NZX consults on Main Board/Debt Market Listing Rules

Further to its announcement that NZX would be conducting a review of the Main Board/Debt Market Listing Rules, NZX has released a discussion document outlining the proposed scope of the review and is now seeking feedback from interested parties.

This review presents an opportunity to address known issues, to respond to feedback from the broader markets, and to establish modern rules relevant to New Zealand’s evolving capital markets.

The purpose of the discussion paper is to seek feedback on the proposed scope and direction of the review, and to generate discussion from market participants on key areas of the rules.

NZX is seeking to achieve the following objectives as part of the review:

(a) reduce the complexity of the current three market structure and build scale in the Main Board;

(b) enhance investor protections to increase confidence and participation in NZX markets;

(c) accommodate the listing of a broader range of financial products and issuers with fit for purpose rules for small to medium sized issuers, funds and debt issuers;

(d) improve access for foreign listings to expand the range of investible products for New Zealand investors; and

(e) remove unnecessary compliance costs, introduce tools to reduce the cost of compliance and ensure the rules are easy to navigate and use.

In addition to the disclosure document, NZX has also sent a survey to all its listed companies, advisers and market participants in order to capture the views of those most likely to be impacted by the review.

NZX is seeking to implement amended rules by the end of 2018, subject to a transition period. The closing date for submissions is 5pm on Friday, 17 November 2017 and can be submitted to

Our team will be preparing a submission, based on our experience dealing with the Listing Rules in many transactions and representing many issuers over the years. If you have any questions on the discussion document, the survey or would like our assistance in developing a submission to NZX, please contact one of our experts.

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