The New Zealand Financial Markets Authority has launched a consultation on a proposed class exemption that would remove certain unsolicited offer requirements for listed issuers buying back their own quoted debt securities. If granted, the exemption would allow off-market buy-backs without preparing specified information in a disclosure document and without complying with certain timing requirements, subject to conditions that the issuer makes information about the buy-back offer available. The FMA noted that unsolicited offer rules in the Financial Markets Conduct Act 2013 are designed to protect against low-ball offers and support monitoring and enforcement, but may be overly prescriptive when an issuer is repurchasing its own quoted debt given issuers’ ongoing disclosure and governance obligations and existing relationships with debt holders. Feedback is open until 25 July 2025.
New Zealand Financial Markets Authority 2025-06-13
New Zealand Financial Markets Authority consults on class exemption to ease unsolicited offer rules for listed issuer buy-backs of quoted debt securities
The New Zealand Financial Markets Authority is consulting on a proposed class exemption to remove certain unsolicited offer requirements for listed issuers buying back their own quoted debt securities, allowing off-market buy-backs without specified disclosure documents or timing compliance, subject to conditions. Feedback is open until 25 July 2025.