Shareholdings in this market may be required to be disclosed by the beneficial owner, particularly when such shareholdings reach or exceed prescribed disclosure limits. Investors must ensure that they comply in full by reporting such holdings to the appropriate organizations for this market, within the time-frame required. If you have any questions regarding this issue we encourage you to consult your legal counsel.
Failure to comply with the reporting requirements in this market may lead to penalties and / or other sanctions.
Any person holding 5% or more of a company’s voting shares must disclose this information to both the company and the stock exchange. Subsequent acquisitions or dispositions of 1% or more must also be disclosed.
Buy-ins are initiated at the discretion of the NZX. A cumulative penalty of NZD100 per day (plus 12.5% GST) is charged against the party responsible for a late trade, until the trade is settled. Half of the penalty is credited to the counter-party denied settlement. Non-member FASTER participants contracting settlement with FASTER counter-parties are subject to the same penalties.
A guarantee fund is administered by the NZX. This only Compensates investors who suffer loss through member default.
The sub-custodian has a Policy for the Prevention of Money Laundering and Criminal and Terrorist Financing is based upon a set of guiding principles:
* to strive to conduct its business in accordance with the highest ethical standards and to ensure compliance with all relevant laws.
* each office /business unit is responsible for maintaining documented procedures to ensure compliance with this policy and local law.
* there is a Money Laundering Reporting Officer (MLRO) operating in each country/business unit. The MLRO is responsible for overseeing that country’s or business unit’s compliance with our policy.
* to ensure its products and services are utilized by customers who have been properly identified in accordance with ‘Know your Customer’ requirements.
* to ensure banking services are only provided to other banks that have a ’physical presence’.
* to block identified transactions to or from ‘Named Persons’. ‘Named Persons’ can be: individuals, organizations or other entities listed on various security lists in the relevant country of operation.
* staff are trained, as appropriate, in relation to the prevention of money laundering and terrorist financing.
* it retains records confirming identification of our customers, and relevant transaction records as required under local laws.
* policies and procedures are regularly reviewed to ensure that our policies are consistent with any developments in international laws and regulations.
Documentation and Account Opening Requirements
* Authenticated Instruction
* Articles of Association / Memorandum of Articles
* Tax Documentation
* Custody Agreement