The Financial Markets Authority says NZX was fully compliant with its obligations last year, but could make improvements.
The FMA reviewed the NZX's performance in 2012 and found it met its statutory requirements to make sure its registered markets operate in a fair, orderly and transparent way.
However, it concluded NZX could do better in three key areas.
As NZX's commercial activities grow, the authority wants it to focus on managing potential conflicts of interests, making sure it has the correct safeguards in place to mitigate any real or perceived conflicts between its commercial and regulatory roles.
The authority also notes that NZX has been criticised for a perceived lack of transparency in its enforcement function and the lack of progress in certain enforcement areas.
The FMA wants NZX to focus on enforcing compliance, including considering ways of updating the market over enforcement matters.
It also wants the NZX board to improve its oversight on the quality of decision making to ensure it is meeting its statutory requirements.
