The Ministry of Business, Innovation and Employment has published a discussion document for the next phase of New Zealand’s capital markets reform programme, seeking feedback on how to modernise the regulatory framework while maintaining investor confidence and market integrity. The exercise is positioned as part of the government’s broader capital deepening work and focuses on improving access to investment, encouraging innovation and strengthening the competitiveness of New Zealand’s capital markets. The consultation looks beyond the earlier phase of reforms, which focused on lowering compliance costs and easing barriers to capital raising, and asks whether regulatory change is warranted in eight areas. These cover disclosure and liability settings, including product disclosure statements, director and issuer liability, and auditor liability, as well as market-specific settings for Catalist, the Unlisted Securities Exchange, crowdfunding and peer-to-peer lending limits, wholesale investor rules, and broker activity and offer visibility. Feedback from the consultation will inform future decisions on changes to the capital markets framework.

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