The New Zealand Financial Markets Authority published its NZX Obligations Review 2025, reporting on how well NZX met its licensed market operator obligations under the Financial Markets Conduct Act 2013 for the period 1 January to 31 December 2024. The review is intended, among other objectives, to assess whether potential conflicts between NZX’s regulatory and commercial functions as a self-regulating organisation are being appropriately managed. The Act allows the FMA to conduct this review at any time but requires it to do so at least once a year; the FMA also maintains an archive of prior NZX obligations reviews.