26 January 2012
We are consulting on proposed guidance on how to prepare and present prospectuses and investment statements. The draft guidance note is included in the consultation paper (attachment A) which can be downloaded below.
We propose to issue a guidance note because:
a. Our functions include promoting the confident and informed participation of businesses, investors and consumers in the financial markets. We believe this guidance note will assist that function;
b. Issuers have asked us for guidance on our powers, duties and functions, particularly following the enactment of the Financial Markets Authority Act;
c. We want to provide more guidance for issuers and their advisers as a means of assisting them to meet their obligations; and
d. We are streamlining some processes within FMA and wish to share the changes with the financial markets.
Please send your submission by using FMA's website 'Contact Us' form, selecting 'make a comment' and labelling the form clearly as 'Attn Manager Regulatory Policy - Submission on Effective Disclosure'. The consultation paper has additional submission instructions and a submission template.
The final date for submissions on this paper is Friday 9 March 2012.
We propose to issue a final version of the guidance note by Monday 26 March 2012.
We will not treat any part of your submission as confidential unless you specifically request we do so. Submissions will be subject to the Official Information Act 1982. We may make submissions available on our website, may compile a summary of the submissions or draw attention to individual submissions in internal or external reports.
If you would like us to withhold any commercially sensitive, confidential or proprietary information included in your submission, please clearly state this in your submission and identify the relevant sections. We will consider any request to have information withheld in accordance with our obligations under the Official Information Act.