Consultation opens on next phase of capital markets reforms

New Zealand’s business sector has low capital intensity compared with OECD peers, contributing to weaker productivity and wage growth. This consultation is one action as part of the wider Capital Deepening work across government to lift economic performance and productivity in New Zealand.

The consultation is part of the Government’s two-phase capital markets reform programme. Phase One focused on reducing compliance costs and removing barriers to capital raising, including making prospective financial information optional for initial public offerings and changing climate-related disclosure thresholds.

The discussion document released today seeks feedback on broader opportunities to modernise New Zealand’s capital markets regulatory system.

The Government is seeking views on how regulation can continue to support investor confidence and market integrity while encouraging innovation, improving competitiveness, and supporting economic growth.

The consultation also seeks feedback on eight specific areas where regulatory change may be warranted:

• 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

Feedback will help inform future decisions on how New Zealand’s capital markets framework can better support businesses seeking investment and investors looking for opportunities.

The discussion document and information on how to make a submission are available on MBIE's website.

Submissions are open until 25 August 2026, 5:00pm.

Consultation on capital markets reforms

Read the Government's press release:

Capital market reforms to power economic growth(external link)