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Past Consultations

This page outlines the past consultations undertaken by NZX on the NZX rules set.

Market Maker Eligibility

As part of the relaunch of the S&P/NZX20 Index Futures Contract, NZX is consulting on proposed changes to its market maker eligibility requirements to allow entities that are not NZX Trading Participants to apply to be Designated Market Makers. The consultation paper, along with the exposure drafts of the proposed amendments to the NZX Participant Rules, Derivatives Market Rules, as well as consequential amendments to the NZX Derivatives Market Procedures and NZ Markets Disciplinary Tribunal Rules are available below:

We invite interested parties to provide their views on the matters raised in the consultation paper by emailing a written submission to policy@nzx.com. Alternatively, please get in contact with us to provide a verbal submission. Please note that the final date for submissions is Friday, 19 July 2024.

Director Independence Review – Second Round

NZX is undertaking a detailed review of its corporate governance settings relating to director independence, with the support of the NZX Corporate Governance Institute. We are now commencing the second stage of consultation, following the initial stage of the review which was undertaken in 2023.

The consultation paper, along with exposure drafts of the proposed amendments to the NZX Listing Rules and NZX Corporate Governance Code, and the NZX CGI commissioned research report from Dr. Griffin Geng, are available below:

NZX Policy held a webinar on 31 May to provide background and context for the proposed amendments outlined within the consultation paper, the presentation slides from the webinar are available below:

We invite interested parties to provide their views on the matters raised in the consultation paper, by emailing a written submission to policy@nzx.com. Alternatively, please get in contact with us to provide a verbal submission. Please note that the final date for submissions is Friday, 14 June 2024.

Major and Related Party Transactions Consultation Response Paper

NZX has completed its consultation on proposed amendments to the Major and Related Party Transactions Guidance Note (Guidance Note). NZX has collaborated with NZ RegCo in designing amendments to the Guidance Note to ensure that it appropriately reflects current market practices, and provides context to the interpretation and application of the Rules.

The consultation response paper and exposure drafts of the proposed amendments are available below:

The proposed amendments were made effective on 18 December 2023.

NZX Omnibus Consultation

The NZX Omnibus Consultation seeks to consult on a range of initiatives. These include the introduction of a mandate for Issuers to designate an authorised representative for regulatory interactions; the introduction of a guidance note that clarifies the delisting process and the standard conditions on a delisting; and amendments to the trading halts guidance to introduce a practice of publishing a trading halt application upon a halt being put in place. Additionally, NZX is proposing a minor amendment to clarify the operation of the Rule which relates to the inclusion of climate statements within annual reports. The consultation paper and accompanying exposure drafts are available below:

We invite interested parties to provide their views on the matters raised in the consultation paper, by emailing a written submission to policy@nzx.com. Alternatively, please contact us to provide a verbal submission. Please note that the final date for submissions is Monday, 30 October 2023.

NZX Dark Consultation Paper

Following the consultations that occurred in 2019 and 2021, NZX is consulting on amendments to the NZX Participant Rules and Trading Conduct Guidance Note to support the introduction of NZX Dark, an anonymous ‘unlit’ order book, on which trades will execute at the mid-point of the current spread of Orders in NZX Central. The consultation materials propose a revised priority setting for NZX Dark (time) from what was previously consulted on (volume/time) as a response to previous submission feedback.

The materials relating to the consultation are set out below:

We invite interested parties to provide their views on the matters raised in the consultation paper, by emailing a written submission to policy@nzx.com. Alternatively, please get in contact with us to provide a verbal submission. Please note that the final date for submissions is Monday, 16 October 2023.

Booking Purposes Only Transactions Consultation Paper

NZX wishes to enhance the operation of the self-match prevention tool (SMP), through the introduction of booking purposes only transaction (BPOT) functionality. These are optional tools that are designed to enable Participants to comply with their obligations in relation to Trades that do not result in a change in beneficial ownership.

