The Financial Markets Conduct Bill has been reported back from Select Committee. The Bill now clarifies that an offer of derivatives to two or more investors can be considered to be part of the same regulated offer even though some of the terms (for example, dates or amounts) are customised for each investor.  Correspondingly, the PDS need not include specific information about any customised terms that apply.  The Bill also extends the "large transaction" exclusion to include any derivative with a notional amount of at least $5 million.

Changes have also been made to the regime for the licensing of market services (such as acting as a derivatives issuer or a manager of a registered managed investment scheme).  Group licensing of related bodies corporate is now provided for, and in a licence application the FMA is now able to take into account whether the market service to be provided is incidental to the provision of another market service for which a licence is held.  It is not yet clear exactly how and when the licensing regime is intended to be implemented, but further guidance from the FMA is likely as the Bill progresses.

A copy of the Bill is available here.