A number of other changes implement the latest international developments in the timeliness of financial information disclosure, ensuring the NZSE remains at the forefront of international developments. The NZSE is also seeking comment on the potential for further improvement in the time taken to make periodic announcements.
In releasing the consultation paper, the NZSE Board said it is supportive of the co-regulatory environment to be established by the Securities Markets and Institutions Bill, and these changes reflect the commitment of the NZSE to its regulatory responsibilities and to ensuring a smooth and efficient transition to the new regime.
The proposed changes are:
- changes to the continuous disclosure regime to reflect the formulation of the continuous disclosure test in the Securities Markets and Institutions Bill and Rule 3.1 of the Australian Stock Exchange Listing Rules,
- the introduction of a director relevant interest disclosure regime similar to that proposed in the Securities Markets and Institutions Bill,
- a reduction of the period for disclosure of preliminary announcements from 75 days to 60 days,
- amendments to the New Capital Market Rules to introduce greater flexibility for companies wishing to list on the New Capital Market, and
- changes to provide for the possible self-listing of the NZSE, including the creation of a Special Division of the Market Surveillance Panel to administer and monitor the NZSE as a listed entity.
- further reducing the period for disclosure of preliminary announcements to 45 or 30 days, and
- reducing the time period for preparation of Half Yearly and / or Annual Reports from four months to three months.
The full text of the proposed rule changes and commentary are available here.
