FMA has released its Statement of Intent for the period 2013 to 2016 (SOI). The SOI sets out FMA's strategic direction for the next three years and details of how FMA intends to measure its successes.
There are several items of interest in the SOI, including FMA's intentions regarding its review of prospectuses post-registration. FMA aims to:
- screen all prospectuses for new offers of securities for risk-based review within five working days after registration;
- review 100% of high-risk prospectuses post registration; and
- review 5% of other prospectuses post-registration.
FMA also note that exemptions, especially class exemptions, will be used to facilitate compliance for new products for overseas issuers, and in other cases where the costs of compliance are not matched by improved outcomes for investors or participants.
A copy of the SOI is available here.