New Zealand Legislation: Regulations

38 Process if Rulings Panel to determine alleged breach

• (1) This regulation applies if the Rulings Panel—

  • (a) decides under regulation 36(c) that it will determine an alleged breach itself; or

  • (b) must determine an alleged breach under regulation 37(1) because an investigator has been unable to effect a settlement between the parties.

  (2) The investigator must provide to the Panel a report and recommendation sufficient to enable the Panel to determine the alleged breach.

  (3) The report must, to the extent reasonably practicable, specify or contain the following information:

  • (a) the rule allegedly breached; and

  • (b) the participant allegedly in breach; and

  • (c) the estimated date and time the breach allegedly occurred; and

  • (d) the relevant issues raised by the participant allegedly in breach in response to the allegations of breach; and

  • (e) the comments made to the investigator by any other person in response to the relevant issues raised by the participant allegedly in breach; and

  • (f) any additional information that the investigator considers relevant to the decision of the Panel as to how the matter may be dealt with by the Panel; and

  • (g) the investigator's assessment of the impact on the other participants of the conduct alleged to constitute the breach; and

  • (h) the investigator's assessment of the likelihood of the alleged breach recurring; and

  • (i) details of any similar situations previously dealt with by the Panel, including any settlement approved by the Panel under regulation 34(3) in response to those situations (if known by the investigator); and

  • (j) a copy of all correspondence with the investigator or market administrator relating to the alleged breach.

  (4) The investigator must use reasonable endeavours to give the report to the Panel within 5 business days of—

  • (a) the Panel deciding that it will determine the alleged breach; or

  • (b) the investigator referring the alleged breach to the Panel for determination under regulation 37.

  (5) The investigator must forward a copy of the report to the following parties as soon as practicable:

  • (a) the notifying participant or other person that gave the breach notice; and

  • (b) the participant allegedly in breach; and

  • (c) any other participant that has joined as a party to the breach notice under regulation 13.