The consultation paper linked below explains in detail the proposed amendments to the NZX Participant Rules and Procedures to enable the functionality of BPOT. NZX is also proposing consequential amendments to the NZX Derivatives Rules and Procedures, along with the SMP Practice Note, the mark-ups to which are linked below:

Mark-ups:

We invite all interested parties to provide their views on the proposed amendments. Please submit your written responses to policy@nzx.com, or get in touch with us to make a verbal submission. Please note that the closing date for submissions is Friday, 15 September 2023 (revised).

Risk Management Recovery Tools Consultation Response

New Zealand Clearing and Depository Corporation Limited (NZCDC) is further maturing its risk management arrangements in line with regulatory expectations including the completion of a recovery plan and introduction of additional recovery tools into the New Zealand Clearing Limited: Clearing and Settlement Rules (Rules) and Procedures (Procedures). A formal consultation paper was published in December 2022 outlining the proposed final design of the recovery tools and the operation of such tools.

We have now considered the submission feedback received through the consultations and have conducted further international benchmarking in some areas. This consultation response paper is designed to provide transparency to the market of NZCDC’s consideration of the submission feedback. To assist, a composite mark-up of the Rules and Procedures against the current Rules and Procedures and Depository Operating Rules, as well as a cumulative mark-up against the Rules consulted on, accompany this response paper:

Mark-ups:

Director Independence

As indicated during the 2022 review of the NZX Corporate Governance Code, NZX is undertaking a deep-dive review of its corporate governance regulatory settings relating to director independence. This review will be undertaken in two stages and will be supported by the NZX Corporate Governance Institute.

The consultation paper for the initial stage of the review is available below:

We invite interested parties to provide their views on the matters raised in the consultation paper, by emailing a written submission to policy@nzx.com. Alternatively, please get in contact with us to provide a verbal submission. Please note that the final date for submissions is Friday, 30 June 2023 (revised).

NZX Capital Raising and Listing Settings Review – Consultation Response Paper

NZX has recently completed its review of the capital raising settings contained in the NZX Listing Rules, following the consultation that was undertaken in late 2022. We will be seeking the FMA’s approval for the amendments to the NZX Listing Rules to deliver the proposed outcomes that are outlined in the consultation response paper.

The consultation response paper is available below, along with exposure drafts of the NZX Listing Rules and the Corporate Action Notice (including cumulative mark-ups against the current rules alongside comparative mark-up against the current rules and notice), and the non-confidential submissions that were received in response to the consultation:

Introduction of Risk Management Recovery Tools

New Zealand Clearing and Depository Corporation Limited (NZCDC) is proposing amendments to the New Zealand Clearing Limited: Clearing and Settlement Rules (Rules) for the purposes of further maturing its risk management processes to meet regulatory expectations. These amendments will introduce additional recovery tools within the Rules and will be accompanied by a recovery plan. Feedback from the consultation process will be considered prior to finalising the design of the recovery tools and recovery plan.

The consultation paper and exposure draft of the proposed amendments are available below:

We invite interested parties to provide their views to the consultation by emailing a written submission to risk@nzx.com. Please note that the final date for submissions is Friday, 24 February 2023.

NZX Corporate Governance Response Paper

NZX recently completed its consultation on proposed amendments to the NZX Corporate Governance Code and ESG Guidance Note. We have now completed our consideration of the submissions received in response to the review, and the response paper outlines the outcome of the consultation based on submitter feedback. We will be seeking the FMA’s approval for the amendments to the Code on the basis outlined in the consultation response paper.

The consultation response paper is available here.

Major and Related Party Transactions Guidance Note

NZX is proposing amendments to the Major and Related Party Transactions Guidance Note (Guidance Note), which sets out NZX’s regulatory guidance on the NZX Listing Rule (Rule) requirements in relation to major transactions and material transactions with related parties. As the Guidance Note has not undergone a holistic review since its last update in 2018, NZX has collaborated with NZ RegCo in designing amendments to the Guidance Note to ensure that it appropriately reflects current market practices, and provides context to the interpretation and application of the Rules.

