NZX
08/07/2014 08:32
GENERAL
REL: 0832 HRS NZX Limited
GENERAL: NZX: NZX new market granted Ministerial approval for exemption
NZX is pleased that the Minister of Commerce, the Hon Craig Foss, has
announced that he is granting NZX an exemption that will allow NZX to
establish a new market with an alternative disclosure regime which differs
from the traditional continuous disclosure requirements of the NZX Main
Board.
This approval is a significant milestone in NZX's progress towards the launch
of its new market designed for small and mid-sized businesses.
NZX Head of Markets Aaron Jenkins commented: "The proposed disclosure regime
is a critical component of NZX's new market. It will provide investors with
regular and understandable information that is tailored to the size and
nature of the companies that will list on the new market."
The work NZX has undertaken with the Ministry of Business, Innovation and
Employment now leads into the application process with the Financial Markets
Authority for registration of the new market and approval of the new market
rules. FMA's approval of the market rules will be required before NZX will be
able to approve listings on the new market. NZX expects to provide a further
update on progress on this front at the end of August.
The new market will operate on NZX's X-stream trading platform, which handles
NZX's trading of equity and debt securities, dairy and equity derivatives,
and other markets such as the Fonterra Shareholders' Market.
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
- A market aimed at small to mid-sized businesses with an expected market
capitalisation of $10-100 million
- Reduced costs and complexity, both during the listing process and ongoing
- More support for companies listed on the market
- A streamlined regulatory environment, with a set of simpler rules and
procedures
- The presence of market making and research to aid efficiency and liquidity
- Better information on companies for investors through quarterly updates,
research coverage and key operating milestones
For further information please contact:
Kate McLaughlin
Corporate Communications
M: 027 533 4529
E: [email protected]
End CA:00252527 For:NZX Type:GENERAL Time:2014-07-08 08:32:06
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