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                    [0] => The Securities Commission was created as a body corporate, which acted as New Zealand's main investment regulator. The fundamental purpose of the Commission was to facilitate capital investment in New Zealand by promoting the efficiency of New Zealand's securities markets, enhancing the integrity of these markets, promoting the cost effective regulation of these markets, and strengthening public confidence in these markets both in New Zealand and overseas. The Securities Commission was deemed a Crown entity under Part I of the Securities Act 1978; as such it was expected to act independently of the Government in its promotion of management and regulatory practices within the capital investment market.
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            [name] => Securities Commission
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                    [custom2] => 
Directory of Official Information, 1993-95, 1995-97. AJHR 1979 E-25, "The Securities Commission Annual Report". AJHR 1990 E-25, "The Securities Commission Annual Report". New Zealand Official Yearbook, 1978, 1979, 1980, 1981,1982,1985,1990, 1993. "The Securities Commission". The Securities Commission Official Website, accessed 8 July 2004: http://www.sec-com.govt.nz/
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            [agentMandateDisEstablishing] => Financial Marketing Authority Act 2011
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                    [0] => Securities Regulations 1983
                    [1] => Order in Council 23 April 1979
                    [2] => Securities Markets Act 1988 (Formerly Securities Amendment Act 1988)
                    [3] => Securities Act (Contributory Mortgage) Regulations 1988
                    [4] => Securities Act 1978
                    [5] => Securities Amendment Act 2002
                    [6] => Securities Markets Amendment Act 2002
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                            [description] => Mr Colin Patterson's papers, letters, etc. relating to the Contracts and Commercial Law Reform Committee
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                            [name] => Justice
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                            [itemType] => Series
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                            [name] => Monthly Meeting Papers
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                            [name] => Seal Registers
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                    [type] => YearStart
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            [history] => 
The functions and powers of the Securities Commission were set out in Part I of the 1978 Securities Act, because “development of forms of business organisations outside the scope of the Companies Act 1955 was a matter of public concern” (AJHR 1980). The Act along with the 1983 Regulations, which were part of the Commissions own Law reform, imposed legal requirements focusing on proper disclosure of securities offered to the public, and replaced the relevant laws contained in the 1955 Act. The Commission was created to enforce this legislation with its powers of law, regulation, intervention, surveillance and enforcement.
Although business conduct was not strictly controlled in New Zealand, the Commission  acted as one of three main regulators of business along with the Commerce Commission and the Takeovers Panel, to which it  provided support services. The overriding purpose of the regulatory role of the securities Commission was to keep New Zealand’s investment markets fair, open and attractive, to foster capital investment.
The main business of the Commission following its creation was to perform a securities law reform function, in this capacity it  reviewed many practices and laws including company mergers and takeovers, contributory mortgages, financial reporting, the duties and liabilities of entities issuing securities and secondary market operations. The Commission was given some powers to enforce securities law, under the Act it was provided with the powers to receive evidence, require persons to provide information, summon witnesses, report publicly on bad practices, obtain information on behalf of similar bodies overseas, and receive undertakings. It was able to investigate people selling illegal investments, and those offering misleading documents or advertisements and bar such advertisements if necessary. It  advised the Ministry of Commerce on approval of rules for the stock exchange and it was also given the power to investigate traders on the share market who may have “insider information”.
Since creation, the Commissions core functions have not changed, however its powers were increased to improve its regulatory role. In 1988 an amendment Act gave the Commission additional powers to enforce new Securities law brought in at this time and perform its functions under the 1978 Act. The Commission now provided authorisation for dealing in futures contracts, had supervisory responsibilities in respect to securities exchanges, could take action against public issuers of securities that failed to meet the requirements of continuous disclosure, and was given the power to bring civil remedies against insider tipping or trading.
More new amendment Acts forming part of the Securities Markets and Institutions Bill, came into force in 2002, setting out a legislative basis for continuous disclosure for public issuers of securities. The Securities Commission was set up as a civil public enforcement agency for insider trading and given further additional powers to increase effectiveness and flexibility in exercising its monitoring and enforcement powers in the newly demutualised stock exchange. It was given increased powers of inspection, power to initiate court action against insider trading, power to accept written undertakings from market participants and enforce these in court, and the ability to require witnesses to answer questions.
The structure of the Commission included a full time Chairman and a total of 5 to 10 members at any time, appointed by the Governor-General on the recommendation of the Minister of Commerce, and formerly, prior to 1995 by the Minister of Justice.
While the Securities Commission had no obvious superior, it  had a close relationship to the Ministry of Economic Development, and previously, before restructuring, to the Department of Justice. These agencies not only  had the power to recommend appointment, but to also recommend other changes and review the role, functions and powers of the Commission; a review was completed in 1998 by the Ministry of Commerce with no significant changes being recommended. The Commission in return  acted in an advisory role to these agencies, and had to confer with the Ministry of Commerce over law reform, since the Ministry was given primary responsibility for such actions.
The Securities Commission was a member of the International Organisation of Securities Commissions (IOSCO), and a party to the Rio declaration on mutual assistance in the exchange of information about securities market oversight and protection. Responsibilities have included:
Enforcement

    

    
Enforce securities law and inquire into suspected breaches
    
    

    
Carry out inspections
    
    

    
Oversee securities market activity and supervise exchanges
    
    

    
Intervene in the market in best interest of investors
    

Market Authorisation

    

    
Authorise Futures Dealers and Exchanges
    
    

    
Approve Amendments to futures exchange rules
    
    

    
Approve trustees and Statutory supervisors
    
    

    
Approve Electronic Systems for the Transfer of Securities.
    

Exemptions

    

    
Consider Applications for exemption from securities law to foster market development
    
    

    
Review existing exemptions
    

Law Reform

    

    
Make recommendation for law reform
    
    

    
Review and comment on securities law and practice to the Minister of Commerce
    

International Liaison

    

    
Promote New Zealand as a well-regulated securities market
    
    

    
Keep abreast of developments in global standard setting
    
    

    
Maintain good relationships with other regulators
    

Public Understanding

    

    
Promote public understanding of the law and practice of securities.
    

The Securities Commission was disestablished on 30 April 2011, it responsibilities being taken over by the newly established Financial Markets Authority.
 
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