The consultation paper and exposure draft of the proposed amendments to the Guidance Note are available below:

We invite interested parties to provide their views on the proposed changes to the Guidance Note by emailing a written submission to policy@nzx.com. Please note that the final date for submissions is Friday, 24 February 2023.

Principles For Assessing Market Incidents

NZX is reviewing its approach to managing significant market incidents, in the context of ongoing work to enhance NZX’s crisis management arrangements. This work includes the development of protocols for NZX’s approach to scenarios relevant to the operation of NZX’s markets, including circumstances in which NZX would be likely to halt market trading, to ensure it can continue to meet its market operator obligations.

NZX seeks to provide greater transparency on the actions it will take if a significant event affecting its markets occurs, to support external stakeholders in developing and enhancing their own crisis management arrangements.

The consultation paper outlining the proposed protocols is available here.

We invite interested parties to provide their views on the proposed protocols by emailing a written submission to markets@nzx.com. Please note that the final date for submissions is Friday, 27 January 2023.

NZX Corporate Governance Code Review - Second Round

NZX is reviewing certain settings of its Corporate Governance Code to assess their effectiveness. This review is the second round of consultation following the initial consultation that was conducted in November, and includes an exposure draft of the proposed amendments to the Code.

The consultation materials are available below:

We invite interested parties to provide their views on the proposed amendments by providing a submission to policy@nzx.com.

NZX Policy held thematic online workshops in relation to the proposed Code amendments. These workshops have been designed to give a brief introduction of the workshop topics, followed by an open discussion which will make up the majority of the session. The workshops are available below:

Please note that the final date for submissions is Friday, 23 September 2022.

NZX ESG Guidance Note

NZX is reviewing its ESG Guidance Note in conjunction with its Corporate Governance Code review. The proposed amendments are intended to ensure that the Guidance Note conforms with the proposed changes to regulatory guidance in relation to ESG reporting as a result of the Code review. NZX also welcomes additional feedback on whether other settings in the Guidance Note would benefit from additional review.

A copy of the consultation paper and exposure draft of the proposed amendments to the Guidance Note are available below:

We invite interested parties to provide their views on the proposed amendments by providing a submission to policy@nzx.com.

Please note that the final date for submissions is Friday, 23 September 2022.

NZX Capital Raising Settings and Listing Options Targeted Review

NZX is reviewing its capital raising and listing settings to ensure that current settings provide adequate shareholder protections and to seek market feedback on whether these settings should be further developed given recent transaction activity and trends in international markets.

NZX seeks feedback from the market on proposed specific amendments to its capital raising settings in the consultation paper, which is accompanied by an exposure draft of proposed NZX Listing Rule amendments as well as an exposure draft of proposed updates to the NZX Corporate Action Notice. NZX also seeks preliminary feedback on whether to enable additional listing pathways. The consultation paper and exposure drafts of the proposed amendments to the Listing Rules and Corporate Action Notice form are available below:

We invite interested parties to provide their views on the proposed amendments by emailing a written submission to policy@nzx.com. Please note that the final date for submissions is Friday, 2 September 2022.

Prescribed Person Trading Guidance Note

NZX is proposing amendments to the Prescribed Person Trading Guidance Note (Guidance Note). These amendments are in response to queries from Participants seeking greater clarity regarding the application and timing of the reasonable steps components of the Prescribed Person Trading requirements, within Participant Rule 10.5 and Derivatives Market Rules 4.18 to 4.19. The amendments aim to provide further clarity and additional information on what NZX considers reasonable steps in a variety of circumstances. An exposure draft of the proposed amended Guidance Note is available here.

We invite interested parties to provide their views on the proposed changes to the Guidance Note by emailing a written submission to policy@nzx.com. Please note that the final date for submissions is Tuesday, 31 May 2022.

