NZX Welcomes Changes To Prospective Financial Information
Press Release – NZX
The changes to regulations Financial Markets Conduct Amendment Regulations 2025 have been published on the Parliamentary Counsel Office website. They come into force on 12 June 2025.
New Zealand's public market operator NZX today welcomed news that prospective financial information for initial public offers in disclosure documents is to be made optional.
The changes to regulations – Financial Markets Conduct Amendment Regulations 2025 – have been published on the Parliamentary Counsel Office website. They come into force on 12 June 2025.
'One of the most difficult and expensive requirements for a company when listing on the NZX, is mandatory prospective financial information or PFI,' NZX Chief Executive Mark Peterson says.
'NZX understands the cost of providing PFI ranges from around $150,000 to $500,000 and is a major factor that causes New Zealand advisers to recommend companies list elsewhere where PFI isn't mandatory.
'NZX and other New Zealand market participants have been engaging the Government on ways to improve the efficiency and effectiveness of New Zealand's capital markets. Creating flexibility on how the future performance of a business can be portrayed in disclosure documents, is one of the initiatives we have been seeking.
'NZX applauds Commerce Minister Scott Simpson and the Government for making this requirement optional as it will provide investors more choice of investable product and enable better access to capital for New Zealand businesses. The change removes unnecessary red tape and will assist in New Zealand's capital markets being more competitive with international peers.'
Mr Peterson says NZX, and representatives of New Zealand's capital markets sector, continue to engage with the Government on removing further regulatory roadblocks that are hindering investment and access to capital for New Zealand companies and projects. This includes changes to director-liability settings, right-sizing mandatory climate-related disclosures, specific changes to disclosure documents, and NZX exploring possible tax reforms that would encourage greater investment.
'As a package, these reforms will materially improve the viability for companies wanting to meet their growth aspirations via the listed market,' Mr Peterson says.
Mr Peterson acknowledged the positive leadership former Commerce Minister Andrew Bayly had played in leading the capital market reforms.
The Government's PFI announcement and the acknowledgment of further reform underway, align with initiatives recommended in the Growing New Zealand's Capital Markets 2029 report released in 2019. That review had 42 recommendations from 210 New Zealand industry participants covering KiwiSaver, regulation, public sector assets and infrastructure, promotion of public markets, tax, new products, and technology. All were designed to improve the efficiency and effectiveness of New Zealand's capital markets.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
National Business Review
an hour ago
- National Business Review
Vital enlists Cameron Partners, Harmos Horton Lusk on takeover
NZX-listed telco infrastructure company Vital has appointed advisers ahead of a possible formal takeover offer from Christchurch-based Tait International. Last month, Tait said it intended to make a full takeover offer for Vital at 45 cents a share. That offer would be payable in cash and subject to
Scoop
4 hours ago
- Scoop
Concerns KiwiSaver Is Being Used As ‘Piggy Bank' To Solve Financial Woes
Article – RNZ A growing number of New Zealanders are making hardship withdrawals from their retirement savings. , Money Correspondent KiwiSaver is in danger of being considered a 'piggy bank' to solve all of New Zealanders' financial woes, one provider says, and too many people are tapping into their savings on hardship grounds. Founder of Kōura KiwiSaver scheme Rupert Carlyon was wary of calls for settings to be changed to allow people to use their money to buy farms. He said KiwiSaver was already being called on to solve the country's housing and infrastructure crises. Carlyon said changing the rules to allow more withdrawals sent the wrong message to people, who should be using KiwiSaver for their retirement. Instead, they were tapping into KiwiSaver in growing numbers. In April, 4220 people withdrew savings for financial hardship reasons, up from 3700 in April 2024. They withdrew a combined $37.6 million. 'It encourages more and more people to think about it like a piggybank. It's scary what's happening in that space,' he said. He said he saw people making repeated hardship withdrawals, depleting their balance. 'People come back multiple times with the same claims… it's hard to figure out what's real and what's not.' He said it would now not be possible to close the 'hardship loophole' because people expected it to be available and any change could dent confidence in the scheme. But he said it should be tightened up so there was a limit on the number of withdrawals that could be made within a certain timeframe. 'The other part is it's very resource intensive. We spend on average up to six hours per financial hardship claim… It's hard on staff because they often have to say no when they want to say yes.' A spokesperson for Public Trust, one of the KiwiSaver supervisors, said people were not required to repay hardship withdrawals if it was found they were not necessary. 'Their future self might not thank them for dipping into their retirement savings. We see situations of real and urgent need… there are strict rules and checks in place to help ensure withdrawals are only approved for genuine financial hardship, and applicants need to sign a legal declaration confirming their situation. 'If someone doesn't use funds as intended, it could affect their ability to make another hardship withdrawal in the future.'
