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21 September 2009

News release

Hon Simon Power, Minister of Commerce

Commissioner for Financial Advisers, Securities Commission members announced

David Mayhew has been appointed the new Commissioner for Financial Advisers, and Simon Botherway and Mark Verbiest have been appointed as new members of the Securities Commission, Commerce Minister Simon Power said today.

"David Mayhew is a returning New Zealander who is recognised internationally as a leading practitioner in contentious financial services regulatory work. I'm pleased he'll be bringing this expertise back to New Zealand."

He will formally assume the role on January 25 from Annabel Cotton, who was appointed on a temporary basis.

The role of Commissioner for Financial Advisers was created under the Financial Advisers Act 2008. The commissioner will oversee the drafting, approval and implementation of a professional Code of Conduct for authorised financial advisers. The code will set the minimum standards of competence, knowledge and skills, ethical behaviour, client care, and professional training requirements that authorised financial advisers must comply with.

Once the code is implemented, the commissioner will chair the Disciplinary Committee, which will hear complaints against authorised financial advisers. The committee will also conduct disciplinary court proceedings and, when necessary, impose penalties arising from disciplinary proceedings.

"I would like to thank Ms Cotton for taking up the role in April this year and for establishing the committee that is working on the code of conduct," Mr Power said.

Ms Cotton will remain a member of the Securities Commission. Mr Mayhew will automatically be a new member of the commission.

Mr Power said Simon Botherway and Mark Verbiest would bring vast experience of commercial and securities markets to benefit the commission.

Mr Verbiest will step into Mai Chen's role from October 1 this year, while Mr Botherway will succeed Colin Beyer when he retires in February.

"I acknowledge the services of Colin Beyer and Mai Chen, who have been in the commission since 2001 and 2003 respectively," Mr Power said.

Background information on the appointees follows.

David Mayhew was the United Kingdom's Financial Services Authority's Leading Advocate from 2001 to 2005, and during 2005 was its Acting Director for Enforcement. Before joining the Financial Services Authority, he was a partner in London at Clifford Chance LLP for 14 years. He returned to private practice at the end of 2005 and has since been a partner at Herbert Smith LLP.

Throughout his career, he has been involved in many high-profile financial litigation and regulatory cases, including cross-border investigations relating to financial regulation, market abuse and misconduct. He sat as a Recorder (part-time judge) for criminal jury trials in the English Crown Court from 1999 until 2005.

Mark Verbiest is a consultant with Simpson Grierson. He is a director on the Gas Industry Company, AMP Haumi Management, Southern Cross Medical Society, and Chairman of software company Aptimize. He was Group General Counsel for Telecom from 2000 to 2008.

Simon Botherway founded Brook Asset Management, New Zealand's biggest equities investment management company. He was Brook's Executive Chair from the company's commencement until December 2008. He has recently been appointed to the board of Fisher & Paykel Appliances.

All Simon Powers's media statements and speeches are at www.beehive.govt.nz/minister/simon+power

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