Board of India (SEBI) is the regulatory body for securities and commodity market in India under the administrative domain of Ministry of Finance within the Government of India. It was established on 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992.SEBI's establishment brought about a centralized regulatory framework, consolidating regulatory functions related to securities trading, issuance, and intermediation under one umbrella.
Canadian securities regulation is managed through the laws and agencies established by Canada's 10 provincial and 3 territorial governments. Each province and territory has a securities commission or equivalent authority with its own provincial or territorial legislation.
Tranz Rail, formally Tranz Rail Holdings Limited, was the main rail operator in New Zealand from 1991 until it was purchased by Toll Holdings in 2003.
Sir Humphrey Michael Gerard Fay is a New Zealand merchant banker and partner in the merchant bank Fay Richwhite. He is one of the ten richest men in New Zealand. His personal wealth was largely acquired during the late 1980s and early 1990s, which included the period in which he had a significant role in the structural adjustment of the New Zealand economy undertaken by New Zealand's Fourth Labour Government. He is thought to be worth in excess of NZD 920 million, making him the 10th richest New Zealand citizen in 2017.
Nasdaq Dubai is a Dubai-based stock exchange that lists regional and international shares in the Middle East. Through the exchange, regional issuers can access regional and international investment. International issuers can access investment from the region, through a primary or dual listing.
Fay, Richwhite & Company is the investment vehicle of Switzerland-based New Zealand merchant bankers Sir Michael Fay and David Richwhite.
Edward Haggai Ntalami (19 March 1947 – 20 November 2014) was a business executive and the former CEO of the Capital Markets Authority (CMA) of Kenya. Ntalami was involved in Kenya's capital markets. He served for over two decades in financial planning and management in the fields of commerce and industry, public sector. Prior to his appointment at the CMA, Ntalami was the executive director of Sterling Securities Limited, a local stockbroker. He was appointed Chief Executive, Capital Markets Authority in December 2002 by President Mwai Kibaki. He completed his term in office on 17 December 2007. Seven months after he left Stella Kilonzo became head of CMA.
Peer-to-peer lending, also abbreviated as P2P lending, is the practice of lending money to individuals or businesses through online services that match lenders with borrowers. Peer-to-peer lending companies often offer their services online, and attempt to operate with lower overhead and provide their services more cheaply than traditional financial institutions. As a result, lenders can earn higher returns compared to savings and investment products offered by banks, while borrowers can borrow money at lower interest rates, even after the P2P lending company has taken a fee for providing the match-making platform and credit checking the borrower. There is the risk of the borrower defaulting on the loans taken out from peer-lending websites.
A non-banking financial institution (NBFI) or non-bank financial company (NBFC) is a financial institution that is not legally a bank; it does not have a full banking license or is not supervised by a national or international banking regulatory agency. NBFC facilitate bank-related financial services, such as investment, risk pooling, contractual savings, and market brokering. Examples of these include hedge funds, insurance firms, pawn shops, cashier's check issuers, check cashing locations, payday lending, currency exchanges, and microloan organizations. Alan Greenspan has identified the role of NBFIs in strengthening an economy, as they provide "multiple alternatives to transform an economy's savings into capital investment which act as backup facilities should the primary form of intermediation fail."
Westpac Banking Corporation, known simply as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney.
The Committee on Capital Markets Regulation is an independent and nonpartisan 501(c)(3) research organization financed by contributions from individuals, foundations, and corporations.
The Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd–Frank, is a United States federal law that was enacted on July 21, 2010. The law overhauled financial regulation in the aftermath of the Great Recession, and it made changes affecting all federal financial regulatory agencies and almost every part of the nation's financial services industry.
Allan James Hubbard was a businessman who lived in Timaru in the South Island of New Zealand, and was the founder of South Canterbury Finance, New Zealand's largest locally owned finance company. In 2006, the New Zealand Listener described Hubbard as the most powerful businessman in the South Island.
Mark Stephen Hotchin is a New Zealand former property developer and financier. He was a director of the failed Hanover Group which owned a number of finance companies including Hanover Finance, United Finance, Nationwide Finance and FAI Finance.
RateSetter is a British personal loan provider, founded in 2009 as one of the pioneers of peer-to-peer lending. The London-based company traded in the United Kingdom and through a locally-owned and run business in Australia. The UK business was acquired by Metro Bank in September 2020, leading to closure of the peer-to-peer products in April 2021.
Bandhan Bank Ltd. is a banking and financial services company, headquartered in Kolkata. Bandhan Bank is present in 35 out of 36 states and union territories of India, with 6,250 banking outlets and 3.26 crore customers. Having received the universal banking licence from the Reserve Bank of India, Bandhan Bank started operations on August 23, 2015, with 501 branches, 50 ATMs and 2,022 Banking Units (BUs). The Bank has mobilised deposits of ₹1,17,422 crore and its total advances stand at ₹1,15,940 crore as of December 31, 2023.
Between May 2006 and the end of 2012 there were sixty-seven finance company collapses in New Zealand; including companies entering into liquidation, receivership or moratoria. An inquiry by the New Zealand Parliament estimated losses at over $3 billion that affected between 150,000 and 200,000 depositors. The most high-profile collapses were South Canterbury Finance, Hanover Finance and Bridgecorp Holdings. The collapse radically reduced the size and importance of the non-bank finance sector in New Zealand. According to the Reserve Bank, at the height of financial expansion prior to the 2007 crisis, non-bank lenders had assets of about $25 billion and made up 8 percent of lending by financial institutions. By late 2013 the size of the finance sector was half its previous size and accounted for only 3 percent of institutional lending. In the years following the beginning of the collapses, sweeping legislative and regulatory changes were made, aimed at improving oversight and regulation of the finance industry.
CSC Financial Co., Ltd. trading as China Securities, is a Chinese investment bank and brokerage firm established by CITIC Securities and China Jianyin Investment in 2005 in a 60–40 ratio, as a successor of bankrupted China Securities Co., Ltd. (CSC). However, the firm now majority owned by Jianyin Investment's parent company Central Huijin Investment and an asset managing subsidiary of Beijing Municipal People's Government.
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