Unlisted, the share trading platform applying for an exemption from the Financial Markets Authority, is looking for support from its participants saying it faces opposition from licensed rival, NZX.
Unlisted is seeking an exemption to run its market, via its owner Efficient Market Services (EMS), under the Financial Markets Conduct Act, which came into force in December.
Unlisted currently requires minimal disclosure, keeping costs low for the 17 securities that trade on its platform.
In a note to its market participants, Unlisted said that from later this month through June, the Ministry of Business, Innovation and Employment will be approaching interested parties, such as the New Zealand Shareholders' Association, brokers and issuers, as well as the NZX and licensed crowd-funding platforms to gauge the wider market's view on an exemption.
"We now seek support for our exemption application in the face of unsubstantiated accusations from our principal competition that the granting of an exemption risks undermining confidence in New Zealand's financial market (mirroring the 2004 efforts by those with vested interests seeking our registration and thereby curtailment of our services)," the note said.