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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.

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