Tribunal Decisions
2025
Issuer A - NZMDT 2/2025 - 19 November 2025
- NZX Listing Rules 2.1.1(c), 2.13.2(c), and 3.20.1(a)
- Tribunal issued private determination
Being AI Limited - NZMDT 1/2025 - 2 September 2025
- NZX Listing Rules 2.1.1(a), 2.1.1(c), 2.13.2(b), 2.13.2(c) and 2.13.2(d)
- Public Censure PDF166.72 KB
2024
Geneva Finance Limited - NZMDT 1/2024 - 21 March 2024
- NZX Listing Rules 2.1.1(c), 2.13.2(b) and (c), and 3.8.1(a), (b) and (e)
- Public Censure PDF143.86 KB
2023
TruScreen Group Limited - NZMDT 8/2023 - 15 December 2023
- NZX Listing Rule 2.13.2(b)
- Public Censure PDF119.62 KB and Determination PDF522.31 KB
Enprise Group Limited - NZMDT 6/2023 - 8 December 2023
- NZX Listing Rule 3.1.1
- Public Censure PDF123.98 KB and Determination PDF659.40 KB
CDL Investments New Zealand Limited - NZMDT 5/2023 - 3 November 2023
- NZX Listing Rules 2.13.2(b) and 3.8.1(b) and (d)
- Public Censure PDF117.38 KB and Determination
Millennium & Copthorne Hotels New Zealand Limited - NZMDT 4/2023 - 3 November 2023
- NZX Listing Rules 2.13.2(b) and 3.8.1(b) and (d)
- Public Censure PDF127.03 KB and Determination PDF443.22 KB
2 Cheap Cars Group Limited - NZMDT 2/2023 - 3 October 2023
- NZX Listing Rules 2.1.1(c) and 2.13.2(c)
- Public Censure PDF146.11 KB
- Determination PDF514.06 KB at first instance
- Determination PDF5.78 MB on appeal
Participant A - NZMDT 3/2023 - 21 September 2023
- NZX Participant Rules 3.13(a), 3.13(c), 4.5.1, 4.5.2, 4.5.5, 10.7.1 and 21.7.1
- Tribunal issued private reprimand
Hallenstein Glasson Holdings Limited - NZMDT 1/2023 - 21 July 2023
- NZX Listing Rules 2.6.3 and 2.13.2(c)
- Public Censure PDF123.35 KB and Determination PDF390.54 KB
2022
UBS New Zealand Limited - NZMDT 1/2022 - 18 November 2022
- NZX Participant Rule 19.1.1 and New Zealand Clearing Limited Clearing and Settlement Rule 9.1.1
- Public Censure PDF158.27 KB
2021
QEX Logistics Limited – NZMDT 7/2021 - 23 December 2021
- NZX Listing Rules 3.1.1 and 3.20.1
- Public Censure PDF126.93 KB and Determination PDF528.97 KB
Blackwell Global Holdings Limited – NZMDT 4/2021 – 26 November 2021
- NZX Listing Rules 3.5.1 and 3.26.1
- Public Censure PDF171.20 KB
Geneva Finance Limited – NZMDT 6/2021 – 4 November 2021
- NZX Listing Rule 3.1.1 and 3.26.2(c)
- Public Censure PDF125.35 KB and Determination PDF439.49 KB
QEX Logistics Limited – NZMDT 5/2021 – 4 October 2021
- NZX Listing Rule 3.1.1
- Public Censure PDF99.84 KB
Jarden Securities Limited - NZMDT 3/2021 - 30 August 2021
- NZX Participant Rules 8.8.1, 10.2.2(a), (b) and (f), and 10.8.1(a)
- Public Censure PDF105.74 KB
NZME Limited - NZMDT 1/2021 - 20 April 2021
- NZX Listing Rule 3.1.1 and 3.20.1
- Public Censure PDF90.23 KB
NZME Limited - NZMDT 2/2021 - 20 April 2021
- NZX Listing Rule 3.1.1 and 3.2.1
- Public Censure PDF109.32 KB
2020
Air New Zealand Limited - NZMDT 3/2020 - 18 December 2020
- NZX Listing Rule 3.1.1
- Public Censure PDF96.24 KB
Tiger Brokers (NZ) Limited - NZMDT 2/2020 - 10 July 2021
- NZX Participant Rules 3.9, 8.1.1(c), 18.4.1, 18.4.2, 18.6.1(a)(i) and 18.6.1(b)
- Public Censure PDF111.42 KB
- Determination PDF356.36 KB
ASB Securities Limited – NZMDT 1/2020 – 27 May 2020
- NZX Participant Rules 4.5.5, 9.1.1(c), 10.6.1(d), 10.7.1 and 10.8.1(a)
- Public Censure PDF126.52 KB
Cooks Global Foods Limited – NZMDT 9/2019 – 4 February 2020
- NZX Listing Rule 3.6.1
- Public Censure
