The New Zealand Financial Markets Authority has published a consultation paper on a proposed class exemption that would relieve listed issuers from certain unsolicited offer requirements when buying back their own quoted debt securities. The proposal is intended to give issuers greater flexibility to conduct buy-backs on- or off-market and manage their debt more efficiently. If granted, the exemption would permit off-market buy-backs without having to comply with specified disclosure and timing requirements for unsolicited offers in the Financial Market Conduct Regulations 2014, including preparing certain information in a disclosure document and meeting offer-period and acceptance timing rules. The exemption would be subject to conditions requiring issuers to make information about the buy-back offer available. Submissions close at 5pm on Friday 25 July 2025.
New Zealand Financial Markets Authority 2025-06-13
New Zealand Financial Markets Authority consults on class exemption to allow off-market buy-backs of quoted debt by listed issuers
The New Zealand Financial Markets Authority is consulting on a proposed class exemption to allow listed issuers to bypass certain unsolicited offer requirements when buying back their own quoted debt securities, aiming to enhance flexibility and efficiency in debt management. The exemption would permit off-market buy-backs without adhering to specific disclosure and timing rules, with conditions for issuers to provide buy-back offer information; submissions are due by 5pm on 25 July 2025.