Role

The NZ Markets Disciplinary Tribunal is an independent regulatory body established under the NZ Markets Disciplinary Tribunal Rules.

The Tribunal's principal role is to determine whether an issuer or market participant has breached NZX's market rules in any matter referred to it by NZ RegCo. If the Tribunal determines that a breach has occurred, it must then assess the appropriate penalty. The range of penalties the Tribunal may impose are set out in the Tribunal Rules.

The Tribunal also has the authority to review decisions in respect of:

1. A waiver or ruling application made by NZX, New Zealand Clearing Ltd or New Zealand Depository Ltd on referral from the applicant; and
2. A claim for compensation under the Clearing and Settlement Rules made by New Zealand Clearing Ltd on referral from the claimant.

The Tribunal does not supervise the market conduct of issuers or market participants. That role is performed by NZ RegCo and the Financial Markets Authority.

The Tribunal does not consider complaints made directly by members of the public. See NZ RegCo Complaints page for information on how to make a complaint about an issuer or market participant.