Securities Commission wakes up

I like this piece from Micheal Coote on the NZ Securities Commission. He contrasts the approach of US authorities in throwing the book at white collar fraudsters with the rather ame approach of Seccom here in simply posting binding undertakings on its website from offending parties.

It reminds me that nearly 4 years ago i tried to interest Jane Diplock and the Commission in looking at finance companies. There was no reply. Sometimes i wonder what they get paid for. Trawling through their website I came across this speech by Jane Diplock to the International Investment Funds Assocation late in 2007. She is also the Chairman of the International Organisation of Securities Commissions.

It was a mind numbingly boring speech about global regulation of capital markets. Read it if you can’t sleep tonight. What surprises me the most is the lack of concern about the state of global markets, given the speech was dated 1st November 2007. That just about sums it up for me.

What have they been doing? Not much from what I can see. Meanwhile 17 NZ finance companies have gone under and the global capital markets are in dissarray.

But wait maybe they are onto something going by her concluding remarks

“We are at the cusp of a new global adventure into new realms of mutual recognition and consistent standards around the world. We live in exciting times!”

Strewth!