Example 23
Statements of intent: Examples of reporting practice.
Securities Commission, Statement of Intent 2008-2011, page 38
| Performance measures Surveillance and enforcement |
Performance standards | |
|---|---|---|
| 2008/2009 Forecast |
2007/2008 Achievements as estimated at 30 April 2008 |
|
| Quantity | ||
| Complete surveillance actions that meet the Commission’s case criteria relating to the above matters | 132 | 87 |
| Complete the enforcement actions that meet the Commission’s case selection criteria, relating to the above matters. | 5 | 6 |
| One key area (e.g. finance companies or adviser disclosure statements) is identified, investigated & reported on | 1 | NA – new measure in 2008/09 |
| Complete the financial reporting surveillance programme | 2 cycles in the year | 2 |
| Quality | ||
| Surveillance & enforcement resources are applied in accordance with the Commission’s market surveillance and enforcement priorities | Full compliance | Full compliance |
| The desired regulatory result is achieved in surveillance cases where deficiencies are identified | 90% | NA – new measure in 2008/09 |
| Enforcement actions achieve the desired regulatory result. | 80% | 80% |
| There is no successful judicial review of the Commission’s decisions or actions. | 100% | 100% |
| Timeliness | ||
| Complete surveillance actions | On average within 3 months | On average within 3 months |
| Progress civil enforcement actions from investigation to the filing of proceedings. | On average, within 24 months of commencement of investigation | No cases taken |
| Complete other enforcement actions. | On average, within 6 months of action commencing | 1.5 months |
| Complete financial reporting surveillance reporting programme | On average within 9 months of commencing each cycle | On average within 8.7 months of commencing each cycle |
| Cost | ||
| Expenditure allocated to surveillance and enforcement work | 38% | 38% |