Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


NZX granted exemption

Hon Craig Foss

Minister of Commerce
7 July 2014 Media Statement

NZX granted exemption

Commerce Minister Craig Foss today announced he is granting a ministerial exemption to allow NZX to establish a new growth market with an alternative disclosure regime.

“An alternative disclosure regime will make it easier for firms to manage their disclosure obligations internally,” Mr Foss says.

The exemption, recommended by the Ministry of Business, Innovation and Employment (MBIE), is supported by The Financial Markets Authority (FMA).

“This could lower the cost of capital-raising for New Zealand’s smaller and high-growth businesses,” Mr Foss says.

“The new market will have additional features such as a research provision, market-making services and the support of a dedicated sponsor. These features are designed to support liquidity and efficiency in the market.

“I am confident the alternative disclosure regime and the additional features will assist more small and medium-sized enterprises to list and raise equity capital publicly.

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

“Encouraging new public growth markets is part of the Government’s Business Growth Agenda.”

Additional information:

• Following the granting of the ministerial exemption, the FMA will consider the market’s rules. The effect of the exemption will be to replace the usual requirement for “full continuous disclosure” with a requirement that the FMA is satisfied that the market rules adequately implement the alternative disclosure regime

• The ministerial exemption, under the Securities Markets Act 1988, allows the market to operate once the FMA has approved the rules. From 1 December 2014 when the Financial Markets Conduct Act replaces the Securities Markets Act, regulations will be made to allow the market to continue to operate. Cabinet has agreed to create regulations under the Financial Markets Conduct Act.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Wellington.Scoop: Serco – First The Prisons, And Now It Wants To Run The Trains

As the government continues its inquiry into Serco’s discredited administration of Mt Eden prison in Auckland, here in Wellington there’s further scrutiny of the British outsourcing company – because it’s competing to take over the running of our commuter trains. More>>


Gordon Campbell: On The TPP Countdown, And Mary Margaret O’Hara

To date, the Key government has been unwilling to share any information about this TPP deal until it is too late for outraged public opinion to affect the outcome... the disclosure process is likely to consist of a similarly skewed and careful exercise in spin. More>>


Australia Deportations: English Relaxed On Immigration Centre Conditions

Labour's Annette King: “There have been numerous reports from inside these detention centres on just how bad conditions are... If they were being held in any other foreign jail, I imagine Mr English would be somewhat concerned. More>>


Schools: Achievement-Based Funding Would Be A Disaster

The Education Minister’s speech to the PPTA Conference raising the spectre of achievement data driving a new funding system would be disastrous, says NZEI Te Riu Roa. More>>

  • Video Out-Link - PPTA Annual Conference 2015 on Livestream (Q+A dicussion suggests funding would be directed to less successful schools.)

  • ALSO:

    ECE Report:

    Key In NY: Prime Minister Addresses United Nations

    Prime Minister John Key has addressed the United Nations General Assembly in New York, focusing on a call for action in Syria and on other conflicts, reform of the veto process and on the UN’s Sustainable Development Goals. More>>.


    Gordon Campbell: On The Lack Of Accountability Over Philip Smith

    In New Zealand, accountability is an exotic creature rarely glimpsed at ministerial level, or among senior management. The flight to Rio by the paedophile /murderer Philip John Smith/Traynor is no exception. More>>


    More On Corrections

    Get More From Scoop



    Search Scoop  
    Powered by Vodafone
    NZ independent news