2024-25 Capital Markets Reforms
The Government is progressing a package of reforms to strengthen New Zealand’s Capital Markets.
On this page
About the reforms package
In December 2024, the Minister of Commerce and Consumer Affairs announced plans to reform specific aspects of New Zealand’s Capital Markets.
These reforms aim to address New Zealand’s long-term productivity challenge and enhance economic growth by strengthening our capital markets. Efficient capital markets provide capital for New Zealand businesses to invest and grow and improve outcomes for investors. The reforms will also support the Government’s priority of cutting red tape and improving regulation.
The reforms will progress in stages. Phase 1 is occurring now, and Phase 2 will commence in 2025 (see detail below).
Cabinet decisions
On 9 December 2024, Cabinet agreed to progress work on the capital markets reform package.
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Improving New Zealand’s Capital Markets: Initial decisions and approval to consult [PDF 1.4MB]
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Improving New Zealand’s Capital Markets: Initial Decisions and Consultation – Minute of Decision [PDF 150KB]
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Prospective Financial Information for Initial Public Offerings – Regulatory Impact Statement [PDF 488KB]
Phase 1
Phase 1 of the reforms comprises:
- Amendments to the requirements for companies raising equity capital through Initial Public Offerings (IPO) to make the provision of prospective financial information (PFI) voluntary. This will better align New Zealand practice with that of Australia, and support businesses considering issuing an IPO in 2025. See the Regulatory Impact Statement above for further information.
- Public consultation on:
- potential adjustments to the climate-related disclosures regime
- proposed changes to enable KiwiSaver providers to increase investment in private assets.
Consultation open – Capital Markets Reforms
We are seeking feedback on ways to create efficient capital markets to provide capital for New Zealand businesses to invest and grow. This includes exploring changes to the climate-related disclosures regime and KiwiSaver settings. Consultation closes on 14 February 2025.
Find out more and have your say
Phase 2
Phase 2 will begin in 2025, and will include work to consider the following aspects of the capital markets regulatory system:
- changes to takeovers law as recommended by the Takeovers Panel (the government’s principal regulator of the New Zealand corporate takeovers market)
- product disclosure requirements related to equity and debt offers
- liability settings for auditors, and for directors of listed companies in relation to their continuous disclosure obligations.