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class="Link gVvkzt gMcxnl" href="/regulation/nzregco/recognised-exchanges" target="_self"><span>Recognised Exchanges</span><svg class="Icon bQczPV" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg" width="24" height="24"><use href="#eva-icons-chevron-right"></use></svg></a></li><li class="SideNavigationItem bKGabX"><a class="Link gVvkzt gMcxnl" href="/regulation/nzregco/publications" target="_self"><span>Publications</span><svg class="Icon bQczPV" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg" width="24" height="24"><use href="#eva-icons-chevron-right"></use></svg></a></li><li class="SideNavigationItem bKGabX"><a class="Link gVvkzt gMcxnl" href="/regulation/nzregco/privacy-policy" target="_self"><span>Privacy Policy</span><svg class="Icon bQczPV" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg" width="24" height="24"><use href="#eva-icons-chevron-right"></use></svg></a></li></ul></div></div><div class="Stack jBpqRq" style="overflow-x:hidden;overflow-y:hidden"><h1>NZ RegCo</h1><p> In this section you will find information about: </p><ul><li>the legislative framework that applies to NZX as an operator of securities markets</li><li>regulation of the exchange and</li><li>NZX's approach to managing potential conflicts and ensuring quality regulatory outcomes.</li></ul><p> NZX is responsible for monitoring and enforcing the rules under which NZX's markets operate. This applies directly to issuers, market participants and indirectly (through market participants) to investors. This function is undertaken by NZ RegCo, an independently governed entity, led by NZ RegCo Chief Executive Officer <a class="Link gVvkzt gMcxnl" href="/regulation/nzregco/about-nzregco#zFtf4doHS2BBwCJ9wLTej" target="_self">Joost van Amelsfort</a>. </p><p>NZX is also responsible for developing and enhancing the market rules, practices and policies under which NZX's markets operate. This function is undertaken by the NZX Policy team, led by Head of Policy & Regulatory Affairs, Kristin Brandon. </p><h2 id="nzx-rules-and-guidance">NZX Rules and Guidance</h2><p>NZX sets the rules for trading on its markets. NZX's rules and guidance notes, along with the archived versions of those documents can be found in this section. </p><p>Please click on the quick link below to view NZX's current rules and guidance notes: </p><ul><li><a class="Link gVvkzt gMcxnl" href="/regulation/nzx-rules-guidance" target="_self">NZX Rules and Guidance</a></li></ul><h2 id="nz-markets-disciplinary-tribunal">NZ Markets Disciplinary Tribunal</h2><p>The NZ Markets Disciplinary Tribunal contributes to the operation of the markets as an independent disciplinary body. The tribunal makes determinations on enforcement matters referred to it by NZ RegCo. Information about the NZ Markets Disciplinary Tribunal can be found <a class="Link gVvkzt gMcxnl" href="/regulation/nzmd-tribunal-regulation" target="_self">here.</a></p></div></div></div><footer class="Footer kHreyz"><div class="FooterContent fXhTlZ"><div class="Grid jfsytL" style="grid-template-columns:1fr 1fr 1fr 1fr 1fr 1fr;grid-gap:24px"><div class="Stack jBpqRq" style="gap:15px;overflow-x:hidden;overflow-y:hidden"><div class="FooterContentTitle kGiLdR">Markets</div><div class="Stack jBpqRq" style="gap:5px;overflow-x:hidden;overflow-y:hidden"><a class="Link PJLV" href="/markets/NZSX">NZX Main Board (NZSX)</a><a class="Link PJLV" href="/markets/NZDX">NZX Debt Market (NZDX)</a><a class="Link PJLV" href="/markets/nzx-dairy-derivatives">SGX-NZX Dairy Derivatives</a><a class="Link PJLV" href="/markets/NZCX">NZX Equity Derivatives (NZCX)</a><a class="Link PJLV" href="/markets/NZZX">Fonterra Shareholders Market (FSM)</a><a class="Link PJLV" href="/markets/indices">S&P/NZX 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Those markets operated under a “self regulating organisation” (","marks":[],"data":{}},{"nodeType":"text","value":"SRO","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") model. That means NZX is both an operator and a regulator of markets. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The International Organisation of Securities Commissions (","marks":[],"data":{}},{"nodeType":"text","value":"IOSCO","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") identifies substantial benefits for securities exchanges, such as NZX, that operate under a SRO model: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"SROs may impose ethical and business conduct standards which go beyond government regulations","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"SROs may have broader powers to compel the production of information than government regulators","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"SROs are likely to have considerable depth