14/07/2026
Catalist welcomes the Government's capital markets reforms phase 2 discussion document (accessible here: https://www.mbie.govt.nz/dmsdocument/32285-capital-markets-reforms-phase-two-discussion-document) and its focus on improving access to capital and liquidity for growing New Zealand businesses.
The consultation recognises the need for a stronger equity ladder, with proportionate pathways between private capital raising, crowdfunding, Catalist and NZX.
We particularly support proposals to remove the current market capitalisation thresholds that limit which companies can access the Catalist Public Market. Rather than relying on size alone, regulation should focus on the nature of the activity - how much capital is being raised, from whom, what information is provided, and the investor protections in place.
Under this approach, NZX would remain the natural market for larger companies seeking continuous trading, deeper institutional capital and larger public raises, while Catalist would continue to serve as a stepping-stone market for companies not yet ready for a traditional public listing.
We also support reforming audit requirements so they are based on the scale and nature of capital raising activity, and the number of retail investors affected, rather than simply whether a company is classified as "listed" or "unlisted". This is particularly important for businesses with existing retail shareholders (including many that have raised capital through crowdfunding) that currently face barriers to providing liquidity.
Overall, this is a positive step toward a more proportionate capital markets framework that makes it easier for New Zealand growth businesses to access capital and provide liquidity, while maintaining strong investor protection through transparent, regulated markets.
Have your say on the consultation here: mbie.govt.nz/have-your-say/consultation-on-capital-markets-reform
