Rules and Guidance Consultations

This page includes details of market developments and consultations undertaken by NZX on the NZX rule sets.

Should you wish to receive updates on policy related matters, please email us at policy@nzx.com with your request to be added to our mailing list.

This page was last updated on 18 December 2025.

Client Asset Review

NZX is consulting on amendments to regulatory settings in relation to requirements placed on Market Participants Accepting Client Assets (Market Participants) under the NZX Participant Rules (Participant Rules) in relation to handling Client Assets. The proposed amendments clarify the obligations applying to Market Participants, and ensure the requirements under the Participant Rules align with existing market practices and regulatory expectations.

NZX is also proposing changes to the Client Assets Guidance Note (Guidance Note) and NZX Participant Procedures as part of this review. As the proposed amendments involve significant hygiene drafting changes, we have provided the Participant Rules and Guidance Note in both mark-up and clean, along with a Navigation Table to explain how the existing Rules and Guidance have been moved, amended, or deleted.

The consultation paper, along with exposure drafts of the proposed amendments are available below:

• Consultation Paper
• Exposure Draft NZX Participant Rules (mark-up)
• NZX Participant Rules (clean)
• Appendix C (Client Asset Reconciliation template) of NZX Participant Rules
• Appendix D (Client Asset Log) of NZX Participant Rules
• Exposure draft of NZX Participant Procedures
• Exposure Draft of Client Assets Guidance Note (mark-up)
• Client Assets Guidance Note (clean)
• Navigation Table

We invite interested parties to provide their views on the proposed amendments by emailing a written submission to policy@nzx.com. Alternatively, please get in contact with us to provide a verbal submission. Please note the final date for submissions is Friday 27 February 2026.