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FMA Inaugural Review Of ‘stepping-stone’ Market Catalist Released
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko has found Catalist Markets Limited complied with its market operator obligations since launching in mid-2021.
The FMA today published findings from its inaugural annual review of how well Catalist is meeting its licensed market operator obligations, covering 21 June 2021 to 31 March 2022. The review noted Catalist had suitable governance arrangements, technological capability and processes and policies.
Catalist operates Catalist Public Market, a ‘stepping stone’ market aimed at small and medium-sized businesses seeking liquidity or seeking to raise capital of up to $20 million, with a view that once these entities reach a certain scale and size, they would transition on to the next phase of growth, which may be listing on the NZX. It was designed to fill a funding gap for SMEs by providing a lower-cost and simplified financial products market, offering trading by way of an online auction platform with periodic (rather than continuous) trading and disclosure.
Catalist has a financial product market licence conferred under clause 316 of the Financial Markets Conduct Act to operate the Catalist Public Market. The Act requires the FMA to, at least annually, carry out a review and report on how well Catalist is meeting its licensed market operator obligations.
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