NZX sign Photo: RNZ / Angus Dreaver
Education has helped reduce the number of infringements of NZX market rules, with just one matter referred to the Markets Disciplinary Tribunal last year.
The single case compared with seven referrals to the tribunal in 2021 by the NZX market watchdog NZ RegCo.
"The one matter referred to the tribunal involved a temporary breach by a participant of its capital adequacy requirements," the tribunal said in its annual report, noting the party concerned was UBS NZ.
"NZ RegCo and the participant reached a settlement in relation to the breach, which was approved by the tribunal."
The breach was considered to be of a moderate operational nature, with inaccurate modelling resulting in UBS believing it was operating within its capital adequacy limits, when it was not.
NZ RegCo determined the infringement had not affected investors, clients or the market.
UBS was publicly censured for the breach, ordered to pay $20,000 to the NZX Discipline Fund, plus costs to the tribunal and NZX.
