<P> The following is taken from the SC website and gives a brief description of the SC's activities: </P> <P> The SC established on 1 March 1993 under the Securities Commission Act 1993, is a self - funding statutory body with investigative and enforcement powers . It reports to the Minister of Finance and its accounts are tabled in Parliament annually . It has the power to investigate and enforce the areas within its jurisdiction . The SC is a self - funding organisation where its income is derived from the collection of levies and application fees . </P> <P> The SC's many regulatory functions include: </P> <Ol> <Li> Supervising exchanges, clearing houses and central depositories; </Li> <Li> Registering authority for prospectuses of corporations other than unlisted recreational clubs; </Li> <Li> Approving authority for corporate bond issues; </Li> <Li> Regulating all matters relating to securities and futures contracts; </Li> <Li> Regulating the take - over and mergers of companies </Li> <Li> Regulating all matters relating to unit trust schemes; </Li> <Li> Licensing and supervising all licensed people; </Li> <Li> Encouraging self - regulation; and </Li> <Li> Ensuring proper conduct of market institutions and licensed people . </Li> </Ol>

The securities commission act (sca) 1993 defines securities as