Notice Type
Authorities/Other Agencies of State
Notice Title

Financial Markets Conduct (Fonterra Shareholders’ Market Listing Rules) Approval of Rule Change Notice 2021

Notice Under section 332 of the Financial Markets Conduct Act 2013

Pursuant to section 331 of the Financial Markets Conduct Act 2013, the Financial Markets Authority on 15 December 2021 approved rule changes for the Fonterra Shareholders Market (FSM) operated by NZX, as contained in the notice Financial Markets Conduct (Fonterra Shareholders’ Market Listing Rules) Approval of Rule Change Notice 2021. These rules are described as the “FSM Listing Rules”.

The amendments to the FSM Listing Rules are consequential on external factors relating to Fonterra Co-operative Group Limited (“Fonterra”), and include the following:

  1. FSM Listing Rule 1.8.2 is amended to reflect corresponding changes to the Dairy Industry Restructuring Act 2001 (DIRA) regarding membership of and appointment to the Milk Price Panel under section 150E(1A) of DIRA.
  2. Rules 1.8.2(c), 1.8.4(a) and 6.1.2(a)(ix) and (x) and the Glossary to the Rules are amended to reflect that the Fonterra Shareholders’ Council changed its name to "Co-operative Council" in December 2020.
  3. FSM Listing Rule 6.1.2 is amended to include amendments to the by-laws of the Co-operative Council in the list of matters that a notice of meeting of the shareholders of Fonterra may consider, without requiring review and approval of that notice of meeting by NZX.

The amendments described in paragraphs (a) and (b) above were conditional on comparable changes to Fonterra’s constitution being approved by Fonterra shareholders, which approvals were obtained on 9 December 2021. The amended FSM Listing Rules will come into effect on 16 December 2021, or such subsequent date to be agreed between NZX and Fonterra.

Copies of the notices are available on the Financial Markets Authority’s website:

Copies are also available for purchase on request to the Financial Markets Authority, Level 2, 1 Grey Street, Wellington, or Level 5, Ernst & Young Building, 2 Takutai Square, Britomart, Auckland, or by post to PO Box 1179, Wellington 6140.