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SCPNG was admitted as a member of the International Organisation of Securities Commissions (IOSCO) in 1997. IOSCO is a body constituted by securities commissions throughout the world. Its Head office is located in Madrid, Spain.
The Securities Commission pays an annual membership fees with the IOSCO. The Commission derives benefits as in training, workshops, technical assistances in the areas of Financial Markets regulations, money laundering, human smuggling, terrorism and other cross boarder illegal activities.
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Whilst administratively located within the Investment Promotion Authority (IPA), SCPNG is also responsible for carrying out the enforcement powers and functions of the IPA and the Registrar of Companies in investigating and prosecuting breaches of the appropriate legislations administer by the IPA.
Securities Market in General
The Securities Markets in the Country has grown from strength to strength from its humble beginning ten years ago in 1997. The total value of the Market listed on the Port Moresby Stock Exchange is at K23.8bilion. The market is growing daily because of the Political and economical stability in the last five years.
The Securities Commission only regulates Securities other than Government Bonds, Superannuation Services which are regulated by the Bank of Papua New Guinea and Insurance Securities which are regulated by the Insurance Commissioner. |
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The Securities Commission of Papua New Guinea is the only body in PNG which gives approval to persons or corporate bodies to conduct business as a stock exchange as well as regulating their activities. It also has powers to prohibit trading in particular securities where it forms the opinion that it is necessary to do so to protect persons buying or selling securities or in the interest of the public. It must be stated that the SCPNG does not have a proprietary interest in the Port Moresby Stock Exchange (POMSoX), nor does it have any role or connection with the administration and/or operation of POMSoX.
Pacific Balance Fund and Pacific Property Trust
Pacific Balance Fund & Pacific Property Trusts are two Unit Trusts that the Securities Commission regulates. Pacific Balance fund is the former Investment Corporation Fund of Papua New Guinea (ICFPNG) is owned by Thirty Eight Thousand ordinary Papua New Guineans. Pacific Property Trusts is owned by Landowners from the Oil Fields in the Southern Highlands Province. Their combine value are in tens of million of kina.
Commission of Inquiry
One of the major task the Commission undertook was to assist the Commission of Inquiry into the Pacific Balance Fund after serious of breaches under the Securities Act and the Trust Deed governing the PBF & PPT by both the Trustee and Manager. The Report was tabled in Parliament by the Prime Minister, Honourable Sir Michael Somare on the 2nd May 2007.
The Commission is in the process of implementing the recommendations from the Reports.
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