NZX is pleased to announce it has signed a Memorandum of Understanding (MoU) with the Takeovers Panel (the Panel). The MoU sets out a framework for engagement and cooperation between the two regulators, taking into account their respective roles, notably:
- In the case of NZX, the regulation of issuers and participants operating on NZX’s licensed markets
- In the case of the Panel, oversight of takeovers and other change-of-control transactions regulated by the Takeovers Code, involving Code companies in New Zealand’s securities markets
NZX Head of Market Supervision Joost van Amelsfort commented: “This memorandum of understanding reflects a desire by our two organisations to work more closely together and support each other in our respective regulatory functions, against a backdrop of new legislation and a changing market environment.”
“Ultimately, cooperation between our organisations and the sharing of information further assists NZX in its market surveillance activities and contributes to the discharge of NZX’s regulatory responsibilities – both of which are fundamental to the operation of well functioning and vibrant markets.”
Takeovers Panel Chief Executive Margaret Bearsley commented: “The Takeovers Panel and NZX recognise the importance of effective regulation of New Zealand’s securities markets to drive investor confidence in the integrity of those markets.”
The MoU has been published on the NZX and Takeovers Panel websites and also is attached to this announcement.
