The FMA has released its guidance note on pre-prospectus publicity. The content of advertisements by issuers of securities is regulated by the Securities Act.  The Act allows only very limited publicity or advertising before a prospectus has been registered.  The guidance note contains useful examples, especially where brand-related or profile-raising advertising takes place prior to an offering, and where two advertisements appear in association with each other.  A copy of the guidance note is available here.