The Ministry of Business Innovation and Employment (MBIE) has released a 200 plus page discussion paper on the regulations and registers which are essential to the operation of key aspects of the Financial Markets Conduct Bill (FMC Bill) currently making its way through the parliamentary process. A copy of the discussion paper is available here.
Two key topics of the consultation concern the content and presentation of the proposed product disclosure statements (PDSs) for regulated offers of securities and the licensing of fund managers, derivatives dealers, providers of discretionary investment management services, independent trustees of restricted schemes and regulated intermediaries (such as person-to-person lending services and crowd-funding platforms) under Part 6 of the FMC Bill.
The discussion paper is largely directed at generating industry feedback on various policy issues relevant to the regulations.
Once Cabinet has approved the policy content for the regulations and the FMC Bill is passed into law, MBIE have indicated that they will release an exposure draft of the regulations for further consultation. They also intend to undertake consumer testing on the form of PDSs.
For further information on the discussion paper refer to our earlier article here.
Submissions close on 1 March 2013.