- Determination PDF171.16 KB
Geo Limited – NZMDT 10/2019 – 10 February 2020
- NZX Main Board Listing Rules 10.3.2, 10.4.2 and 10.5.1 (1 October 2017 version)
- Public Censure
Chatham Rock Phosphate Limited – NZMDT 8/2019 – 10 January 2020
- NZAX Listing Rule 5.1.7(c)
- Public Censure
- Determination PDF326.87 KB
Enprise Group Limited – NZMDT 7/2019 – 10 January 2020
- NZX Listing Rule 3.6.1
- Public Censure
- Determination PDF159.62 KB
2019
Participant B – NZMDT 6/2019 – 7 November 2019
- NZX Participant Rule 8.1.1, 8.8.1, 10.1.1 and 10.2.2
- Tribunal issued private reprimand
Good Spirits Hospitality Limited – NZMDT 5/2019 – 2 September 2019
- NZX Main Board Listing Rules 3.3.1(c) and 3.6.2(c) (dated 1 October 2017)
- Public Censure PDF149.93 KB
Participant A – NZMDT 3/2019 – 27 June 2019
- Settlement not approved by Tribunal
Issuer A – NZMDT 4/2019 – 19 June 2019
- NZX Main Board Listing Rule 3.3.9
- Tribunal issued private reprimand
INTL FCStone Financial Inc – NZMDT 1/2019 – 9 April 2019
- New Zealand Clearing Limited Clearing and Settlement Rules 3.12.1 and 4.2.3 (1 December 2017 version) and New Zealand Clearing Limited Clearing and Settlement Procedures 3.13.2 and 4.2.2 (4 December 2017 version)
- Public Censure PDF325.77 KB
Macquarie Securities (NZ) Limited – NZMDT 2/2019 – 14 March 2019
- NZX Participant Rules 4.5.2, 10.8.1 and 10.14.9 (7 March 2016 version)
- Public Censure PDF327.03 KB
2018
Craigs Investment Partners Limited – NZMDT 6/2018 – 24 October 2018
- NZX Participant Rules 3.9, 4.5.2, 10.8.1(a) and 10.14.9 (7 March 2016 version)
- Public Censure PDF98.43 KB
First NZ Capital Securities Limited – NZMDT 7/2018 – 3 September 2018
- NZX Participant Rules 8.1.1(b)(iii), 8.8.1, 10.1.1, 10.2.2(a), 10.2.2(b) and 10.12.5 (7 March 2016 version)
- Public Censure PDF168.99 KB
Participant A – Appeal – 21 August 2018
- Tribunal decision in NZMDT 2/2018 upheld
Participant A – NZMDT 2/2018 – 20 June 2018
- NZX Participant Rules 5.8.1 and 8.1.1 (7 March 2016 version)
- Tribunal issued private reprimand
Issuer B – NZMDT 5/2018 – 26 July 2018
- NZX Main Board Listing Rule 3.3.9
- Tribunal issued private reprimand
Issuer A – NZMDT 4/2018 – 27 June 2018
- NZX Main Board Listing Rule 10.1.1
- Tribunal issued private reprimand
Windflow Technology Limited – NZMDT 3/2018 – 11 May 2018
- NZAX Listing Rule 10.5.1
- Public Censure
- Determination PDF145.21 KB
TruScreen Limited – NZMDT 1/2018 – 13 February 2018
- NZAX Listing Rule 3.2.1
- Public Censure
2017
Participant A - NZMDT 3/2017 - 22 December 2017
- NZX Derivatives Market Rules 4.4.1(c), 8.2.1(c), 8.3.2, 8.3.3 and 10.5.2
- Tribunal issued private reprimand
Veritas Investments Limited - NZMDT 2/2017 – 18 October 2017
- NZX Main Board Listing Rule 10.1.1
- Public Censure PDF107.36 KB
Issuer A - NZMDT 1/2017 – 1 September 2017
- NZX Main Board Listing Rule 10.1.1
- Tribunal issued private reprimand
2016
Clearing Participant - NZMDT 5/2016 – 8 December 2016
- Clearing and Settlement Rules 3.12.1 and 4.2.3
- Tribunal issued private reprimand
Pyne Gould Corporation Limited - NZMDT 4/2016 - 27 October 2016
- Appeal from NZMDT 3/2016
- Determination
Pyne Gould Corporation Limited - NZMDT 3/2016 - 27 September 2016
- NZX Main Board Listing Rules 3.3.1(c), 3.6.2(b), 3.6.2(c), 10.3.1(b), 10.4.1 and 10.4.2
- Determination
- Public Censure - periodic repo rting
