Capital Markets Reforms

About the reforms package

In December 2024, the Minister of Commerce and Consumer Affairs announced plans to consider reforms to specific aspects of New Zealand’s capital market regulatory regime, in two phases.

These reforms aim to address New Zealand’s long-term productivity challenge and enhance economic growth by strengthening our capital markets. Efficient capital markets provide capital for New Zealand businesses to invest and grow and improve outcomes for investors. The reforms will also support the Government’s priority of cutting red tape and improving regulation.

Phase One aimed to reduce costs for listed and listing businesses (further detail below), and Phase Two is now underway.

Phase One

Phase One of the capital markets reform package:

• made the provision of prospective financial information (PFI) for companies raising equity capital through initial public offerings (IPO) voluntary (this took effect in June 2025);
• agreed to significantly reduce the climate-related disclosures regime (the Bill making this change is still progressing)
• considered changes to support KiwiSaver investment in private assets (following public consultation feedback, Ministers decided not to make any of the proposed changes at this time).

Public consultation and submissions on Phase One:

Climate-related disclosures submissions

Enabling KiwiSaver investment in private assets submissions

Cabinet decisions on Phase One:

Phase Two

Phase two of the reforms continues to address possible regulatory change to ensure our capital markets are dynamic, competitive and modern. Our current regulatory system was developed in the wake of the global financial crisis and is weighted strongly toward risk reduction. Phase Two has drawn on research and industry feedback to identify regulatory settings that may be discouraging capital raising and stymying economic growth.

MBIE has released a public discussion document for consultation (link below). Submissions close at 5:00pm 25 August 2026. We seek feedback on:

• what you think the Government’s priorities for change should be, where New Zealand should aim to position itself in the global competition for capital, and what steps are needed to respond to digital and AI-related innovation in financial products and markets.
• 8 specific areas for regulatory change, including:
  • 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

Capital markets reforms phase two discussion document [PDF, 1.3 MB]

Capital markets reforms phase two summary [PDF, 159 KB]

Submission template [PDF, 479 KB]

Submission template [DOCX, 123 KB]

Relevant links

Mandatory climate-related disclosures 

KiwiSaver