Rules
To order a printed copy of the any NZX Rules, please contact us or email subscriptions@nzx.com
Listed Issuer Rules
The NZSX/DX and NZAX Listing Rules set the standard of conduct for all NZX Listed Issuers (companies and other entities which issue securities listed on NZX's NZSX, NZDX and NZAX markets). They are a comprehensive set of requirements on listed entities, in part given statutory backing by the Securities Markets Amendment Act 2002. The Rules cover matters including:
- limits on the unequal treatment of shareholders
- the disclosure of information
- procedures for appointing and remunerating directors
NZX provides rulings on interpreting the Listing Rules, grants waivers from compliance with the Rules and grants approvals to Issuers as required.
NZX Regulation investigates any potential breaches of the Listing Rules, using the SMARTS surveillance software and analyst interpretation. An investigation by NZX Regulation team into breaches of the Rules may include interviews with directors and executives, inspection of records and examination of practices and behaviour.
Please send waiver or ruling applications to regulation@nzx.com
Continuous Disclosure
Listed issuers (companies and other entities which issue securities) have obligations under the Listing Rules (section 10) to keep the market constantly informed on matters that may affect the price of their securities.Listed issuers must disclose material information immediately. Announcements should be emailed to announce@nzx.com for release. Companies are required to disclose relevant information, which NZX then disseminates through its market announcement platform. Announcements are also published here (with a 20-minute delay) and to dealer workstations. This information is usually disseminated within 15 minutes of it being received from companies.
Participant Rules
The NZX Participant Rules set the standard of conduct required by participants in NZX's securities markets. The Rules are designed to protect the interests of investors and Market Participants and promote market integrity. They cover:
- rules for trading securities
- requirements for designation as a Market Participant
- financial requirements
NZX oversees compliance with the NZX Participant Rules and is responsible for inspecting NZX Firms. A key part of this role is to assess risk, capital adequacy, technological compliance and the record keeping and client order procedures to ensure compliance with the Rules.
NZX's Participant Compliance team investigates potential breaches of NZX Participant Rules. Where it appears a participant has breached the Rules, a case may be taken to NZX Discipline.
Please direct all enquiries to compliance@nzx.com
Disclaimer: This 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. NZX Limited disclaims any liability arising from the use of this information.
