Consultation paper: Exemption for small offers of co-operative shares

First published 7 April 2016

We are seeking views on the proposals to provide class exemptions which provide co-operative companies and industrial and provident societies a lighter path of compliance with the Financial Markets Conduct Act 2013 (FMC Act) when they offer their members shares of minimal value.

We are considering class exemptions from part 3 disclosure requirements, and the financial reporting and audit requirements in part 7 of the FMC Act for offers of co-operative shares where:

• the shares being offered provide the shareholder with transacting or other membership benefits
• the amount that can be invested by the shareholders for those co-operative shares is small, or the value of those shares is small relative to the benefits received from those shares.

Submissions closed on 6 May 2016.

If you have questions, please contact Kate Strevens, senior policy adviser, on 09 300 0480 or at [email protected]. Please title your email ‘Consultation Paper: Exemption for small offers of co-operative shares: [your organisation’s name]’.