Consultation on NZMDT Rules and Procedures

NZX has been considering certain settings contained in the NZ Markets Disciplinary Tribunal Rules to ensure that they remain fit for purpose by providing appropriate support to the regulatory and enforcement outcomes sought by NZ RegCo, as there has not been a holistic review of the Rules since their implementation in 2009.

As a consequence of the review, NZX has developed a suite of proposals that are the subject of this consultation paper. The proposals relate to:

  • Membership of the Tribunal (Membership Proposal);
  • The Tribunal appeals’ provisions (Appeals Proposal); and
  • The Tribunal penalties assessment process and framework (Penalties Regime Proposal).

The consultation materials in relation to the review are available below:

We invite interested parties who wish to submit to email a written submission to policy@nzx.com, or contact us to make a verbal submission

Please note that the final date for submissions is 25 February 2022.

NZX Corporate Governance Code Review

NZX is reviewing certain settings within the NZX Corporate Governance Code to assess their effectiveness. This review provides us with an opportunity to consider issuers’ reporting practices given that the Code settings were last substantively amended in 2018. The review also enables us to respond to stakeholder feedback in relation to key aspects of the Code, and to consider international developments in the context of New Zealand market conditions, to ensure that the settings in the Code are correctly calibrated to promote good corporate governance for our listed issuers.

The initial discussion document is available here. The submission closing date is 28 January 2022. We welcome written submissions, or for interested parties to arrange a time to speak with us to provide a verbal submission.

We will use the feedback that we receive in response to the initial discussion document, along with sample testing of issuers’ reporting practices and a benchmark review of our settings against those of ASX to further develop proposals for a second round of consultation in 2022.

Mid Point Order Book

In October 2019, NZX consulted on the proposed introduction and features of the Mid-Point Order Book (Mid-Point OB). The Mid-Point OB has been designed as an anonymous, ‘unlit’ order book on which trades will execute at the mid-point of the current spread of the buy and sell orders on the Central Limit OB.

As a result of the October 2019 consultation, NZX received submissions which generally supported the introduction of the Mid-Point OB although some submitters expressed disparate views in respect to some of the proposed settings. NZX has since conducted additional engagement which has involved over 30 individual meetings with various market stakeholders. As a result of the additional engagement, NZX is offering a final opportunity for interested parties to submit additional substantive matters for NZX’s consideration as outlined in section 5 of this Final Consultation Paper which can be found here.

We invite interested parties who wish to submit on additional substantive matters on the proposed Mid-Point OB to email a written submission to policy@nzx.com or contact us for a verbal submission.

Please note that the final date for submissions has been extended until 1 October 2021.

NZX Listing Rules Hygiene Review 2021

NZX is proposing hygiene amendments to the Listing Rules as part of its Hygiene Review. These amendments have been designed to improve the operation and clarity of the Listing Rules and do not contain any substantive amendments or material policy changes. A consultation paper explaining each of the proposed amendments in detail is available here. Exposure drafts of the proposed Listing Rules and Appendix 2 amendments are available below:

In addition to the amendments to the Listing Rules, NZX has also identified necessary amendments to the Practice Notes and Guidance Notes as a result of the proposed hygiene amendments to the Listing Rules. Exposure drafts of the amended Practice Notes and Guidance Notes are available below:

In addition to the above amendments to the Listing Rules and accompanying guidance, NZX is also proposing the introduction of a new Practice Note on the Offer of Warrants. The exposure draft of the proposed Practice Note is available below:

We invite interested parties to provide their views on the proposed changes to the Listing Rules, accompanying Guidance and Practice Notes by emailing a written submission to policy@nzx.com or verbal submission by contacting us.

Please note that the final date for submissions is Friday, 30 July 2021.

