Orderly Markets – NZ RegCo has concerns about potential disorderly trading in securities. This might arise if NZ RegCo observes trading in a security that appears untethered to movements that could be reasonably expected in an informed market (with trading having elements of “meme stock” behaviour), and NZ RegCo is not satisfied that a previously issued price enquiry is appropriately moderating that trading.

Market manipulation – if NZ RegCo has a high degree of confidence that trading in securities is subject to ongoing manipulation, whether or not this manipulation has yet had any discernable effect on price, and whether or not NZ RegCo has issued a price enquiry.