NZX
28/01/2015 14:00
GENERAL
NOT PRICE SENSITIVE
REL: 1400 HRS NZX Limited
GENERAL: NZX: FMA and NZX sign Memorandum of Understanding
The Financial Markets Authority (FMA) and NZX have this week signed a
Memorandum of Understanding (MoU). The MoU sets out the framework for
engagement and co-operation between the FMA and NZX, taking into account
their complementary regulatory responsibilities for New Zealand's capital
markets.
The FMA and NZX have developed a cooperative operational relationship to help
deliver the most effective regulation of New Zealand's capital markets, and
this MoU formalises and enhances that collaboration.
In addition to the FMA's statutory requirement to undertake and publish a
review of NZX's performance of its regulatory functions on an annual basis
(under the Financial Markets Conduct Act 2013), the MoU confirms the
structure for the ongoing dialogue between the FMA and NZX in respect of
NZX's day-to-day regulatory functions. The MoU also points to the mutual
commitment to the wider development of New Zealand's capital markets and to
contributing to the protection of shareholders and investors' interests.
The MoU focuses on four key areas and formalises protocols and structures to
enable greater collaboration. These areas are:
(a) relationship governance
(b) oversight review process
(c) operational interaction between NZX and the FMA
(d) public statements.
The MoU also confirms the inauguration of two important joint NZX/FMA
committees, one for oversight matters and the other for operational
functions.
The MoU demonstrates the ongoing commitment from both the FMA and NZX to
ensure that effective frontline regulation of New Zealand's capital markets
remains a priority for both organisations. Particular areas of focus to
ensure the markets remain fair, orderly and transparent are:
(a) live market issues
(b) continuous disclosure (investigations and waiver/rulings)
(c) insider trading and market manipulation surveillance and investigation
(d) investigations and complaints concerning market participants
(e) market rules approval
(f) review of offer documents.
The MoU has been published on the FMA and NZX websites (it is also attached
to this announcement).
For further information please contact:
Andrew Park, FMA, 021 220 6770, [email protected]
Kate McLaughlin, NZX, 027 533 4529, [email protected]
End CA:00260093 For:NZX Type:GENERAL Time:2015-01-28 14:00:03
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