Hon Cameron Brewer, the Minister for Commerce and Consumer Affairs, has today announced the release of a discussion document relating to Phase Two of the Government's proposed capital market reforms (Discussion Document).
The Phase Two reforms outlined in the Discussion Document aim to strengthen the equity ladder, improve regulatory proportionality, and to promote globally competitive capital markets in order to deliver a modern regulatory system that facilitates growth and innovation for New Zealand.
The Discussion Document seeks feedback on both the overall direction of capital markets reform and eight specific areas where targeted reform may have a meaningful impact on New Zealand's capital markets.
The eight specific areas of focus in the Discussion Document are as follows:
- Product disclosure statements
- Director and issuer liability
- Catalist market settings
- Unlisted Securities Exchange audit requirements
- Crowdfunding and peer-to-peer lending limits
- Wholesale investor settings
- Auditor liability
- Broker activity and visibility of offers.
Issuers, investors, intermediaries, professional advisers, and others with an interest in the future of New Zealand's capital markets are encouraged to submit their thoughts on the proposed reforms in respect of each of the above areas.
Buddle Findlay will be keeping a close eye on the progress of the proposed reforms. If you wish to discuss the contents of the Discussion Document, or wish to make a submission, please get in touch with our experts. Submissions close at 5pm on Tuesday, 25 August 2026.
This update was co-authored by Andrew Suggate (partner), Tom Montgomerie (senior associate) and Oscar Robertson (law clerk).
