1. Compliance
  2. Offer information
  3. Offers under the FMC Act
  4. Disclosure requirements

Disclosure requirements

 

Information about ‘regulated offers’ must be disclosed in a product disclosure statement (PDS) and on the Disclose Register. Together, this information must include all material information about the offer of a financial product and be up-to-date, accurate and understandable. The purpose of the information is to assist investors with their investment decisions.

Product disclosure statement (PDS)

The PDS is aimed at prudent but non-expert investors. It is required to be prepared in a clear, concise and effective manner and has a prescribed format and content to make offer information accessible.

A compulsory key information summary (KIS) at the front of the PDS gives investors an overview of key characteristics and the specific risks of the financial product.

A PDS must comply with prescribed length limits. These limits are the maximum allowed – issuers are encouraged to use less where possible. The maximum limits are:

Product type Page limit
(printed A4 pages)
Or, word limit
Debt security 30 15,000
Equity security 60 30,000
Managed investment scheme:
• managed fund
• other MIS


12 
60


6,000
30,000

Derivative 30 15,000

More information about PDS's can be found on our FAQs section.

The Disclose Register

Material information about a regulated offer not included in a PDS needs to be uploaded to the Disclose Register. It also has online registers for managed investment schemes split into managed funds and other managed investments schemes.

The Disclose Register provides supporting information for investors, and enables advisers and analysts to carry out more in-depth research and analysis.  We published guidance on the content and form of the Disclose Register information. 

More information

  • See our FAQs page.

Related documents

Related documents

  • 141201 FMA Corporate Governance Handbook Principles and Guidelines2014
    This handbook sets out guidelines, which are examples of the types of corporate governance structures and processes that will help entities comply with each principle.
  • 150220 Content and form of Disclose register information guidance note
    This guidance note is for issuers and advisers who are required to produce a register entry for an offer of financial products under the FMC Act. It gives guidance on matters the FMA recommends you consider when producing your register entry. It does not prescribe a single ‘best practice’ approach to register entries as different approaches may be suitable for different businesses.
  • Offering financial products in New Zealand and Australia under mutual recognition (MRSO)
    December 2016
    This is a joint guide produced in partnership with Australian Securities and Investments Commission (ASIC). It is for NZ and Australian issuers who offer financial products in both countries. This includes interests in managed or collective investment schemes. The guide explains what issuers have to do under the trans-Tasman mutual recognition scheme when making financial product offers in Australia and New Zealand.

    Changes from the previous version include:
    • deleting information on making MRSO offers under the former NZ Securities Act regime (No longer in effect from 30 November 2016 following the end of the transitional period)
    • clarifying that Australian issuers can offer into NZ before the end of the exposure period in Australia (although the issuer must not accept an application for securities until the exposure period has ended) (see RG 190.37)
    • clarifying that for an offer by a NZ issuer to be a 'recognised offer' in Australia there must be a disclosure document that is either a Product Disclosure Statement (PDS) or a limited disclosure document (see RG 190.14.)
    Previous Versions

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