NZX Regulation / NZ Markets Disciplinary Tribunal

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NZ Markets Disciplinary Tribunal

Role and Jurisdiction of NZ Markets Disciplinary Tribunal

The NZ Markets Disciplinary Tribunal ("NZMDT") is a special function body independent of NZX and its subsidiaries. NZMDT is charged under the NZ Markets Disciplinary Tribunal Rules with hearing and determining matters referred to it in relation to the conduct of parties regulated by NZX’s market rules and the Clearing and Settlement Rules. NZMDT is required to hear matters without bias and to give the parties fair consideration. The jurisdiction of NZMDT does not extend to reviewing decisions made by NZX in respect of: approvals of Listings, designations of persons as Participants, changes to the NZX Rule set, published policy decisions, trading halts, pricing schedules.

NZMDT can be likened to the 'court' that brings to account the players in New Zealand's capital markets. Under the NZ Markets Disciplinary Tribunal Rules, NZMDT is empowered to impose penalties, as appropriate, on those parties The NZ Markets Disciplinary Tribunal determines has engaged in conduct that breaches any of the NZX Rules. NZMDT also has authority under the NZMDT Rules, in certain circumstances, to:

(a) review decisions made by NZX, New Zealand Clearing Limited (“CHO”) or New Zealand Depository Limited, as the context requires, in respect of a waiver or ruling application made under the Rules on referral from the applicant; and

(b) review decisions made by CHO in respect of a claim for compensation under the Clearing and Settlement Rules where the claimant alleges that CHO has failed to determine its claim in good faith.

The full powers of NZMDT are set out in the NZ Markets Disciplinary Tribunal Rules under Section 4.

NZMDT Annual Report

Under Section 12 of the NZ Markets Disciplinary Tribunal Rules, NZMDT is required to publish an Annual Report. This includes information on breaches of the NZX Rule set and determinations made by NZMDT in respect of such breaches. These reports are available for download below.

Membership

NZ Markets Disciplinary Tribunal comprises representatives from all groups of participants in New Zealand's capital markets. There must be at least two practicing barristers and solicitors of New Zealand, at least two Market Participants (a Trading Participant and a Delivery and Settlement Participant), two company directors of Listed Issuers and up to 11 members of the public (who have a working knowledge of markets). Each matter brought before the Tribunal is heard by a panel, comprising three to five of the total members. NZ Markets Disciplinary Tribunal currently comprises the following representatives:

Legal

  • Derek Johnston (Chairman)
  • Andrew Beck
  • David Boldt
  • David Flacks
  • Mark Freeman
  • Don Holborow
  • Nick Hegan
  • Rachael Reed

Listed Issuers

  • Alison Paterson
  • Jo Appleyard
  • James Ogden
  • Trevor Janes
  • Chris Swasbrook
  • Susan Peterson

Market Participants

  • Campbell Stuart
  • Shane Edmond (Deputy Chairman)
  • Richard Bodman
  • Geoff Brown

Members of the Public

  • Danny Chan
  • Kevin Baker
  • Mariëtte van Ryn
  • Leonard Ward
  • Noeline Munro
  • David Kreider
  • Richard Keys
  • Richard Leggat

Clearing Participants

  • Richard Bodman
  • Geoff Brown

Derivatives Participants

  • Richard Bodman

The Appeals Panel

Role and Jurisdiction of the Appeal Panel

The Appeal Panel is a body independent of NZX and the NZ Markets Disciplinary Tribunal, responsible for determining appeals made against determinations of the NZ Markets Disciplinary Tribunal. Either party may appeal a determination of the New Zealand Markets Disciplinary Tribunal where the determination made under a Full Hearing procedure included a penalty in the amount of $100,000 or more in the case of a non-natural person, or $50,000 or more in the case of a natural person, or the suspension or revocation of a Market Participant’s designation, or the suspension of quotation of trading of an Issuer’s Quoted Securities or class of Quoted Securities, any decision of the Tribunal to publish and/or identify any party to a full Hearing.

Membership of the Appeal Panel

The Appeal Panel of the NZ Markets Disciplinary Tribunal currently comprises five representatives from various disciplines relating to New Zealand’s capital markets. There must be at least two practicing or retired barristers and/or solicitors of not less than seven years standing, up to two retired or former Market Participants, up to two retired persons who have relevant experience with Clearing Participants, two former directors of Issuers and up to two members of the public or retired or former Derivatives Participants.

Members

  • Don Trow
  • Simon McArley (Deputy Chairman)
  • Tim Williams (Chairman)
  • William Stevens 
  • Annabel Cotton

Contact Details for the Appeal Panel

Appeal Panel of NZ Markets Disciplinary Tribunal PO Box 105269
 Auckland 1143
 appealspanel@nzx.com

NZMDT Contacts

Rachel Batters - rachel.batters@nzmdt.com

Announcements

 

14 October 2013 - Public Censure of Energy Mad Limited

6 September 2013 – Public Censure of Diligent Board Member Services INC

6 March 2013 - Public Censure of Savoy Equities Limited

1 March 2013 - Public Censure of Insured Group Limited

14 December 2012 - Settlement Agreement in respect of a Statement of Case

7 December 2012 - Settlement Agreement in respect of a Statement of Case

21 December 2011 - Public Censure of RIS Group Limited 

 

Contact Information

Secretary
Rachel Batters
Address
PO Box 105269
Auckland 1143
Country
New Zealand
Phone
0212014361
Website

Documents

Announcements

Title Date Type
NZMDT 2013 Annual Report 23 Apr 2014, 9:00am ANNREP
Public Censure of Rakon Limited by NZMDT 5 Mar 2014, 8:34am DISCPLIN
NZX consults on proposed changes to NZMDT Rules 31 Jan 2014, 11:17am GENERAL
Public Censure of NZF Group Limited by NZMDT 20 Jan 2014, 8:41am DISCPLIN
Public Censure of Vetilot Limited by NZMDT 17 Jan 2014, 5:28pm DISCPLIN
Public Censure of Jasons Travel Media Limited 28 Nov 2013, 4:22pm DISCPLIN