Upcoming Rules & Guidance Changes

Should you wish to receive updates on policy related matters, please email us at policy@nzx.com with your request to be added to our mailing list.

Quarterly Internal Control Checklist to NZX Derivatives Market Procedures

NZX provides Notice that it has amended the Quarterly Internal Control Checklist in Appendix Five - Part A to the NZX Derivatives Market Procedures (Appendix Five - Part A) to remove an outdated reference to the NZX Derivatives Market Rules. A mark-up of the amended Appendix Five - Part A is available below:

• Appendix Five - Part A - Quarterly Internal Control Checklist

This change will become effective on Friday 12 June 2026.

Delisting of NZX Options on Equity Securities

NZX will make amendments to the NZC Clearing & Settlement Procedures and the NZX Derivatives Market Procedures (together, Procedures) to effect the de-listing of the Exchange Traded Options listed on the NZX Equity Derivatives Market on 29 June 2026. Excerpts of the amendments to the Procedures are available in markup below:

• Excerpt - NZC Clearing & Settlement Procedures - June 2026
• Excerpt - NZX Derivatives Market Procedures - June 2026

These amendments will become effective on Monday 29 June 2026.

Spread Guidance Note

Following consultation earlier this year, NZX has determined to amend the Spread Guidance Note, that provides guidance to candidates for listing. We would like to thank submitters for taking the time to provide feedback on these proposals.

The changes to the Spread Guidance Note provide further flexibility in the manner in which an applicant seeking to list on NZX can satisfy the NZX Listing Rule requirement to have sufficient spread upon listing, including through a liquidity facility. In response to consultation feedback, NZX has provided additional guidance in relation to situations where a liquidity facility may be an appropriate way to meet the spread requirements, and provided clarification in relation to termination provisions in liquidity facility agreements.

The mark-up of the Spread Guidance Note is available below:

• Spread Guidance Note

These amendments become effective on Tuesday, 30 June 2026.

Reverse and Backdoor Listing Guidance Note

Following consultation earlier this year, NZX has determined to amend the Reverse and Backdoor Listing Guidance Note (Reverse Listing Guidance Note). We would like to thank submitters for taking the time to provide feedback on these proposals.

The changes to the Reverse Listing Guidance Note provide alignment with recent legislative amendments in relation to prospective financial information, as well as changes in relation to the availability of the QFP regime for reverse listings. In response to consultation feedback, NZX has clarified that the restriction on the availability of the QFP regime is specific to reverse listings due to the unique risks posed by these transactions, and does not necessarily extend to a direct listing scenario. We note that NZX will take the same approach in relation to the availability of the simplified disclosure regime.

NZX has also included in the Reverse Listing Guidance Note that a Profile must include a statement confirming whether or not the information contained in the Profile is purporting to “cleanse” the market.

The mark-up of the Reverse Listing Guidance Note is available below:

• Reverse Listing Guidance Note

These amendments become effective on Tuesday, 30 June 2026.