Yesterday the steering committee of Capital Markets 2029 released its final report. The review had been initiated earlier this year by NZX and the Financial Markets Authority – with the objective of delivering a ten-year vision and growth agenda for the sector.
The report, available here, sets out 42 recommendations (18 of which have been prioritised) intended to unlock stronger capital markets for all New Zealanders. The recommendations include:
allowing KiwiSaver members to self-direct and invest with multiple providers,
removing the requirement to provide prospective financial information for IPOs,
undertaking a review of continuous disclosure liability settings,
considering local government reform by central Government to ensure local councils assess all funding options for necessary infrastructure,
increasing the development of growth capital industry in New Zealand, and
greater promotion and education of the alternative pathways to the listed market.
Bell Gully corporate partner James Cooney was a member of the regulatory working group of Capital Markets 2029.
In addition, Bell Gully was delighted to have advised Napier Port and its selling shareholder on Napier Port's recent IPO and successful debut on the NZX Main Board. This listing illustrates that there remains significant domestic and offshore demand for the right type of company coming to market. We hope to see further companies consider replicating this new mixed ownership model which provides regional benefits, funding and participation within the New Zealand capital markets.
If you would like to discuss any aspect of the report (in particular any of the recommendations relating to regulatory matters), please contact your usual Bell Gully adviser or any of the contacts listed.
This publication is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.