Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZX's new market gets ministerial go-ahead

NZX's new market gets ministerial go-ahead

By Suze Metherell

July 7 (BusinessDesk) - Commerce Minister Craig Foss has given the go-ahead on alternative disclosure requirements for the New Zealand stock market operator's proposed "new market".

The exemption will let the NZX's proposed market to skirt continuous disclosure requirements for listed companies, with less onerous disclosure obligations reducing costs for issuers in a bid to attract small to medium sized businesses to list. NZX must now satisfy the Financial Markets Authority that the market's rules will support the alternative disclosure requirements, before launching the new board.

The exemption will apply under the Securities Act until December, when the Financial Markets Conduct Act comes into effect. Cabinet has agreed to enact regulations to allow the exemption under the new law.

“An alternative disclosure regime will make it easier for firms to manage their disclosure obligations internally,” Foss said in a statement.“This could lower the cost of capital-raising for New Zealand’s smaller and high-growth businesses.”

“The new market may also give New Zealanders, who have the right risk appetite, a greater number of firms to invest in," he said.

Companies will be able to use key operating metrics to outline their business performance instead of more onerous prospective financial information requirements in their projections, and will be required to disclose information to investors periodically rather than continuously, according to draft rules released in March. The new market, which will ultimately replace the NZ Alternative Market, will have a different website with distinct branding from the NZX and a risk warning where investors acknowledge difference between the new market and other NZX markets.

The exemption is recommended by Ministry of Business, Innovation and Employment and supported by Financial Markets Authority.

Shares in NZX fell 1.5 percent to $1.32 today.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news