NZX consults on market penalties
Monday, April 20th 2015, 1:37PM
NZX is planning to increase the penalties the NZ Markets Disciplinary Tribunal can impose for breaches of the rules.
It could mean fines for directors of companies that break listing rules.
The tribunal is an independent regulatory body whose principal role is to determine whether there have been breaches of NZX’s market rules for matters referred to it by NZX Regulation.
If it determines that a breach has occurred, it must then assess the appropriate penalty.
The objectives of the penalties review are to:
- Seek feedback on whether the tribunal has been imposing appropriate penalties in relation to breaches of NZX’s rules
- Ensure that the tribunal’s rules and procedures allow for appropriate penalties to be imposed by the tribunal, and guidance in relation to the application of penalties
- Consider implementing an infringement notice regime to deal with minor breaches
NZX Head of Policy Hamish Macdonald said: “Given the tribunal has been in operation since May 2004, we consider that now is an appropriate time to review the penalty provisions available to the tribunal, to ensure that they remain fit for purpose.”
NZX is seeking initial feedback from interested parties in relation to the topics outlined within an initial discussion document. NZX then plans to consult on any particular changes which may be developed following consideration of feedback received.
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