Quotation of Debt Instruments

NZX has developed a suite of proposals relating to the treatment of debt instruments that are designed to provide greater clarity to the market and standardise the treatment of certain types of instrument. These proposals have been designed in the context of consultation that has been undertaken by the Reserve Bank of New Zealand and the New Zealand Financial Markets Association. NZX is proposing to:

  • quote new negative yield or zero coupon debt instruments on a price basis;
  • treat instruments that comply with the RBNZ’s requirements for Additional Tier 1 (AT1) capital as Debt Securities for the purposes of the NZX Listing Rules, and quote these instruments on a price basis;
  • quote instruments that comply with the RBNZ’s requirements for Tier 2 capital on a yield basis;
  • retain the yield quotation status of non-vanilla debt instruments affected by the NZFMA proposal; and
  • maintain the current treatment of debt instruments which are priced to the next interest rate reset date.

The consultation paper in relation to these proposals is available here. Submissions are due by Friday, 16 July 2021.

Direct Market Access Guidance Note

NZX is proposing the introduction of a new Direct Market Access Guidance Note (Guidance Note) to provide guidance and best practice information for Participants trading on NZX’s cash and derivatives markets via Direct Market Access. The Exposure Draft of the proposed Guidance Note is available here. A Consultation paper that explains the changes in more detail is available here.

We invite interested parties to provide their views on the proposed changes to the draft Guidance Note by emailing a written submission to policy@nzx.com or verbal submission by contacting us.

Please note that the final date for submissions is 30 June, 2021.

Clearing and Settlement Procedures - Settlement Batch Times

NZX Clearing is proposing amendments to the Clearing and Settlement Procedures (Procedures) to support the shunting of stock from Australia for settlement, following the feedback from Participants of delays in Australia.

These amendments involve:

  • moving the afternoon settlement batch from 3:00 p.m. to 3:30 p.m. NZST; and
  • conformance amendments to update mentions of Clearing and Settlement Rule (Rule) 2.15 to Rule 9.1 in Appendix A and B of the Procedures as a result of 2020 amendments to the Rules.

A consultation paper that explains the changes in more detail is available here.

We invite interested parties to provide their views on the proposed changes to the draft Procedure by emailing a written submission to clearing@nzx.com. The final date for submissions is 19 February, 2021. A consultation response paper outlining the feedback on the proposed amendments to the Procedures is available here.

NZX Clearing has now concluded this consultation and the revised Procedures are available here.

Continuous Disclosure Guidance Note

NZX is proposing amendments to the Continuous Disclosure Guidance Note (Guidance Note) to provide further guidance to Issuers as to how to manage disclosure obligations, when an Issuer's performance deviates from market expectations. NZX proposes to replace sections 3.4 and 3.5 of the current Guidance Note with the revised sections available here.

We invite interested parties to provide their views on the proposed changes to the Guidance Note by emailing a written submission to policy@nzx.com. The final date for submissions is 28 August, 2020.

NZX has now concluded this consultation and the revised Guidance Note is available here.

Trading Conduct Guidance Note - Indications of Interest

NZX is proposing amendments to section 4.2 of the Trading Conduct Guidance Note (Guidance Note) to:

  • clarify conduct expectations in respect of advertising indications of interest; and
  • adopt the European Association for Financial Markets in Europe and the Investment Association (AFME/IA) framework for flagging indications of interest.

The consultation paper in respect of these proposals is available here, and an exposure draft of the changes to the Trading Conduct Guidance Note is available here. We invite interested parties to provide their views on the proposals raised in this paper by emailing a written submission to policy@nzx.com. The final date for submissions is 28 August, 2020.

Direct Listings – Disclosure Settings

NZX has released a consultation paper seeking submissions in respect of proposals to amend the disclosure settings for direct listings to:

  • remove the requirement for prospective financial information to be included in a Profile, and
  • introduce a framework for NZX Foreign Exempt Issuer applicants, to allow NZXR to prescribe the nature and content of Profiles for such applicants, through templates designed on a jurisdictional basis.