Scoop
5 hours ago
- Scoop
Solar On Farms: Unlocking Farm Cost Savings
Press Release – New Zealand Government Solar on Farms is a practical support package that helps farmers determine if solar and battery systems are right for them by working with them to navigate the details of installing and leveraging this technology for their businesses. Minister for Energy Energy Minister Simon Watts has announced the Government's new Solar on Farms initiative, which will support farmers in taking the next step towards installing solar and battery systems, helping them reduce energy costs, increase on-farm resilience, and allow farmers to gain greater control over their power use, leading to increased efficiency and productivity. The Solar on Farms package includes: Independent and practical tools and advice to assist farmers A dedicated help function to guide farmers through the opportunities Feasibility studies and technology demonstrations tailored to various farm types Real-life energy data for different farm types, showing how solar energy works in practice Independent advice on progressing consents and applications with local and regional bodies and Electricity Distribution Businesses A partnership with the Centre for Sustainable Finance to accelerate access to finance, making it quicker, simpler and easier. 'Kiwi farmers have a long history of adapting, problem-solving and finding ways to be smart with land and resources. Real progress comes from the ground up, from people who understand the land, the seasons, and how to run a business,' Mr Watts says. 'That's why we want to give farmers more choices and the ability to unlock the cost savings that come with on-farm solar, batteries, and flexible energy systems. However, to achieve this, farmers require the correct information, evidence, tools, and trusted advice. 'That's where Solar on Farms comes in. It's a practical support package that helps farmers determine if solar and battery systems are right for them by working with them to navigate the details of installing and leveraging this technology for their businesses. The package provides farmers with direct access to independent advice. It offers solutions tailored to various farm types and energy profiles. 'Farms across New Zealand, especially those using irrigation and other energy-intensive systems, are facing increasingly high and unpredictable energy costs. This adds real pressure to already tight margins. 'On-farm solar and batteries can help reduce that pressure by improving self-sufficiency and lowering exposure to rising energy prices, especially in rural and remote areas. Generating electricity on-farm also creates opportunities to receive revenue from solar electricity back to the grid. 'Early modelling tells us that if 30 per cent of Kiwi farms installed larger systems – of the size we see on some farms already – they could generate as much as 10 per cent of New Zealand's current electricity demand. This is a real win for the security of our energy supply.' EECA is leading the delivery of Solar on Farms in collaboration with farmers, sector bodies, and technical experts, and the package of initiatives will be available soon. Fieldays 2025 also celebrated the launch of Farmlands Flex, a complementary solar on farms product from Farmlands and energy innovator Blackcurrent, with the support of Ara Ake, New Zealand's energy innovation centre. The product combines solar, batteries and smart software in a fully managed system that enables users to generate, store and manage their energy on-site. 'The Farmlands Flex product includes equipment, flexible demand management software, and takes care of the installation and application processes on behalf of the farmer,' says Mr Watts. 'It is an excellent demonstration of how solar purchasing and installation can be made more efficient.' Mr Watts also welcomed ASB's recent announcement of a new 0 percent solar loan aimed at helping farmers secure long-term energy resilience and cost savings. 'I look forward to seeing how products like Farmlands Flex, the ASB SMART solar loan, and our Solar on Farms initiative help set the farming sector up for long-term success.'