- Public Censure - corporate governance
Market Participant A - NZMDT 2/2016 - 14 June 2016
- NZX Participant Rules 8.8.1 and 10.2.2
- Tribunal issued private reprimand
Macquarie Securities (NZ) Limited - NZMDT 1/2016 - 24 February 2016
- NZX Participant Rules 4.5.2, 8.8.1, 10.6.1(b) and 10.8.1
- Public Censure
2015
Market Participant E - NZMDT 13/2015 – 22 December 2015
- NZX Participant Rule 10.12.4
- Tribunal issued private reprimand
Issuer B - NZMDT 12/2015 – 30 November 2015
- NZX Main Board Listing Rule 7.12.1
- Tribunal issued private reprimand
Market Participant D - NZMDT 11/2015 – 29 September 2015
- Clearing and Settlement Rule 4.2.3
- Tribunal issued private reprimand
Issuer A - NZMDT 10/2015 – 7 October 2015
- NZX Main Board Listing Rule 7.12.1
- Tribunal issued private reprimand
Clearing Participant - NZMDT 9/2015 - 25 August 2015
- Clearing and Settlement Rule 4.2.3
- Tribunal issued private reprimand
Diligent Corporation - NZMDT 8/2015 - 26 June 2015
- NZX Main Board Listing Rule 3.3.1(b)
- Public Censure PDF57.82 KB
Craigs Investment Partners Limited - NZMDT 6/2015 - 2 June 2015
- NZX Participant Rules 15.5 and 8.1.1(c)
- Public Censure PDF198.53 KB
Market Participant C - NZMDT 5/2015 - 18 May 2015
- Clearing and Settlement Rule 4.2.3
- Tribunal issued private reprimand
Market Participant B - NZMDT 7/2015 - 20 May 2015
- NZX Participant Rule 3.13(c)
- Tribunal issued private reprimand
Market Participant A - NZMDT 4/2015 - 4 May 2015
- NZX Participant Rule 15.17.1 and 9.10.3
- Tribunal issued private reprimand
First NZ Capital Securities Limited - NZMDT 3/2015 - 22 April 2015
- NZX Participant Rules 10.15.2 and 8.8.1
- Determination PDF293.52 KB
- Public Censure PDF218.78 KB
Pyne Gould Corporation Limited - NZMDT 2/2015 - 7 April 2015
- NZX Main Board Listing Rules 3.3.1(c) and 3.6.2(c)
- Public Censure PDF256.86 KB
RIS Group Limited - NZMDT 1/2015 - 1 April 2015
- NZAX Listing Rule 10.5.1
- Determination PDF527.51 KB
- Public Censure
2014
Market Participant D - NZMDT 18/2014 - 20 January 2015
- NZX Participant Rule 15.17.1
- Tribunal issued private reprimand
Pyne Gould Corporation Ltd - NZMDT 16/2014 - 16 January 2015
- NZX Main Board Listing Rule 10.4.1
- Public Censure PDF216.75 KB
Sealegs Corporation Ltd - NZMDT 17/2014 - 23 December 2014
- NZX Main Board Listing Rules 3.3.1(c), 3.6.2(b) and 3.6.2(c)
- Public Censure PDF216.66 KB
Market Participant C - NZMDT 15/2014 – 19 November 2014
- NZX Participant Rule 15.17.1
- Tribunal issued private reprimand
Market Participant B - NZMDT 14/2014 – 19 November 2014
- NZX Participant Rule 15.17.1
- Tribunal issued private reprimand
Market Participant A - NZMDT 13/2014 – 19 November 2014
- NZX Participant Rule 15.17.1
- Tribunal issued private reprimand
BLIS Technologies Ltd - NZMDT 12/2014 - 1 December 2014
- NZX Main Board Listing Rules 10.1.1(a) and 10.1.1(b)
- Determination PDF1.13 MB
- Public Censure PDF165.59 KB
Pyne Gould Corporation Ltd - NZMDT 11/2014 - 11 November 2014
- NZX Main Board Listing Rule 3.3.1(b)
- Public Censure PDF228.62 KB
Issuer C - NZMDT 10/2014 - 23 September 2014
- NZX Main Board Listing Rule 7.12.2
- Tribunal issued private reprimand
Diligent Board Member Services, Incorporated - NZMDT 9/2014 - 5 September 2014
- NZX Main Board Listing Rules 10.3.1(b), 10.4.1 and 10.4.2
- Public Censure PDF224.75 KB
Marsden Maritime Holdings Ltd - NZMDT 8/2014 - 8 August 2014
