NZ RegCo publishes 2024 Oversight Report

NZ RegCo publishes Oversight Report 28 February 2025 – NZ RegCo today published its Oversight Report for the year ended 31 December 2024. The report highlights the: - investigation, market monitoring, transaction and enforcement work undertaken during 2024, including in response to complaints received by NZ RegCo - delivery by NZ RegCo against its key 2024 corporate plan initiatives - NZ RegCo areas of strategic focus for 2025 The report outlines a reduction in the number of issuer and broker conduct investigations undertaken in 2024. This was, in part, attributable to the cyclical level of market activity and trading observed over the year. It also reflects the outcomes of engagement and guidance from NZ RegCo through its annual broker inspection programme and the targeted review of issuers’ governance practices in 2023. One matter was referred to the Tribunal during the year. A significant milestone was reached in 2024 with implementation of the issuer “authorised representative” regime, and launch of NZ RegCo’s online issuer training modules. These changes are aimed at improving and reinforcing issuer knowledge of the Listing Rule and NZX ecosystem, and the efficiency of NZ RegCo’s real time engagement with issuers. In 2025, NZ RegCo will look to advance proposed voluntary director training initiatives as part of its regulatory empowerment strategy. Mr van Amelsfort said trade monitoring continued to be an area of intense focus for NZ RegCo, with several of its referrals to the FMA resulting in convictions for market misconduct in 2024. “Effective market surveillance remains a critical part of confidence in the integrity of on-market trading. The market shouldn’t underestimate our ability to access detailed trading and order information in real time and identify anomalous trading behaviours – all of which enables us to detect potential market manipulation and insider trading.” In line with NZ RegCo’s risk-based approach, core activity for 2025 will continue to focus on issuers’ financial reporting, continuous disclosure and corporate governance practices, and the oversight of brokers’ trading conduct, capital requirements, and management of client assets. In 2025, NZ RegCo will support a number of NZX market development initiatives, including proposed re-launch of the S&P/NZX20 equity derivatives market and assessing tailored cooperative company settings. Regulatory policy support activity over the year will include an ongoing market trade settings review, and review of brokers’ client asset and BCP obligations. ENDS For further information, please contact: Joost van Amelsfort NZ RegCo, Chief Executive T: 04 498 2278 E: joost.vanamelsfort@nzregco.com About NZ RegCo NZ RegCo is an independently governed entity, responsible for monitoring and enforcing compliance by listed issuers and accredited market participants with NZX’s market rules. To learn more about NZ RegCo please visit: www.nzregco.com