An Inquiry Into the Performance by NZX of its Regulatory Functions as a Registered Exchange During 2003 and 2004 Prior to the Collapse of Access Brokerage

TABLE OF CONTENTS

• GLOSSARY OF ABBREVIATIONS AND TERMS
• EXECUTIVE SUMMARY
• PART I - INTRODUCTION
• PART II - DEFAULT OF ACCESS
• PART III - NZX REGULATORY STRUCTURE AND COMPLIANCE STRATEGY
• PART IV - CLIENT FUNDS AND THE ACCESS INSPECTION
• PART V - FOLLOW UP TO THE ACCESS INSPECTION AND COMPETING PRIORITIES AT NZX
• PART VI - GOVERNANCE
• PART VII - STEPS TAKEN TO ASSESS CLIENT FUNDS PRACTICES
• PART VIII - TREATMENT OF CLIENT FUNDS ACCOUNTS HELD AT FINANCIAL INSTITUTIONS
• PART IX - FIDELITY GUARANTEE FUND
• PART X - DEVELOPMENT OF NZX COMPLIANCE FUNCTION SINCE 2003 AND RESPONSE TO ISSUES
• RECOMMENDATIONS
• REFERRAL AND CONCLUSION
• APPENDIX A
• APPENDIX B