Jane Diplock chairs IOSCO Executive Committee Jane Diplock is congratulated on her election as Chairman of the Executive Committee of IOSCO by the previous Chairman, Fernando Teixeira dos Santos, Presidente of the Comissão do Mercado de Valores Mobiliários of Portugal. The Chairman of the New Zealand Securities Commission, Jane Diplock AO, has been elected to chair the Executive Committee of IOSCO, the International Organisation of Securities Commissions. The elections took place at IOSCO's 29th annual meeting in Amman, Jordan on Thursday 20 May. Jane Diplock, who is the first woman to take on this role, was elected unanimously by the other 18 members of the Executive Committee. Regulating international securities markets IOSCO is recognised as the international standard setter for securities regulation. The organisation's members come from more than 100 jurisdictions around the world. Its members regulate most of the world's securities markets. Since its creation in 1983, IOSCO has been actively engaged in developing sound principles and practices for the regulation of securities markets. This ongoing technical work is accompanied by a growing involvement in ensuring these principles are effectively implemented worldwide. The Executive Committee is the governing body of IOSCO responsible for achieving the objectives of the organisation. New Zealand was elected to the Executive Committee two years ago. "I am delighted to contribute to the work of IOSCO by this appointment," Jane Diplock said. "It is a very great honour for New Zealand to be recognised at such an important level. I see it as an affirmation of the development of New Zealand's own regulatory framework in line with international best practices. It also gives us the opportunity to play a central role in the ongoing work of IOSCO." Jane will continue to chair the New Zealand Commission during her two year term as Chairman of the IOSCO Executive Committee. The day to day work of IOSCO is undertaken by a secretariat based in Madrid.	Helping people make better investment decisions Strong public and media interest has greeted the Commission's new education programme. The programme is intended to help New Zealanders make better investment decisions. "This information is aimed at people with money to invest," says Commission Chairman, Jane Diplock,"including those who may only have a small amount of disposable income. "Our education programme explains what people are entitled to know about an investment. We want people to know what to look for, as well as what to avoid, when they invest money." Two projects within the Commission's programme were launched recently. They relate to affinity fraud, and investment education for young people. Affinity fraud Affinity fraud targets members of a close-knit community. "We know of five serious cases in the past five years," Jane Diplock says. "In each case, millions of dollars have been stolen from people who belong to church or cultural groups. One such scheme recently collected some $14 million from people in the Bay of Plenty." The Commission has written to a range of religious groups, as well as (continued page 2) ALSO IN THIS ISSUE: IOSCO Annual Conference 2004 NZ IFRS in Offer Documents Changes to securities law

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THE BULLETIN July 2004

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