SC Chairman re-elected chair of world organisation

News Release

30 May 2008

New Zealand Securities Commission Chairman re-elected chair of world organization

The Chairman of the Securities Commission, Jane Diplock AO, has been re-elected Chairman of the Executive Committee of IOSCO (International Organization of Securities Commissions) for a third term.

IOSCO has over 100 members and is recognized by the international financial community as the global standards setter for securities regulation. Its members regulate over 90 percent of the world’s capital markets.

“I am very pleased to have the opportunity to continue our contribution to IOSCO,” Jane Diplock says. “It is an honour for New Zealand to be recognized at such an important international level, acknowledging the development of our own regulatory framework in line with international best practice.”

In 2005, under Ms Diplock’s leadership, IOSCO took on a new strategic direction focusing on raising standards of securities regulation and promoting its Multilateral Memorandum of Understanding (MMOU).

The MMOU enables regulators to exchange information for effective enforcement across borders. Ms Diplock is keen to see through the milestone of all members signing up to it by 2010. “It will be an important legacy for investor protection, transparency and efficiency across borders.”

IOSCO addresses important issues affecting the securities markets. This week it published a review of the Code of Conduct for Credit rating agencies and a report on the sub-prime crisis from the securities markets perspective.

Ms Diplock was re-elected yesterday at the 33rd IOSCO annual meeting in Paris. She will continue to chair the New Zealand Securities Commission during her two-year term as Chairman of the IOSCO Executive Committee.

For information about IOSCO see www.iosco.org

ENDS

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