KEY POINTS:
All listed structured debt issuers and building societies asked by the stock exchange for continuous disclosure statements had responded by the deadline of 9am yesterday.
NZX asked the 10 companies on Tuesday to confirm that they were complying with their continuous disclosure obligations.
It said it had no specific reason to be concerned that companies were not complying, but its letter gave the issuers an opportunity to provide information to the market and show they were meeting their obligations.
"You will be aware of the recent international market volatility stemming from troubles in the sub-prime mortgage market in the United States," the NZX's letter said.
"There has been speculation of a widespread credit crunch affecting the financial sector and potential for debt instrument default. The events should give cause for reflection.
"Given the current environment, NZX is writing to issuers of listed structured debt. This provides such issuers an opportunity to demonstrate transparency about the effects of the international economic situation on their securities."
Last month, after Nathans Finance went into receivership, NZX wrote to 15 listed finance companies, giving them an opportunity to provide information to the market, complying with continuous disclosure rules.
That flushed out trouble at listed Property Finance Group, which subsequently went into receivership.
The Securities Commission also last month asked 67 finance companies to confirm their prospectuses complied with the law.
All responded, except for Five Star Consumer Finance, which also went into receivership.
- NZPA
