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31 March 2006
News release
Securities Commission Oversight Review of New Zealand Exchange Limited
The Securities Commission and NZX work together as co-regulators, according to principles of partnership and trust, to promote the integrity of and confidence in New Zealand's capital markets.
The 2004 report of the International Monetary Fund's Financial Sector Assessment Programme review of New Zealand recommended that the Commission should develop a formal oversight plan of regulated exchanges. The oversight review announced on 1 March 2006 implements that recommendation.
The Commission and NZX agree that an oversight review is a crucial component of the co-regulatory objective of market integrity and investor confidence. NZX and the Commission are committed to working together as co-regulators to achieve these goals.
The Securities Commission today released its terms of reference for its oversight review of NZX. These are published on the Commission's website, www.seccom.govt.nz. A copy follows.
The Commission expects to complete its review and publish a report by 31 August 2006.
A backgrounder detailing the context for the oversight review is also published on the Commission's website and a copy follows this release.
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Contact: Catherine Chapman phone 04 471 7659 mobile 027 2969 130
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