WE ARE NOT THE SECURITIES EXCHANGE COMMISSION.
Some people refer to the Securities Commission of Papua New Guinea as the Securities Exchange Commission, which we are not.
The Securities Commission Act 2015, section 4 establishes the Commission in the name Securities Commission of Papua New Guinea. Therefore, any other name outside the description supplied by section 4 is not the one and the same as the Securities Commission of PNGPNG Papua New Guinea.
It is important to get the name right. There are legal consequences for getting the name wrong. For purposes of contracts and for court cases, if you get the name wrong, if you create a name that is not recognized by local statute, you may lose a court case or a contract may terminated for want of legal capacity. An institution created by law must have legal personality. It must contract. It must sue and be sued. It must hold and dispose of property.
For the benefits or consequences from a court case or contract to flow through, the name of an entity as established by law must be cited consistent with the statute. Any slight departure from the name and that changes everything.
So ensure to call us by our lawfully recognized name – Securities Commission of Papua New Guinea. The USA has the Securities Exchange Commission. PNG has the Securities Commission of PNG. The Courts and Contracts will not recognize the Securities Exchange Commission, but will only honor the Securities Commission of PNG in here.
Know the difference. It will save a lot of headache.
