The FMA has released its final guidance note for issuers, directors and advisers on how to prepare and present prospectuses and investment statements. It is hoped that the guidance note will improve the quality, accuracy and relevance of the information provided to investors by issuers.
The FMA acknowledges that it is not possible to future proof the guidance note because it is still unclear what legislative changes will ultimately be enacted when the Financial Markets Conduct Bill is passed and comes into effect. The final guidance note therefore refers to current disclosure requirements only. The FMA intends to update the guidance note once the new statutory requirements of disclosure have been enacted.
The final guidance note will start to be used by the FMA as part of its risk based assessment of offer documents for new issues from 9 July 2012, and for continuous issues, from 1 January 2013.
The final guidance note can be found here.