New strategic direction for IOSCO The International Organisation of Securities Commissions (IOSCO) made important decisions on future direction at its annual conference held in Sri Lanka on 4 to 7 April 2005. This was very much as a result of a great deal of work done by New Zealand who took responsibility for developing the original proposals. Jane Diplock is Chairman of the main committee of IOSCO (the Executive Committee). At the annual conference she said "Here in Sri Lanka this week we have taken landmark decisions in adopting a new strategic direction for IOSCO which sets the path for the next few years. It provides IOSCO with the opportunity to live up to its important responsibilities as the international standard setter for securities regulation." IOSCO has made tremendous progress in recent years in raising the quality of securities regulation worldwide and in strengthening consultation and cooperation among regulators. In keeping with this success and in recognition of the important international role that IOSCO plays, it was necessary to maintain the organisation's continued effectiveness. This then was the rationale for the new strategic direction. An important part of the strategy will involve greater emphasis on the IOSCO multilateral memorandum of understanding (MMOU). This represents one of the organisation's most significant contributions in the area of regulatory cooperation and cross-border enforcement. Currently 27 IOSCO members have signed the MMOU (including New Zealand) and a further 5 members have expressed their commitment to do so. (continued page 4) Jane Diplock meeting the Sri Lankan Minister of Finance, Dr Sarath Amunugama, at the opening ceremony of the IOSCO annual conference in Colombo.	From the Minister of Commerce Hon Pete Hodgson I welcome this opportunity to introduce myself as the new Minister of Commerce. I have a hard act to follow in Margaret Wilson who did an excellent job. This government has always strived to support the integrity and smooth operation of New Zealand's financial markets and I have been impressed by the quality of the work programme underway in the portfolio. Securities law reform is a priority. The Securities Legislation Bill is designed to increase the efficiency and effectiveness of the law in relation to securities and futures trading. It deals particularly with insider trading and (continued page 2)   ALSO IN THIS ISSUE: Commission Members reappointed Warning - boiler rooms Fund managers - substantial security holdings

THE BULLETIN April 2005

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