About the Code of Conduct and Code of Ethics 

The OTC markets in New Zealand have an established tradition of providing financial products and services to clients and counterparties, ultimately enabling them to effectively manage capital and risk. It is essential that the right culture is driven from the top down, clearly understood and regularly reinforced. Those who use and rely on these markets must have complete confidence in the integrity, professionalism and competence of those with whom they deal.
It is recognised that personal integrity and professionalism cannot be created or preserved by written rules alone, but also depend on the understanding and judgement of individuals. By clearly articulating ethical principles for acceptable standards of behaviour in the OTC markets, the NZFMA Code of Ethics is intended to raise awareness of the issues and promote responsible decision-making. Its companion, the Code of Conduct, provides rules of behaviour derived from these principles.

The Code of Conduct does not attempt to address all possible circumstances in which the various principles in the Code of Ethics apply. Rather it addresses those which NZFMA considers warrant specific articulation. This includes identifying particular conduct which may have been problematic in the past, where leaving something to good judgement may not be entirely sufficient, or simply where the expectation from regulators, counterparties or the market for certain behaviour is so strong as to warrant specific mention.

The Codes apply to all NZFMA Member organisations ('Members') and the individuals who represent them ('Representatives'). Members must conduct their business according to the Codes, and are encouraged to use them as the basis for more detailed procedures and sometimes higher standards that apply within their organisation. Where two codes are used by an organisation, the more comprehensive (or applicable in the circumstances) will apply.
If any Representative has doubts about the correct procedures to be adopted or terminology to be used, guidance should be sought from senior management of their Member or reference made to the NZFMA 'Financial Services Core Accreditation Manual'.


Click here to view the NZFMA Code of Ethics & Code of Conduct in PDF format.