Regulation Updates

Running an exchange is all about running a well regulated business. NZX operates its markets within a regulatory framework designed to maximise transparency, fairness, efficiency and competitiveness, and to promote confidence among all market participants.

To ensure that NZX’s regulatory framework is effective involves constant and vigilant surveillance of market activity.

NZX's regulatory functions include:

• supervising listed issuers' (companies and other entities which issue securities) compliance with NZX Listing Rules
• supervising market participants such as NZX Firms and NZX Advisors
• assisting the Securities Commission as a co-regulator as required under the Securities Markets Act 1988.

Regulatory principles

As a front line regulator of its markets NZX formulates rules and practices. These rules and practices reflect the following core principles:

• all shareholders should be treated fairly and equitably
• listed issuers should provide full, timely and accurate disclosure information
• investors and market intermediaries should be protected against systemic risk
• any unfair share trading practices should be detected and met with effective remedies
• market rules should be backed by effective mechanisms for investigation, surveillance and enforcement, with strong sanctions against deliberate breach of the rules, and
• the costs of regulatory compliance should be minimised without compromising achievement of the other principles.

NZX formulates the standards required of listed issuers and market participants in its Listing Rules and Participant Rules with reference to these principles.

Regulation Contents

• Whats new - The latest updates from NZX Regulation
• Rules - All the rules from NZX
• NZSX/NZDX Listing Rules and Guidance notes
• NZAX Listing Rules and Guidance notes
• NZX Participant Rules, Guidance notes and Practice notes
• NZX Futures and Options Rules and Guidance notes
• NZX Discipline Rules and Guidance notes
• Supervision of NZX
• NZX Discipline
• How to make a complaint against an issuer, participant or NZX
• Requirements of a registered exchange
• Continuous Disclosure

Disclaimer: The Regulation section is provided as general information only. It is not intended as a substitute for legal or professional advice to company directors and officers or investors. New Zealand Exchange Limited disclaims any liability arising from the use of this information.