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

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news