ASX is consulting on proposals to exempt companies listed on the New Zealand Exchange Main Board from the stricter admission requirements for ASX Foreign Exempt Listings and thus remove the dual compliance burden for New Zealand companies that wish to have a dual listing on the ASX. If implemented, the proposals should encourage more dual listings by New Zealand Companies and thus provide greater access by Australian investors to a wider range of well-regulated public companies. We will continue to monitor the progress of the consultation process.
ASX has released a Consultation Paper Facilitating Dual Listings by New Zealand Companies (Consultation Paper) proposing to facilitate the dual listing of entities that are listed on the New Zealand Exchange Main Board (NZ Listed Companies).
A foreign listed company that obtains an ASX Foreign Exempt Listing need only comply with the listing rules of its primary place of listing. However, the admission criteria for an ASX Foreign exempt Listing is so much higher than the criteria for a full ASX listing that most companies with a dual listing have a listing that requires full compliance with the ASX Listing Rules.
The Consultation Paper proposes to exempt NZ Listed Companies from the much higher profits, net assets and shareholder spread admission requirements for ASX Foreign Exempt Listings, so that they will only be required to meet the requirements of the New Zealand Exchange Main Board.
Comments on the Consultation Paper were due by 20 April 2015.