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- Release Date: 13/05/14 11:11
- Summary: GENERAL: NZX: Update on NZX's new market development
- Price Sensitive: No
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NZX
13/05/2014 09:11
GENERAL
REL: 0911 HRS NZX Limited
GENERAL: NZX: Update on NZX's new market development
NZX continues to progress towards the launch of its new market designed for
small and mid-sized businesses.
With the formal consultation process complete, NZX is considering refinements
to the draft rules based on feedback received.
The Ministry of Business, Innovation & Employment is currently reviewing
NZX's application to the Minister of Commerce for an exemption from the
continuous disclosure requirements in the Securities Markets Act.
This work will lead into the application process with the Financial Markets
Authority for registration of the new market and approval of the new market
rules.
The new market launch timing is dependent on these approvals however NZX is
aiming for the middle of this year.
NZX is also progressing discussions with potential new market issuers and
advisors, and is pleased with the level of interest from them.
If you would like to receive updates about the launch of the new market,
please register your interest at: http://new-market.nzx.com/
Key features of the market include:
o A market aimed at small to mid-sized businesses with an expected market cap
of $10-100 million
o Reduced costs and complexity, both during the listing process and ongoing
o More support for companies listed on the market
o A streamlined regulatory environment, with a set of simpler, template-based
rules and procedures
o The presence of market making and research to aid liquidity
o Better information on companies for investors through quarterly updates,
research coverage and key operating milestones
For more information please contact:
Kate McLaughlin
Corporate Communications
M: 027 533 4529
E: [email protected]
End CA:00250371 For:NZX Type:GENERAL Time:2014-05-13 09:11:40
