Your ongoing obligations


In addition to the obligations relating to offer information, an issuer will also have on-going obligations under the FMC Act.  These vary depending upon the type of issuer or offer, but generally include obligations to: 

  • maintain a register of regulated financial products they have issued
  • ensure the register is audited or reviewed by a qualified auditor
  • keep accounting records to support the preparation of compliant financial statements
  • ensure their financial statements are audited at least once a year by a licensed auditor or registered audit firm
  • provide certain information (such as annual reports or financial statements) to investors on request

Additional obligations of listed issuers

A listed issuer is one who is party to a listing agreement with a licensed market operator in relation to a licensed market.  Listed issuers must comply with the listing rules of the relevant licensed market, as set by the licensed market operator.  These issuers, and certain persons related to them, also have ongoing disclosure obligations under the FMC Act.

Listed issuers are required to disclose information to the market in accordance with any continuous disclosure provisions of the listing rules of the relevant licensed market.  The continuous disclosure provisions may vary between different licensed markets.

The FMC Act also requires directors and senior managers of listed issuers, and persons holding specified amounts of quoted voting products of a listed issuer, to disclose certain information to the issuer and to the market. Listed issuers are required to keep registers of that disclosed information.

Research reports

We have developed an information sheet for brokers, issuers and research providers to encourage wider publication of research on IPOs for retail clients.

It clarifies that under New Zealand law there are no required black-out periods and that the new Financial Markets Conduct Act introduces a more flexible regime for retail advertising. It also provides examples of the typical controls we expect investment banking firms to have in place to manage conflicts of interest.

Corporate governance

Good corporate governance and board behaviour supports the principles underpinning the FMC Act.

Information about our expectations for good corporate governance can be found in these publications:

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