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OVERSIGHT REVIEW OF NZX 2005
26 September 2006
CONTENTS
- GLOSSARY OF KEY TERMS AND ABBREVIATIONS
- EXECUTIVE SUMMARY
- INTRODUCTION
- CONFLICT MANAGEMENT
- NZX's position as a registered exchange and public issuer
- MARKET SUPERVISION FUNCTION
- Arrangements for Market Supervision
- Resources for Market Supervision Group
- Interaction between Market Supervision and the other NZX groups
- Responsibility for Market Supervision
- Separation of the Market Supervision Group
- Personnel
- Recommendation
- ARRANGEMENTS FOR SUPERVISION OF MARKET PARTICIPANTS
- Role of Participant Compliance
- Conduct of market surveillance regarding trading activity
- Complaints handling regarding Market Participants
- Onsite inspections and periodic reporting
- Accreditation of Market Participants
- Escalation of issues
- Recommendation
- ARRANGEMENTS FOR SUPERVISION OF LISTED ISSUERS
- NZXR's focus
- Approval of listings and delistings
- Other approvals under the Listing Rules
- Waiver and ruling applications
- Timing requirements for approvals
- Surveillance: trading halts and price enquiries
- Inspections and investigations
- Disciplinary actions
- Records: practices and procedures
- Complaints handling
- Education initiatives regarding the Listing Rules
- Supervisory structure within the NZXR team
- Decision-making structure: divisions
- Escalation
- Staff management
- Recommendations
- ARRANGEMENTS FOR RELEASE OF MARKET INFORMATION - LISTED COMPANY RELATIONS
- Recommendation
- MARKET OPERATIONS AND INFRASTRUCTURE
- Introduction
- Structure and focus of the Market Operations Group
- Core systems
- Back-ups for core systems - continuity and disaster planning
- Market outages and disruptions in 2005
- Incident management and communication with the market
- Capacity of core systems
- Monitoring and supervision of systems
- Market infrastructure strategy and planning
- Recommendation
- DISCIPLINARY ARRANGEMENTS - NZX DISCIPLINE
- Role and functions
- Matters considered
- Process and decisions
- Resources
- Reporting
- Appeal Panel
- Recommendations
- SPECIAL DIVISION - SUPERVISION OF NZX AS A LISTED ISSUER
- Conflict management
- Jurisdiction and powers
- Resources
- Communication
- Appointed solicitor
- Process
- Reporting
- Recommendations
- GOVERNANCE
- Monitoring and oversight of regulatory functions
- Board composition
- Identical delegations for regulatory responsibilities to the Head of Regulation and the CEO
- Regulatory crisis response and risk management
- Market Operations policy setting
- Board interaction with the Special Division
- Placement of the Market Supervision function within the NZX organisational structure
- Recommendation
- CONCLUSION
- APPENDIX
- Scope of review
- Background to review
- Process