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

 

Auckland Port Study: Port To Ship Out – No Departure Date

Interest groups in Auckland and its waterfront chose a group of representatives to determine the future of the port. Their consensus is that the Port is going to have to move but not before a credible location is confirmed... More>>

ALSO:

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Other Centres' Convention Centres:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news