The consultation paper in respect of these proposals is available here. We invite interested parties to provide their views on the proposals raised in this paper by emailing a written submission to policy@nzx.com. The final date for submissions is 31 July, 2020.

Following the conclusion of this consultation, the FMA approved amendments to the NZX Listing Rules which take effect on Tuesday 3 November 2020, and are available here.

Derivatives Rules - Conformance Amendments

NZX has released an Exposure Draft of proposed minor and technical amendments to the NZX Derivative Market Rules, reflecting recent updates that were made to the Participant Rules through the Participant Rules Review. The Exposure Draft of the proposed NZX Derivative Market Rules is available here. A consultation paper that explains the changes in more detail is available here.

NZX is currently seeking comment on the proposed amendments set out in the Exposure Draft. We invite interested parties to provide their views on the proposals raised in this paper by emailing a written submission to policy@nzx.com. The final date for submissions is 17 April, 2020.

Mid-Point Order Book

NZX is proposing to introduce the Mid-Point Order Book in 2020. The Mid-Point Order Book will be an anonymous unlit order book, in which Orders will be prioritised on a quantity, then time, basis.

A Consultation Paper that explains the key features of the Mid-Point Order Book is available here. An exposure draft of the proposed amendments to the NZX Participant Rules that will be required to introduce the Mid-Point Order Book is available here.

NZX is currently seeking comment on its proposal to introduce the Mid-Point Order Book and the consequential amendments to the NZX Participant Rules. The final date for submissions is Friday 15 November 2019.

Improving Market Integrity and Liquidity

NZX recently consulted on proposed amendments to the NZX Participant Rules designed to increase market integrity and liquidity. The consultation paper is available here. Submissions close on 28 June 2019. NZX has now completed its consideration of the submissions received in response to the Consultation, as a result of submissions received, NZX will not be proceeding with any of these proposals.

In 2020, NZX will further consider opportunities to enhance market liquidity and transparency. This will enable consideration of the impact of the implementation of the Trading System upgrade on market behaviour. NZX will further consult on these matters in 2021.

A response document is available here.

Overseas Investment Act Reform

On 24 May 2019, NZX provided NZ Treasury a submission in response to the Consultation Paper "Reform of the Overseas Investment Act 2005: Facilitating productive investment that supports New Zealanders' wellbeing". To read the submission click here.

Capital Markets 2029

NZX and the Financial Markets Authority (FMA) have initiated an industry-led review of New Zealand's capital markets. Capital Markets 2029 is designed to deliver a ten-year vision and growth agenda for the sector.

Capital Markets 2029 is considering the current framework and broader ecosystem of New Zealand's capital markets and outline recommendations for the creation of wider, more active participation and increased diversity of product.

Capital Markets 2029 is an independent review that is led by Martin Stearne. Martin has had an extensive career in capital markets, and he Chairs the Capital Markets 2029 industry Steering Committee.

Martin is supported by EY, who have been engaged to help produce a report, which will outline findings and recommendations. The findings of Capital Markets 2029 will be published in the third quarter of 2019

Submissions are currently open, and the Consultation paper can be found here. Submissions close at 5pm, Friday 7 June. To read more about the consultation period, please read the NZX announcement.

Tax Working Group

NZX drafted a joint submission from the Securities Industry Association and NZX in response to the Tax Working Group's Future of Tax: Interim Report (20 September 2018). To read the submission click here.

Review of NZX Participant Rules - Voice Recording

On 15 February 2019, NZX received approval from the FMA for changes to the NZX Participant Rules that require NZX Trading Participants to voice record certain communications. You can click here for a marked up copy of the changes, which are set out in chapter 15.11 of the NZX Participant Rules.

Prior to implementing these changes, in conjunction with the NZX Participant Rule review, on 21 November 2017 NZX released a consultation paper relating to the proposals, which is available here.

Archived Consultations

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