Former SecCom boss been appointed to international regulatory body.

The Securities Commission has warned people of an illegal share offer by a company called Ira NRG NZ Limited (INNL) and its sole director Simon Romana.

The commission has banned the company’s website and the content of the website has been removed. There is no registered prospectus for the offer.

According to the commission, the website of INNL described INNL’s plans to generate electricity and sell it to the national grid.

However, the website included claims of future income that were not substantiated on the website.

Finance company investigations can rack up enormous amounts of documents, according to the Securities Commission.

The commission has released a list of its 50 finance company investigations, detailing which companies are being looked at and what stage the investigations are at.

The media release highlighted the complexity and massive amount of paperwork involved in a finance company investigation.

In many cases the horse has already bolted but the Securities Commission is warning directors of a need for greater transparency in reporting accounts.

The commission’s latest cycle review of financial reporting standards looked at 20 companies with March 2010 balance dates. It wrote to 16 of the assessed companies to raise 30 issues.

While the review showed some improvement relating to investment property revaluations, it noted other areas still required better disclosure.

The past 12 months have been among the most significant in the history of New Zealand’s financial market regulation, according to Securities Commission chairwoman Jane Diplock.

The commission, which is due to be rolled into the new “super-regulator” next year, released its annual report for 2010 today.

Ms Diplock said for Securities Commission members and staff it has been a year of “frenetic activity and significant highlights.”