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NZX Discipline Rules Update

Date 05/02/2004

New Zealand Exchange Limited (NZX) would like to update the market on the submissions process for proposed changes to the NZX Discipline Rules and key areas for further amendment.

NZX received 23 submissions on the proposed rule changes during the second public submission period, and wishes to thank all submitters for the quality of documentation received. All of the submissions have now been reviewed and two key areas have been identified for reform. These are; the need for a right of appeal, and clarification on the use of monies (if any) collected as penalties, by NZX.

NZX has undertaken additional consultation with both relevant submitters and the Securities Commission on these issues, to develop the best possible solution. NZX is currently redrafting the proposed NZX Discipline Rules to reflect these changes, prior to their submission to the Minister of Commerce, Lianne Dalziel.

The amendments to the draft NZX Discipline Rules will reflect the following:

  • the opportunity for appeal to an independently constituted body with its members (people who are not active in the markets) appointed by the Securities Commission from a pool put forward by NZX;
  • the establishment of a fund for educational and regulatory reform purposes where any penalties payable to NZX would be directed; and
  • an annual regulatory report detailing process, decisions and costs.
It is anticipated that the proposed NZX Discipline Rules will be finalised and sent to the Minister of Commerce for review later this month.

For further information on current reforms to NZX Rules and an updated timetable, please visit www.nzx.com/regulation To discuss any aspect of NZX Rule changes, please contact Rebecca.cottrell@nzx.com