- NZX Main Board Listing Rule 9.3.1
- Determination PDF477.57 KB
- Public Censure PDF176.19 KB
Issuer B - NZMDT 7/2014 - 2 July 2014
- NZDX Listing Rule 7.12.1
- Tribunal issued private reprimand
Issuer A - NZMDT 6/2014 - 11 July 2014
- NZX Main Board Listing Rule 7.12.1
- Tribunal issued private reprimand
Fonterra Co-operative Group Ltd - NZMDT 5/2014 - 12 June 2014
- Fonterra Shareholders' Market Rule 9.1.1
- Public Censure PDF254.96 KB
KVB Kunlun New Zealand Ltd and Chee Joo (Jimmy) Koh - NZMDT 4/2014 - 9 October 2014
- Various NZX Participant Rules
- Public Censure of Chee Joo Koh PDF160.06 KB
- Public Censure of KVB Kunlun New Zealand Ltd PDF213.42 KB
Steel & Tube Holdings Ltd - NZMDT 3/2014 - 3 June 2014
- NZX Main Board Listing Rules 3.3.6, 10.6.1(d) and 10.6.1(e)
- Public Censure PDF233.31 KB
Case Withdrawn by NZX – NZMDT 2/2014
Rakon Ltd - NMZDT 1/2014 - 24 February 2014
- NZX Main Board Listing Rule 10.1.1
- Determination PDF7.68 MB
- Public Censure PDF140.57 KB
2013
Vetilot Ltd - NZMDT 9/2013 – 17 January 2014
- NZX Main Board Listing Rule 10.5.1
- Determination PDF229.21 KB
- Public Censure PDF60.83 KB
NZF Group Ltd - NZMDT 8/2013 – 17 January 2014
- NZX Main Board Listing Rule 10.5.1
- Public Censure PDF73.77 KB
Jasons Travel Media Ltd - NZMDT 7/2013 – 28 November 2013
- NZAX Listing Rules 3.2.1 and 10.7.1(d)
- Public Censure PDF95.96 KB
Diligent Board Member Services, Incorporated - NZMDT 6/2013 – 6 September 2013
- Various NZX Main Board Listing Rules
- Public Censure PDF184.47 KB
Energy Mad Ltd - NZMDT 5/2013 – 11 October 2013
- NZX Main Board Listing Rule 10.1.1
- Public Censure PDF234.73 KB
Market Participant A - NZMDT 4/2013 – 14 May 2013
- NZX Participant Rule 15.17.1
- Public Censure PDF91.29 KB
RIS Group Ltd - NZMDT 3/2013 – 1 March 2013
- NZAX Listing Rule 10.5.1
- Determination PDF222.79 KB
- Public Censure PDF138.84 KB
Insured Group Ltd - NZMDT 2/2013 – 1 March 2013
- NZX Main Board Listing Rule 10.5.1
- Public Censure PDF134.46 KB
Savoy Equities Ltd – NZMDT 1/2013 – 6 March 2013
- NZX Main Board Listing Rules 3.3.1(c), 3.3.3(a), 3.6.2(c) and 6.1.1
- Public Censure PDF313.37 KB
2012
NZX Advisor B - NZMDT 5/2012 – 7 December 2012
- NZX Participant Rules 5.8.1, 8.1.1, 10.5.1 and 10.5.3
- Public Censure PDF253.62 KB
NZX Advisor A - NZMDT 4/2012 – 14 December 2012
- NZX Participant Rules 5.8.1, 8.1.1, 10.5.1 and 10.5.3
- Public Censure PDF257.21 KB
Craigs Investment Partners Ltd - NZMDT 3/2012 – 9 July 2012
- NZX Participant Rules 4.5.2, 8.8, 10.2.2 and 10.8.1
- Determination PDF970.50 KB
- Public Censure PDF285.85 KB
Heritage Gold NZ Ltd - NZMDT 2/2012 – 26 April 2012
- NZSX Listing Rules 3.3.1(c) and 3.6.2(b)
- Determination PDF2.25 MB
- Public Censure PDF100.36 KB
Insured Group Ltd - NZMDT 1/2012 – 21 February 2012
- NZSX Listing Rules 10.5.1, 6.1.1 and 6.2.3
- Determination PDF213.67 KB
- Public Censure PDF90.95 KB
2011
RIS Group Ltd - NZMDT 4/2011 – 21 December 2011
- NZAX Listing Rules 3.2.1, 10.4.1 and 10.5.1
- Public Censure PDF58.58 KB
Skellerup Holdings Ltd - NZMDT 3/2011 – 10 May 2011
- NZSX Listing Rules 3.3.1(c), 3.6.2(b) and 3.6.2(c)
- Public Censure PDF100.66 KB
Forsyth Barr Ltd - NZMDT 2/2011 – 6 April 2011
- NZX Participant Rule 18.15.1
- No Public Censure
Forsyth Barr Ltd - NZMDT 1/2011 – 23 March 2011
- NZX Participant Rule 15.4.1(b)
- Public Censure PDF117.21 KB