A new Register of Securities Offers (Register) has been created to give effect to provisions of the Securities Act 1978 that came into force on 1 July 2013. The new Register does not provide the functionality that will come under the new Financial Markets Conduct Bill (FMCB) when the FMCB is enacted, but as an interim measure it provides useful information for market participants and should not impose significant burdens.
The information required of issuers (when registering a prospectus) has been compiled into a spreadsheet which can be found here. Officials have indicated that they do not intend to make regulations specifying extra content.
Once in place, registers under the new FMCB regime will play a more prominent role. In particular, it is intended that the Register of Offers of Financial Products will provide substantial information regarding offers – both in terms of initial and ongoing disclosure. We expect further information on the form these will take will be available during the course of this year and early 2014.