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

 

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>

ALSO:

Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>

ALSO:

More Justice & Corrections

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news