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Debenture Stock Primary Market Listing Rules and Secondary Market Trading Rules of Debex, the New Zealand Debentures Exchange
1.0 General
1.1 Application of these Rules
These rules apply to debentures trading or any other securites stock trading executed or intended to be executed through the New Zealand Debentures Exchange. Both online investing and debenture stock trading offline, initiated through the New Zealand Debentures Exchange, are covered by these rules.
1.2 Agreement to Rules
By making a bid to purchase or offer to sell any security on the New Zealand Debentures Exchange, that person or entity is deemed to be a participant in the market and agrees to observe all the rules and procedures of this Exchange.
1.3 Legally Binding Contract
Matching of any bid and offer on the listing boards of the New Zealand Debentures Exchange or the completion of a properly advised application form for any security listed on the New Zealand Debentures Exchange, constitutes a legally binding contract which the buying and selling parties are bound to execute in accordance with the rules and payments procedures of this Exchange.
1.4 Discretion of the Exchange
The managers and owners of the New Zealand Debentures Exchange, at their sole discretion, reserve the right to refuse listing to any security on the Exchange or to remove any listing from the Exchange.
1.5 Terms of Payment
Payment for securities listed on the New Zealand Debentures Exchange will be made in accordance with the procedures detailed on the Payments page of this website.
1.6 Settlement
Within four business days of the formation of a purchasing contract, whether by matching of buy and sell prices on a trading screen or otherwise, the purchaser must have deposited sufficient clear funds with the New Zealand Debentures Exchange to complete the transaction, otherwise the New Zealand Debentures Exchange, at its sole discretion, may consider the contract null and void or take action to enforce the contract.
1.7 Disputes
The New Zealand Debentures Exchange does not undertake to provide a full resolution procedure for disputes. Disputes which may arise will be determined, in the first instance, by reference to and decision of, management of the New Zealand Debentures Exchange. Unresolved disputes will then be subject to the law of New Zealand.
2.0 Primary Market Listing Rules
2.1 Eligibility for Listing
Issuers of debenture stock, registered in New Zealand and subject to a prospectus duly approved by the New Zealand Companies Office and complying with all issuer requirements, may apply for listing of that debenture stock on the Primary Market of the New Zealand Debentures Exchange, free of charge, by sending a copy of the current prospectus and two copies of the relevant investment statement, including interest rates card, to:
New Zealand Debentures Exchange
P O Box 101662
North Shore Mail Centre
Auckland
2.2 Agreement of Issuers
By applying for, or agreeing to, listing of any security on the New Zealand Debentures Exchange, the issuer of that security agrees to be bound by the rules of the Exchange.
2.3 Default Free History
To qualify for listing and to maintain listing, issuing companies must possess and maintain an entirely default free history for all payments of interest and capital when due.
2.4 Discretion of Managers and Owners
The managers and owners of the New Zealand Debentures Exchange, at their sole discretion, reserve the right to refuse listing to any security on the Exchange or to remove any listing from the Exchange.
2.5 Provision of Financial Statements
Issuers of stock listed on the Primary Market of the New Zealand Debentures Exchange will provide the Exchange with a copy of their latest audited and unaudited financial statements as soon as these become publicly available. Issuing companies will notify the Exchange of any extraordinary events creating a contingent liability against the issuer equal to or exceeding 100% of shareholders' funds, as soon as such liability becomes apparent.
2.6 Brokerage
Brokerage on investments made through the Primary Market of the New Zealand Debentures Exchange will be payable by the issuer, at the rate specified by the issuer, to the party nominated by the Exchange. Currently that party is Canopus Investments Limited.
3.0 Secondary Market Trading Rules
3.1 Eligibility for Listing
Holders of New Zealand registered debenture stock and other issues, wishing to sell their investment prior to maturity, may list stock for sale at no charge and without time limit on the Debex secondary markets.
ONLY securities issued under condition that the stock may be transferred by private transfer on notification to the registrar, will be listed on the secondary markets of the New Zealand Debentures Exchange. This information is normally available for any particular debenture stock by consulting the relevant investment statement, under the standard format heading "How do I cash in my investment".
3.2 Evidence of Ownership
Holders of debenture stock and other issues, wishing to list stock for sale on the New Zealand Debentures Exchange, must provide evidence of ownership of that stock in the form of a copy of the debenture certificate or a letter of deposit. Such evidence will be checked with the registrar of that security before listing is permitted.
