NZX Discipline
Role and Jurisdiction of NZX Discipline
NZX Discipline is a special function body independent of NZX and
its subsidiaries. NZX Discipline is charged under the NZX Discipline Rules with
hearing and determining matters referred to it in relation to the conduct of
parties regulated by the NZX Participant Rules and NZX Listing Rules. NZX Discipline is
required to hear matters without bias and to give the parties fair
consideration. The jurisdiction of NZX Discipline does not extend to reviewing
decisions made by NZX in respect of: approvals of Listings, designations of
persons as Participants, changes to the NZX Rule set, published policy
decisions, trading halts, pricing schedules.
Accordingly, NZX Discipline can be likened to the 'court' that brings to account the players in New Zealand's capital markets. Under the NZX Discipline Rules, NZX Discipline is empowered to impose penalties, as appropriate, on those parties NZX Discipline determines has engaged in conduct that breaches any of the NZX Rules. The full powers of NZX Discipline are set out in the NZX Discipline Rules under Section 4.
NZX Discipline Annual Report
Under Section 12 of the NZX Discipline Rules, NZX Discipline is
required to publish an Annual Report. This includes information on breaches of
the NZX Rule set and determinations made by NZX Discipline in respect of such
breaches. The latest report for 2008 can be downloaded here (PDF, 100KB), the 2007 report can be downloaded here (PDF, 92KB), and the report for 2006 can be downloaded here (PDF, 128KB).
NZX Discipline Rules
View the NZX Discipline Rules
NZX Discipline has also prepared a Policy Guideline on The Naming of Respondents, following recommendation by the Securities Commission at the conclusion of the 2006 Oversight Review of NZX.
Membership of NZX Discipline
View the membership of NZX Discipline here
The Appeals Panel of NZX Discipline
View the membership of The Appeals Panel of NZX Discipline here
Contact details for NZX Discipline
NZX Discipline
PO BOX 15336
Miramar
Wellington 6243
Email: nzxd@nzx.com
