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

 


NZX compliance gets pass mark in third obligations review

NZX compliance gets pass mark in third obligations review

By Suze Metherell

June 30 (BusinessDesk) - The Financial Markets Authority's annual review has given NZX a pass mark for compliance with regulatory obligations and lists 11 moves the stock market operator will take to further improve transparency and operations.

The third annual general obligations review lists 11 actions NZX will take to improve conflict management and enforce compliance. The stock market operator has agreed to establish a conflicts committee, appoint independent members to the board's regulatory governance committee and expand the scope of the regulatory governance committee to include reviewing regulatory policy changes, boost visibility on regulatory matters, improve communications with complainants and review penalties for minor, unambiguous rule breaches.

The recommendations come after the regulator saw "evidence of growing public perception that NZX's regulatory decision-making may be vulnerable to undue influence from conflicts of interest," the report said. "A credible perception that NZX's regulatory decision-making could be influenced by NZX's commercial interests, or other affiliations of NZX, could undermine NZX's effectiveness as the market regulator and erode market confidence in the regulatory framework."

The FMA annually reviews the Wellington-based exchange's compliance with its obligations under the Securities Markets Act and the Authorised Futures Exchange notice. In part the general obligations centre around how the exchange manages the "innate conflict" between NZX's commercial and regulatory arm as the nation's only registered exchange and the front-line regulator for its markets, while also being a listed company on the market it operates.

NZX has also introduced a head of market supervision, splitting the current head of regulation rule in two to bolster its governance.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news