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- Release Date: 16/04/14 13:35
- Summary: GENERAL: NZX: Update on NZX's new market consultation
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NZX
16/04/2014 11:35
GENERAL
REL: 1135 HRS NZX Limited
GENERAL: NZX: Update on NZX's new market consultation
NZX has completed its formal consultation process regarding its proposed new
market, which is expected to launch in the middle of this year.
This follows the release of a Consultation Memorandum on 14 March 2014
relating to proposed market rules for NZX's new growth market, and certain
legislative exemptions that are necessary to accommodate the disclosure
framework for the market.
NZX received 20 written submissions from a variety of stakeholders, including
industry bodies, brokers, corporate advisory firms, issuers, lawyers and
directors.
Submissions were broadly supportive of the concept, aim and proposed
structure of the new market, and of the proposed periodic disclosure
framework.
NZX has applied to the Minister of Commerce for an exemption from the
continuous disclosure requirements in the Securities Markets Act.
In addition, NZX will apply to the Financial Markets Authority for
registration of the new market and approval of the new market rules. NZX
expects to make some refinements to the draft rules based on feedback
received.
NZX proposes to publish submissions received, where the authors have given
permission, at a later date.
Key features of the market include:
- A market aimed at small to mid-sized businesses with an expected market cap
of $10-100 million
- Reduced costs and complexity, during both the listing process and ongoing
- More support for companies listed on the market
- A streamlined regulatory environment, with a set of simpler, template based
rules and procedures
- The presence of market making and research to aid liquidity
For more information please contact:
Kate McLaughlin
Corporate Communications
M: 027 533 4529
E: [email protected]
End CA:00249552 For:NZX Type:GENERAL Time:2014-04-16 11:35:40
