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NZX launch new regulatory agency: NZ RegCo

NZX have today gone live with their new regulatory agency, signalling the formal separation of the exchange’s commercial and regulatory wings.

Thursday, December 10th 2020, 10:00AM

James Miller

The NZX board announced in March the proposal to adopt a new regulatory operating and governance model which would structurally separate the exchange's commercial and regulatory roles. The model is similar to that used by other international exchanges such as the Singapore Exchange (SGX).

NZ RegCo is governed by an independent establishment board chaired by Trevor Janes, with board members Annabel Cotton, Elaine Campbell, John Hawkins and Mike Heron QC.

It will be led by Joost van Amelsfort as CEO, who has served as NZX head of market supervision since 2014.

NZX chairman, James Miller, described the move to NZ RegCo as ground-breaking in the 150-year history of New Zealand’s capital markets, and aligned with global best practice – in terms of the structure, governance and the operating model.

Miller said the move represents “a positive evolution of NZX and our role in New Zealand’s capital markets”.

The NZ RegCo model was shaped from a 2019 review of NZX’s regulatory operating model. It will provide both strategic and real-time regulatory support, and act as a point of escalation for key “bright-line” regulatory decisions.

As part of its wider remit, the NZ RegCo Board will be responsible for ongoing oversight of:

  • the performance of NZ RegCo’s regulatory functions
  • the adequacy of the conflict management arrangements relevant to NZX’s commercial interests
  • NZ RegCo’s regulatory interests.

Miller says the structural separation of the proposed model also provides increased capacity for focus on NZX’s commercial mandate and initiatives, to deliver shareholder value.

Tags: NZX regulation

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