NZX Consults On Proposed Rule Changes

NZX has today released a consultation memorandum regarding proposed amendments to the Main Board and Debt Market Listing Rules (“Listing Rules”).

There are four types of Rule changes proposed:

1. Requirements for listed companies to report on diversity at Board and senior management level;
2. Changes to reduce compliance costs, for example, in relation to employee share schemes, requirements to notify the market of issues of securities and by aligning aspects of annual disclosure with Companies Act requirements;
3. Changes to assist companies raising capital, including by the use of over-subscription facilities for rights issues;
4. Changes to update the Listing Rules for legislative developments and other minor amendments.

“New Zealand’s capital markets are dynamic and evolving. NZX’s prime objective in proposing this series of changes is to serve the needs of our Listed Issuers and investors in our markets, with better, more timely and more appropriate information.

“As always, we welcome feedback from interested parties, and we view the consultation process as a critical phase in generating the highest possible quality end product. By preparing this consultation document now, we can allocate a significant chunk of time for people to consider the proposals and get their feedback to us,” said NZX CEO Mark Weldon.

The consultation memorandum is available to download at the following link: https://nzx.com/market-supervision/rules-consultation.

The full set of proposed Rules changes will be available on Monday 2 April.

The closing date for submissions is 30 May 2012. Submissions should be emailed to megan.mcluskie@nzx.com or mailed to NZX Limited, PO Box 2959, Wellington.