Commerce Minister Craig Foss has announced he is granting a ministerial exemption under the Securities Markets Act 1988 to allow NZX to establish a new growth market with an alternative disclosure regime. The effect of the exemption will be to replace the usual requirement for “full continuous disclosure” with a requirement that the Financial Markets Authority (FMA) is satisfied that the market rules adequately implement the alternative disclosure regime. From 1 December 2014, when the Financial Markets Conduct Act 2013 (FMCA) 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 FMCA.

FMA’s approval of the market rules will be required before NZX will be able to approve listings on the new market.

To read the full media release click here.

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