This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 1 December 2014, provide for modified disclosure provisions to apply in respect of NZX’s new NXT market for small and medium sized-sized enterprises.
The main effect of these regulations is as follows:
subpart 4 of Part 5 of the Financial Markets Conduct Act 2013 (the Act) is modified in respect of the NXT market so that the subpart applies to information that the continuous disclosure provisions of the market rules of the NXT market require a listed issuer to notify regardless of whether that information is material information that is not generally available to the market; and
NXT issuers must comply with alternative disclosure provisions in NXT’s market rules; and
NZX must have adequate arrangements for notifying disclosures made to it under those provisions (see section 314(b) of the Act); and
a breach of those obligations must be treated in the same way as if it were a breach of the continuous disclosure rules; and
future rule changes to the alternative disclosure obligations in NXT’s market rules must be considered by the Financial Markets Authority in accordance with the test in these regulations instead of the test in section 331(1)(b) of the Act.
These regulations follow the exemption granted pursuant to section 36E of the Securities Markets Act 1988.
Date of notification in Gazette: 4 November 2014.
These regulations are administered by the Ministry of Business, Innovation, and Employment.