Securities Commission Chairman re-elected

Securities Commission Chairman re-elected to world organisation

The Chairman of the Securities Commission, Jane Diplock AO, has been re-elected Chairman of the Executive Committee of IOSCO (the International Organisation of Securities Commissions). Jane was first elected chair in May 2004 for a two year term.

“I am delighted to have this opportunity to continue our contribution to the work of IOSCO for a second term,” Jane Diplock said. “It is a very great honour for New Zealand to be recognised at such an important international level. It is an affirmation that the development of New Zealand’s own regulatory framework is in line with international best practices.”

IOSCO has a membership of over 100 jurisdictions around the world. Its members regulate more than 90 per cent of the world’s securities markets.

Under Jane Diplock’s chairmanship IOSCO adopted a new strategic direction last year. This focuses on raising standards of securities regulation world wide and promoting IOSCO’s Multi-lateral Memorandum of Understanding. The latter enables signatories to exchange information to enforce securities law and combat international fraud.

Since its creation in 1983, IOSCO has been actively engaged in work on sound principles and practices for the regulation of securities markets. It is recognised as the international standard setter for securities regulation. The Executive Committee is the governing body of IOSCO responsible for achieving the objectives of the organisation.

Jane Diplock was re-elected yesterday at the 31st annual meeting of IOSCO held in Hong Kong.

Jane will continue to chair the New Zealand Commission during her further two year term as Chairman of the IOSCO Executive Committee. IOSCO has a secretariat based in Madrid.

For information about IOSCO see http://www.sec-com.govt.nz/international/iosco.shtml

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