and expertise regarding market operations and practices, and may be able to respond more quickly and flexibly than the government authority to changing market conditions","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"SROs often build and maintain technology infrastructure to undertake their own, and the regulator's regulatory functions, with this infrastructure being funded entirely by regulated persons, not taxpayers.","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Operating and governance model","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The exchange’s regulatory functions are performed by NZX Regulation Limited (","marks":[],"data":{}},{"nodeType":"text","value":"NZ RegCo","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"), a separate, independently governed entity. All regulatory decision-making has been delegated to the NZ RegCo Board and NZ RegCo management. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"NZ RegCo does not regulate NZX as a listed issuer, or any related entities of NZX that are subject to the exchange’s market rules. This means NZ RegCo also does not regulate Smart (as the listed issuer of the Smart ETFs) or NZX Wealth Technologies Limited (as an accredited NZX Participant) NZX and its related entities are regulated by the Special Division of the NZ Markets Disciplinary Tribunal. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"NZ RegCo's functions in relation to regulation of operations on NZX’s markets include: ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"monitoring and enforcing compliance with NZX’s market rules by issuers listed on NZX’s markets","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"monitoring and enforcing compliance with the NZX Participant Rules and the NZX Derivatives Market Rules by participants operating on NZX’s markets, such as NZX Firms, NZX Advisors and Trading Participants","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"working with FMA as a co-regulator under the FMCA in relation to continuous disclosure, market manipulation and insider trading.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"NZ RegCo is subject to a charter, which sets out the objectives, responsibilities and framework for the operation of NZ RegCo management and the NZ RegCo Board. The charter can be accessed ","marks":[],"data":{}},{"nodeType":"asset-hyperlink","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"m5mydry9e35f"}},"id":"U6Ot2bybqJEgfs0GHp3jc","type":"Asset","createdAt":"2024-09-02T23:08:30.855Z","updatedAt":"2024-09-02T23:08:30.855Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"locale":"en-US"},"fields":{"title":"NZ RegCo Charter Feb 2024 ","file":{"url":"//assets.ctfassets.net/m5mydry9e35f/U6Ot2bybqJEgfs0GHp3jc/deec9cd54239f00d5ce60230e63c2c3a/NZ_RegCo_Charter_Feb_2024.pdf","details":{"size":234012},"fileName":"NZ RegCo Charter_Feb 2024.pdf","contentType":"application/pdf"}}}},"content":[{"nodeType":"text","value":"here","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"m5mydry9e35f"}},"id":"file-asb3972-ccf5903","type":"Asset","createdAt":"2023-10-01T20:41:44.557Z","updatedAt":"2023-10-01T20:41:44.557Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"locale":"en-US"},"fields":{"title":"RegCoModel.png","file":{"url":"//images.ctfassets.net/m5mydry9e35f/file-asb3972-ccf5903/0fa33fa90d8516d1c261bcae3839c0c5/RegCoModel.png","details":{"size":30219,"image":{"width":504,"height":268}},"fileName":"RegCoModel.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Our people","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The NZ RegCo Board provides strategic and governance support to NZ RegCo management on the delivery of regulatory decision-making and oversight of NZX’s markets, and in pursuing NZ RegCo’s principal objectives. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"text","value":"Issuer Regulation ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"team administers the NZX Listing Rules and FSM Listing Rules. 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This tool is likely to be used if immediate action is required in relation to an alleged breach, in particular when there is a measureable market impact.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cancellation of listing","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":": NZ RegCo may cancel an issuer’s listing. This tool is more likely to be used for very serious breaches, repeated breaches, or if it is in the best interests of the market to take such action.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Revocation of designation","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":": NZ RegCo may revoke an individual’s designation as an NZX advisor. 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