Sharechat Logo

Cost recovery regime boosts funding

By Mike Ross

Friday 18th August 2000

Text too small?
Securities Commission funding in the last year was boosted by its new cost recovery regime for exemption applications.

The commission pulled in $428,000 from application fees, against budgeted income from this source of $320,000, according to its annual report.

Last financial year, a government grant of $2.2 million provided the bulk of the commission's funding. Chairman Euan Abernethy said an increased government grant, up from $1.9 million in the previous year, allowed the commission to increase the level of surveillance and enforcement.

For the year to June 2000, the commission increased its output more than 21%.

It concluded eight inquiries into insider trading, three of which resulted in public reports.

An inquiry into the operations of Max Resources was published.

Seven public warnings were issued about scam offerings to the public. Nearly 30 instances were referred to the registrar of companies or the serious fraud office.

Two companies, IMI Pacific Group and Walakahai Pacific Corporation, were put into statutory management.

A review of documents offering securities to the public resulted in nearly 50 offers being withdrawn from circulation.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report