NZX consults on proposed NXT/NZAX waivers and practice note

Following NZX's June announcement it was reviewing its equity market structure to consolidate its three equity markets onto a single board, NZX has published a consultation paper seeking feedback on proposed class waivers and a practice note to migrate companies listed on the NXT and NZAX markets to the Main Board.

This forms part of a broader consultation process which will include a review of the NZX Main Board listing rules in September 2017.

NZX Regulation is proposing to issue two class waivers to:

(a) clarify the process for existing NXT and NZAX issuers who wish to migrate to the Main Board before the outcome of the review of the listing rules, and how various parts of the listing rules apply to them once migrated; and

(b) clarify how various parts of the listing rules will apply to smaller issuers who apply to list on the Main Board before the outcome of the review of the listing rules.

In addition, NZX Regulation is also proposing to publish a practice note that describes the process for applications for migration to the Main Board, and the fee relief that NZX will implement.

Feedback on the proposed class waivers and the practice note is due by 5:00pm Tuesday, 22 August 2017 and can be submitted by email to consultation@nzx.com. If you have any questions on this NZX proposal or would like our assistance in developing a submission to NZX, please contact one of our experts.