New Zealand
New Zealand Exchange Equities
Equities:
Monday to Friday:
Enquiry: 08:00 – 09:00
Pre-open: 09:00 – 10:00
Normal Trading: 10:00 – 16:45
Pre-close 16:45-17:00
Adjust: 17:00 – 17:30
Enquiry: To 17:30
Futures:
Monday:
Enquiry: 1:30am - 1:40am
Pre-open: 1:40am - 8:00am
Normal Trading: 8:00am - 3:58pm
Pre-close: 3:58pm - 4:00pm
Close: 4:00pm - 4:30pm
Enquiry: 4:30pm
Tuesday - Friday:
Enquiry: 1:30am - 1:40am
Pre-open: 1:40am - 2:00am
Normal Trading: 2:00am - 3:58pm
Pre-close: 3:58pm - 4:00pm
Close: 4:00pm - 4:30pm
Enquiry: 4:30pm
Options:
Monday:
Enquiry: 1:30am - 1:40am
Pre-open: 1:40am - 8:00am
Normal Trading: 8:00am - 4:00pm
Pre-close: 4:00pm - 4:02pm
Close: 4:02pm - 4:30pm
Enquiry: 4:30pm
Tuesday - Friday:
Enquiry: 1:30am - 1:40am
Pre-open: 1:40am - 2:00am
Normal Trading: 2:00am - 4:00pm
Pre-close: 4:00pm - 4:02pm
Close: 4:02pm - 4:30pm
Enquiry: 4:30pm
Note: Daylight Saving begins at 02:00 on the first Sunday in October and ends at 02:00 on the third Sunday in March.
Security Identifiers
ISIN (International Securities Identification Numbering): Yes
Other: Securities on the NZX are also identified by a five-character alpha code (three character code for ordinary shares).
Instruments
Equities: Ordinary shares, preference shares, redeemable preference shares, warrants
Debt: New Zealand government stocks, local authority loan stocks, debentures, unsecured notes, convertible notes
Money Market: Reserve bank bills, treasury bills, bank accepted bills, certificates of deposit, commercial paper
Physical: Not applicable
Other: Options and rights (renounceable / non-renouceable)
Share Price Lot
NZD 0 – 0.25 2,000
NZD 0.26 – 0.50 1,000
NZD 0.51 – 1.00 500
NZD 1.01 – 2.00 200
NZD 2.01 – 5.00 100
NZD 5.01 – 10.00 50
NZD 10.01 and over 25
Debt: Varies by issue
Dividend Payment Frequency:
Semi-annual or quarterly.
Interest Payment Frequency:
Semi-annual or quarterly.
Interest Accrual Rate:Actual/actual basis.
Corporate Actions
Common Events: Dividend reinvestment plans (DRPs), rights and bonus issues, takeover offers, capital returns, proxy voting
Rights Tradeable: Certain foreign investors, including residents of Canada and the United States may be prohibited from participating in rights issues
New Shares from Exercised Rights: Received within 1 week.
Foreign Investor Restrictions:
Unrestricted voting rights.
Shares Blocked:
No.
Meeting Notices/
Agendas
Provided in English. Annual general meetings and extraordinary general meetings are usually announced one month in advance.
Meeting Outcome
Advised to all holders who voted or to all holders where outcome impacts a corporate action event.
Company Reports
On request, subject to availability
Power of Attorney:
Not required.
Other: Not applicable
Foreign Ownership
Market Entrance Requirements:
None.
Investment
Restrictions
Foreign investors must receive consent from the Overseas Investment Commission to acquire 25% or more of the voting rights in a company if the transaction value exceeds NZD50 million, or if the total assets of the company exceed NZD50 million.
Foreign investors can hold only 15% of broadcast media shares (25% on approval). Aggregate foreign investment in Air New Zealand is limited to 49%.
Individual foreign investment in Telecom New Zealand is limited to 10% of the company’s voting shares.
Repatriation Policy
Funds can be repatriated freely.
Yes, but there are possible tax implications for foreign investors. There is no formal mechanism.
Dividend Tax Rate
30% withholding tax, reduced to 15% for countries that have a tax treaty in place.
Interest Tax Rate
Interest income is taxed at 15%, but can be reduced to 0% for government debt. Under the Approved Issuer Levy Regime, non-resident investors have the option to pay a 2% levy up-front, instead of the usual non-resident tax rate. For government debt, the Debt Management Office pays the levy on behalf of the investor. Interest is effectively paid gross.
Capital Gains Tax Rate: Foreign investors are exempt.
Tax Treaties
Australia Belgium |
Ireland Italy |
SwedenSwitzerland |
Canada | Japan | Taiwan |
China | Malaysia | Thailand |
Denmark | Norway | The Netherlands |
Fiji | Poland | The Philippines |
Finland | Republic of Korea | United Arab Emirates |
France | Russian Federation | United Kingdom |
Germany | Singapore | United States of America |
India | South Africa | |
Indonesia | Spain |
Stamp Duty: None
Other Taxes: None