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

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news