31 Jan 2014

NZX seeks changes to appeal panel

1:43 pm on 31 January 2014

The stock exchange operator is calling for submissions on proposed changes to the rules governing its New Zealand Markets Disciplinary Tribunal.

NZX says the changes are aimed at improving aspects of the tribunal's operation and the most significant change relates to the structure of the Appeal Panel.

Given the limited number of appeals which are actually made - only one since the Tribunal was established nine years ago - the NZX is proposing more flexibility around the structure of the panel.

It also wants to change the length of time a person can serve on the panel, at present restricted to three three-year terms. The NZX argues people can continue to make a valuable contribution.

It's also proposing changes to penalties and award of costs. The closing date for submissions is 14 March.