Sharechat Logo

Securities Commission gives NZX pass in review

Thursday 28th April 2011

Text too small?

The Securities Commission has carried out its fifth and final review of equity and debt market operator NZX and has deemed it to be satisfying its obligations.

Future reviews will be by the new Financial Markets Authority. NZX welcomed the report card.

NZX is the only registered exchange in New Zealand.

In 2006, NZX moved from annual inspections of all market participants to a risk-based approach to participant supervision, the report by the commission said.

The commission said that, with the exception of three targeted spot onsite inspections and one oversight action undertaken by NZX, no scheduled onsite inspections were carried out by NZX from September 1, 2009, to October 3, 2010.

NZX considered that the potential risk arising from this hiatus in inspections was managed by implementation of the capital and prudential inspections and assessments for accreditation for the clearing and settlement system. No market participants failed during the review period.

The commission said that onsite inspections were essential and the cessation of inspections during the period increased the risk of non-compliance.

 

NZPA



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

EBOS announces appointment of new Chief Financial Officer
AM Best affirms Tower Limited's A- (Excellent) FSR
MCK enters into conditional agreement for Whangarei land
April 26th Morning Report
SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills