Listing Criteria

From January 2019, bespoke listing rules are available for Fund Securities. These products differ from other equity securities as the economic substance of these products differ from shares, and they are subject to a specific regulatory regime as set out in the FMCA. For more information about listing these types of products, please refer to the NZX Listing Rules here.

The rules permit the listing of Closed End Fund Securities and Open End Fund Securities, and distinguish between these two groups where necessary.

Eligibility for listing as an Issuer of Fund Securities

Rule	NZX Main Board
Minimum Value	$10 million. NZ RegCo may relax this for open-ended funds, such as exchange traded funds.
Free Float	Minimum of 20%
Spread Requirements	Minimum of 100 (including indirect holdings through custody).
Governance Requirements	To be primarily governed via legislation for licensed managed investment schemes i.e. Part 4 of the FMCA, including a compliant governing document.General discretion for NZX to impose governance requirements if FMCA does not apply.In addition, the manager must have at least one director ordinarily resident in New Zealand or Australia
Periodic Reporting	To be governed via legislation for licensed managed investment schemes i.e. quarterly fund updates and annual reports as required by FMCA legislation.These must be uploaded to NZX’s market announcement platform (MAP) at the same time as provided to public.
Continuous Disclosure	YesGuidance will indicate this requires upload to MAP of information which is required to be released to the public under the FMCA legislation and regulations. Issuers should also consider public release of daily Net Tangible Asset (NTA) (where applicable).
Other Disclosures	Other event-based disclosure requirements, such as for distributions etc.
Limitation on further issues of securities without security holder approval	15% for closed-ended funds. Continuous issuers (open ended funds) must comply with their governing document.
Major Transactions Threshold	N/A
Related Part Transactions	Governed by FMCA legislation, and any disclosures required by financial reporting standards.
Application	The information and documentation which must be provided with an application are outlined at Listing Rules 1.12.2 and 1.15.2 of the updated rulesIt is a 20 business day approval process with NZ RegCoNew funds (i.e. IPOs) will need NZ RegCo to review the product disclosure statement required by the FMCA legislation.