Financial Markets Conduct (NZX–NXT Market) Exemption Amendment Notice 2018

2018/265

Coat of Arms of New Zealand

Financial Markets Conduct (NZX–NXT Market) Exemption Amendment Notice 2018

Pursuant to section 556 of the Financial Markets Conduct Act 2013, the Financial Markets Authority, being satisfied of the matters set out in section 557 of that Act, gives the following notice.

Notice

1 Title

This notice is the Financial Markets Conduct (NZX–NXT Market) Exemption Amendment Notice 2018.

2 Commencement

This notice comes into force on 1 January 2019.

3 Principal notice

This notice amends the Financial Markets Conduct (NZX–NXT Market) Exemption Notice 2014 (the principal notice).

4 Clause 3 amended (Revocation)

In clause 3, replace “30 November 2019” with “30 June 2019”.

Dated at Wellington this 12th day of December 2018.

Nick Kynoch,
General Counsel.

Statement of reasons

This notice comes into force on 1 January 2019. It amends the Financial Markets Conduct (NZX–NXT Market) Exemption Notice 2014 (the principal notice) to change the date on which the principal notice is revoked from 30 November 2019 to 30 June 2019. The principal notice exempts issuers on NZX Limited’s NXT market from various product disclosure statement and register entry requirements contained in the Financial Markets Conduct Regulations 2014.

The Financial Markets Authority (the FMA), after satisfying itself as to the matters set out in section 557 of the Financial Markets Conduct Act 2013 (the Act), considers it appropriate to amend the principal notice because NZX Limited is closing the NXT market on 30 June 2019. Therefore, the FMA considers that, from 1 July 2019, the exemptions contained in the principal notice will no longer be necessary or desirable in order to promote the purposes of the Act, nor necessary to address the matters that gave rise to the exemptions.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 14 December 2018.

This notice is administered by the Financial Markets Authority.