New Zealand Stock Exchange Restructures - 3 January 2003
[ Last Updated 15 November 2005 ]
On 31 December 2002 the New Zealand Stock Exchange (NZSE) restructured and became a company. The restructuring will enable the NZSE to keep pace with competition and financial sector developments and grow as a dynamic organisation by enabling the company to list and access the capital it needs to fund the expansion of the Exchange and the New Zealand capital market.
The New Zealand Stock Exchange Restructuring Act 2002 (look under "Current Private Acts" on the Interim Website of New Zealand Legislation ) provided a mechanism for this restructuring. The regulatory consents required by Government under the Act were completed on 18 November 2002 when the New Zealand Stock Exchange Conduct Rules, Control Limit and Restructuring Day) Order 2002 was made.
In addition, the remaining requirements in the Act that needed to be implemented by the Ministry on 31 December 2002 have been completed. On 31 December 2002 the Registrar of Companies registered the NZSE company and its constitution under the Companies Act 1993 and the company was registered as an exchange under section 36B of the Securities Markets Act 1988 by the Chief Executive of the Ministry.
The Ministry looks forward to working with the Exchange in the future and assisting it in achieving its goal to "make the New Zealand Capital Markets a world-class environment capable of attracting both national and international investment, while continuing to provide a low cost environment for companies seeking to access much needed capital for growth".
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