Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


FMA publishes annual review of NZX regulatory obligations

FMA publishes annual review of NZX regulatory obligations; 11 agreed actions


The Financial Markets Authority (FMA) today published its annual General Obligations Review of NZX.

The FMA’s report confirms that NZX met its obligations, under the Securities Markets Act 1988, to ensure that its markets were fair, orderly, and transparent. The review covered the period January – December 2013.

The report lists 11 actions that NZX will take, in order to achieve further improvements in its arrangements for operating the markets.

NZX is New Zealand’s only registered exchange and the front line regulator for its markets. The 2013 report is the third General Obligations Review of NZX by the FMA.

The Chief Executive of the FMA, Rob Everett, said the review process had been rigorous, involving in-depth reviews of NZX’s resources, policies, and practices. This is notwithstanding FMA’s close involvement with, and monitoring of, NZX day-to-day.

Mr Everett said that the FMA and NZX have agreed that NZX will undertake a number of actions, some of which are already underway. This will address issues discussed during the review about NZX’s arrangements for managing conflicts, monitoring conduct, and enforcing compliance.

“NZX has given top priority to its regulatory obligations, and the FMA has seen substantial improvements from the previous report,” Mr Everett said. “I’m pleased we have been able to agree a schedule of tangible and actionable improvements this year.

“Along with the improvements that NZX has already implemented, I believe we have the appropriate degree of reassurance - on regulatory compliance - that investors, firms, and the Government expect of New Zealand’s only registered exchange.”

Read the NZX General Obligations Review report here.


Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news