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NZX continues to progress towards the launch of its new market designed for small and mid-sized businesses.
With the formal consultation process complete, NZX is considering refinements to the draft rules based on feedback received.
The Ministry of Business, Innovation & Employment is currently reviewing NZX’s application to the Minister of Commerce for an exemption from the continuous disclosure requirements in the Securities Markets Act.
This work will lead into the application process with the Financial Markets Authority for registration of the new market and approval of the new market rules.
The new market launch timing is dependent on these approvals however NZX is aiming for the middle of this year.
NZX is also progressing discussions with potential new market issuers and advisors, and is pleased with the level of interest from them.
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 include:
- A market aimed at small to mid-sized businesses with an expected market cap 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, template-based rules and procedures
- The presence of market making and research to aid liquidity
- Better information on companies for investors through quarterly updates, research coverage and key operating milestones