3.3 Entitlement to Sell
By applying for, or agreeing to, listing of any security on the New Zealand Debentures Exchange, the holder of that security warrants and guarantees that the holder is legally entitled to offer that security for sale, free of any encumberances.
3.4 Placing of Bids
Investors may bid for stock listed on the secondary market to meet their income and term requirements or place a request for unlisted stock.
3.5 Amending 'Buy' and 'Sell' Prices
Buy and Sell prices may be amended at any time by the buyer and seller respectively, subject to confirmation of identity and provided a contract for purchase and sale has not already been established at the existing listed price for that lot.
3.6 Priority of Bids
Where two or more bids are received for the same security and at the same price, priority of bids will be determined strictly according to the time of receipt of those bids by the Exchange. Similarly, where two or more offers are made to meet any particular bid or request on the Exchange, priority of those offers will be determined strictly according to the time of receipt of those offers.
3.7 Buy and Sell procedures
Applications to buy and sell securities on the New Zealand Debentures Exchange will only be accepted in the manner set out in the 'Buy' and 'Sell' pages of this website.
3.8 Brokerage
Brokerage on transactions conducted through the Secondary Market of the New Zealand Debentures Exchange will generally incur brokerage at the following rates, subject to a minimum brokerage of $30.00:
$0 to $30,000 3.0%
$30,001 - $50,000 2.5%
$50,001 - $100,000 2.0%
$100,001 and above 1.5%
All brokerage will be payable by the seller and will be deducted from received funds before payment is made to the seller. However, some issuers specify brokerage applying to transactions and re-registration of their own issues and in these cases the issuer's own brokerage policy may apply.
3.9 Payment
Payment for, and delivery of, securities purchased on the Secondary Market of the New Zealand Debentures Exchange will be made in accordance with the procedures detailed on the Payment page of this website.
Statement of Disclosure
The New Zealand Debentures Exchange is not a registered stock exchange or securities exchange in terms of the New Zealand Securities Markets Act 1988, and is therefore not regulated as a securities exchange under New Zealand law.
Conditions of use of this website
Use of this website denotes agreement to the following conditions:
Disclaimer
The New Zealand Debentures Exchange is owned and managed by Canopus Investments Limited, a privately owned New Zealand financial services company. To the maximum extent permitted by law, neither the owners, managers, employees nor associates of the New Zealand Debentures Exchange accept any liability whatsoever for transactions initiated through this website. Neither the owners, managers, employees nor associates of the New Zealand Debentures Exchange guarantee the performance of any party to any contract established through this website.
Information provided on this website does not constitute a recommendation or advice to purchase any investment or service listed or mentioned on this website. Information displayed on this website is not intended as specific investment advice and should not be relied on for making investment decisions. Investments mentioned on this website may not be appropriate for individual investment objectives or individual financial circumstances. Investors requiring specific investment advice should consult Canopus Investments Limited. A Financial Adviser Disclosure Statement is available on request, free of charge.
Information provided on this website is compiled from information believed to be accurate at the time of publication but no guarantee as to the accuracy of information displayed on this website is given, intended or implied.
Neither the New Zealand Debentures Exchange, nor its owners, directors, officers and associates, guarantee the expected return or any other return from investments mentioned on this website.
Information provided on this website is not intended to create, nor does it create, any legal obligation, responsibility or contract between the owners, managers, employees or associates of the New Zealand Debentures Exchange and any other party.
Acceptance of offers
Information provided on this website does not constitute an offer of primary issue securities as such offer is only made on receipt of a completed application form. Application for primary issue securities will only be accepted when made on the application form accompanying the formal offer document.
Application to purchase securities listed on Debex secondary markets will only be accepted when made in accordance with the Secondary Market Trading Rules.
Restrictive Jurisdictions
No investment, product or service referred to on this website is, or will be, knowingly offered to any person or entity residing in, or subject to, a restrictive jurisdiction where the offer of such investments would be unlawful. Any person or entity requesting information about, or making application for, any investment, product or service referred to on this website, will be deemed to have declared that the person or entity making the request or application is free to receive such offers and is not subject to any restrictive jurisdiction where such action would be considered unlawful.
Copyright
Information published on this website is provided on a non-prejudicial basis only. It may not be used for other than the purpose for which it is intended, that is, the obtaining of financial services information. International copyright to the material on this website is held by Canopus Investments Limited. Unless specifically authorised by Canopus Investments Limited in writing, all copying, forwarding or alternative use of information obtained from this website, in any manner whatsoever, by any individual, entity, corporate, state or representative of such entities, is prohibited and may be deemed to constitute breach of copyright.
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