Amendment to Clearing & Settlement Rules & Depository Rules
www.nzx.com 1 of 1
31 August 2023
Introduction of Recovery Tools
Amendments to Clearing and Settlement Rules and Procedures and Depository
Rules
New Zealand Clearing and Depository Corporation Limited (NZCDC), a subsidiary of New
Zealand Exchange (NZX), has been consulting with the market to introduce financial recovery
tools into the rules that govern the operation of the NZCDC settlement system. Financial
recovery tools provide different avenues to manage a default of a large participant in what is
considered extreme scenarios.
Such financial recovery tools are a required by the Standards under the Financial Market
Infrastructures Act 2021, which NZCDC will transition to in 2024. In order to give effect to the
financial recovery tools, New Zealand Clearing Limited and New Zealand Depository Limited
wish to provide notice of amendments to the Clearing and Settlement Rules and Procedures,
and Depository Operating Rules.
New Zealand Clearing Limited therefore provides notice for the purposes of rule 8.5 of
amendments to the Clearing and Settlement Rules and Procedures. New Zealand Depository
Limited also provides notice for the purposes of rule 9.6 of amendments to the Depository
Operating Rules. These changes have not been disallowed by the Financial Markets Authority
and Reserve Bank of New Zealand under the Banking (Prudential Supervision) Act 1989. The
amendments will take effect from 1 December 2023.
A marked-up copy of the amendments to the Rules and Procedures described above is
available on the Upcoming Rule Changes page on nzx.com.
For further information please contact:
Media and investors – Simon Beattie – 021 702 694
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- ANZ — ANZ Group Holdings Limited: ANZ Bank New Zealand Disclosure Statement2023-11-12
“REGISTERED BANK DISCLOSURES 83 B1. GENERAL DISCLOSURES (UNAUDITED) (continued) Changes to the Bank’s conditions of registration since the last disclosure statement (for the six months ended 31 March 2023) The Bank’s conditions of registration have been amended to:…”
- LIC — Livestock Improvement Corporation Limited: Notice of Annual Meeting2023-09-06
“48 Shareholding”) and Restricted Securities (securities conferring voting rights on a person in excess of 1% of the total voting rights in the Company) in order to streamline the enforcement process and reduce administrative burden; (b) the inclusion of corresponding obligati…”
- PCT — Precinct Properties New Zealand Limited: Precinct NZ lodges PDS for offer of convertible notes2023-08-25
“21 KEY FEATURES OF THE NOTES TAX EVENT Precinct NZ may choose to Convert all (but not some only) of the Notes in a series before the relevant Conversion Date if a Tax Event has occurred and is continuing. Broadly, a Tax Event will occur if there has been, or there will be, a chan…”