On 25 August 2015, the Minister of Commerce and Consumer Affairs, Paul Goldsmith, announced that the share trading platform “Unlisted” will be granted an exemption from the licensing requirements of the Financial Markets Conduct Act 2013 (the FMC Act).  Unlisted provides a facility for trading previously allotted securities, through unlisted stockbrokers and has been operating in New Zealand as an alternative market for investors since 2003.  In making his decision, the Minister considered the risks and benefits of allowing Unlisted to operate as an unlicensed market.  Unlisted will be allowed to continue as a trading platform with a number of conditions in place, such as requiring investors to sign a declaration acknowledging the risks involved in trading on an unlicensed market.  The Minister believed that without this exemption, it was likely that Unlisted would be forced to shut down, or materially change its operating structure under the new FMC Act regime.