- Release Date: 23/04/15 08:38
- Summary: GENERAL: NZX: NZX welcomes NZMDT Annual Report
- Price Sensitive: No
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NZX 23/04/2015 08:38 GENERAL NOT PRICE SENSITIVE REL: 0838 HRS NZX Limited GENERAL: NZX: NZX welcomes NZMDT Annual Report NZX welcomes the NZ Markets Disciplinary Tribunal (the Tribunal) Annual Report published today which includes analysis of cases heard and decisions made by the Tribunal in 2014, and a summary of matters considered by the Special Division of the Tribunal. The Tribunal is an independent regulatory body whose principal role is to adjudicate potential breaches of NZX's market rules referred to it by NZX Regulation. If the Tribunal determines a breach has occurred, it must then assess the appropriate penalty. The Tribunal undertakes an independent, essentially judicial role. The Annual Report highlights the following: - Referrals to the Tribunal from NZX Regulation have continued to increase. 18 matters were referred in 2014 (compared to nine in 2013), including two oral hearings. Six referrals involved market participants, 12 involved issuers - The Tribunal was pleased to note that in general matters are now referred to it within three months of NZX Regulation becoming aware of a possible breach. This is ahead of target for the related service levels for such referrals - The development of precedent Tribunal decisions has enabled NZX Regulation to further engage with issuers and market participants regarding their obligations under NZX's market rules - The full report can be read here: https://nzx.com/regulators/DISP/announcements/263430 These highlights demonstrate NZX Regulation is making more frequent use of the Tribunal as an "enforcement tool", along with NZX Regulation's willingness to refer matters where it considers adjudication by the Tribunal will clarify the interpretation and scope of market rules. NZX Head of Market Supervision Joost van Amelsfort commented: "The report highlights NZX Regulation's valuable work and progress as a frontline regulator of New Zealand's capital markets. NZX remains focussed on effective and timely resolution of investigations and the referral of rule breaches and market misconduct to the Tribunal and the Financial Markets Authority." "Maintaining public trust in the integrity of NZX's markets is core to our role as a licensed securities exchange. NZX's regulatory responsibilities are fundamental to the operation of well functioning and vibrant capital markets, and to drive investor confidence." Tribunal Chairman David Flacks commented: "While our independence from NZX is critical, the Tribunal has a good robust working relationship with the NZX Regulation team, both on specific matters and in relation to policy and market trends." The report published today also notes NZX's current review of the penalty provisions available to the Tribunal and the consultation process, which was announced earlier this week. The objectives of the review are to: - Seek feedback on whether the Tribunal has been imposing appropriate penalties in relation to breaches of NZX's rules - Ensure the Tribunal's rules and procedures allow for appropriate penalties to be imposed by the Tribunal, including in relation to directors, and guidance in relation to the application of penalties - Consider implementing an infringement notice regime to deal with minor or administrative breaches NZX is conducting the review in two stages. NZX is seeking initial feedback from interested parties in relation to the topics outlined within an initial discussion document. NZX then plans to consult on any particular changes which may be developed following consideration of feedback received The closing date for submissions on the initial discussion document is 5.00pm 29 May 2015. The consultation paper and information about making a submission can be viewed at: https://nzx.com/regulation/consultation About NZX Limited NZX builds and operates capital, risk and commodity markets and the infrastructure required to support them. We provide high quality information, data and tools to support business decision-making. We aim to make a meaningful difference to wealth creation for our shareholders and the individuals, businesses and economies in which we operate. To learn more about NZX, please visit: http://www.nzxgroup.com/ About the NZ Markets Disciplinary Tribunal The NZ Markets Disciplinary Tribunal is an independent regulatory body established under the NZ Markets Disciplinary Tribunal Rules. The Tribunal's principal role is to determine whether an issuer or market participant has breached NZX's market rules in any matter referred to it by NZX Regulation. The Tribunal does not supervise the market conduct of issuers or market participants. That role is performed by NZX Regulation and the Financial Markets Authority. Nor does the Tribunal consider complaints made directly by members of the public. See NZX Regulation's Complaints page for information on how to make a complaint about an issuer or market participant. More information about the Tribunal can be found at: https://www.nzx.com/NZMDT For further information please contact: Kate McLaughlin Corporate Communications T: 09 309 3654 M: 027 533 4529 E: [email protected] End CA:00263454 For:NZX Type:GENERAL Time:2015-04-23 08:38:36
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