Russell McVeagh submission on the proposed Financial Markets Conduct Regulations Russell McVeagh contacts in relation to these submissions are:
|
|
- Tamsin Wood
- 5 years ago
- Views:
Transcription
1 Russell McVeagh submission on the proposed Financial Markets Conduct 2015 Russell McVeagh contacts in relation to these submissions are: Deemple Budhia, Guy Lethbridge and Debbie Booth (09) /(04) /(04) Section one: feedback on technical issues with the s Exposure draft Definition changes Reg 4 Reg 5, def of convertible Reg 5, def of retail investor The definition here follows the language used in section 44 of the Act. However, this definition should also specifically include financial products that are exchanged for another financial product. This would be consistent with: - proposed new 49A(b)(ii), which contemplates the "new product" being issued by a different issuer to the issuer of the convertible; - the proposed definition of "bank hybrid products" to be inserted in Schedule 9 of the ; and - the treatment of bank hybrid products as "convertibles" in a number of places in Schedule 9. This could be achieved by amending the proposed definition of "convertible" as follows: "convertible means a financial product that will be converted into or exchanged for, or is or may become convertible into or exchangeable for, into another financial product (the new product)" Reg 5, def of unique identifying information Reg 5, def of disclosure year
2 Disclosure of offeror details for sale offers Reg 6 Reg 12 Offers by listed issuers of products that rank equally or above quoted products (ie, simplified disclosure ) Reg 11 New reg 42A Where the prescribe a matter for the purposes of a specific section, that section is often referred to in the. We suggest this approach be followed for new 42A as follows: Offers of convertible products For the purposes of section 57(3) of the Act, section 57(1)(b)(ii) of the Act does not apply to a simplified disclosure offer. Reg 12 New reg 49A to 49D (and see changes to Schedules below) We agree with the approach that the Ministry has taken for the disclosure requirements for convertibles. A highly prescriptive approach would be too complex and confusing to apply to the range of convertible products that may be offered. However, some refinements are necessary for the proposed approach to be workable. Noted below are some general comments in this regard. We have also noted comments or concerns in relation to specific provisions. - The application of the convertibles provisions to bank regulatory capital products require some refinement. Based on the proposed amendments to Schedule 9 of the, it appears that the Ministry intends for banks to prepare a LDD under Schedule 9 of the for these products. However, proposed 49A provides that proposed s 49B to 49D apply to all offers referred to in section 44 (that is, including Act Schedule 1 offers). Proposed 49B would then require a bank issuing a convertible debt security to use a debt PDS rather than a LDD. This is not the correct outcome. Accordingly, the proposed s should be amended to make it clear how they apply to convertible debt securities issued by banks, either by referring to LDDs in these provisions or including corresponding provisions in the LDD provisions in Schedule 8 of the. However this is achieved, it is important that the outcomes provided by proposed s 49A to 49D are also achieved for bank issuers using a LDD. In particular, the proposed s should: - make it clear that a bank issuing a convertible debt security must comply with the LDD and register entry requirements in Schedule 9 of the (consistent with proposed 49B(1)(a) and (2)(a));
3 - relieve the issuer of the new product (ie the equity security) from the obligation to prepare an equity PDS (consistent with proposed 49B(4)); and - allow bank issuers to include additional information in the same was as non-bank issuers will be able to under proposed 49D. - As some convertibles, particularly those issued recently by banks for regulatory capital purposes, are quite complex instruments, the disclosure framework must clearly allows issuers of convertibles to disclose all relevant information to enable investors to make informed investment decisions. For example, in relation to bank regulatory capital products, background information on bank regulatory capital requirements and some of the features that are required to be included in the terms of those products, such as loss absorbing features, will be highly relevant to an investor in this type of product. These features are complex and give rise to specific risks. Being able to include some background information on these matters and information about the issuers' historic regulatory capital positions can help prospective investors understand the products better. In addition, it would be helpful to be able include information required by other regulatory regimes. For example, where New Zealand banks have issued convertibles for regulatory capital purposes recently, the convertibles convert into equity securities of the parent entity. That parent is listed on ASX and the parent entity must lodge a cleansing notice with ASX, accompanied by a copy of the offer document. This version of the offer document must include a few short statements which would not ordinarily be included in a PDS or LDD. Those statements are consents to being named in the offer document and a short description of the impact of the offer. Regulation 49D (or a corresponding provision relating to LDD offers) and existing 34(1)(b)(i) will go some way to permit the inclusion of this type of additional information. However, there are limitations with this approach: - 49D will only allow information that would be included in an equity PDS and which relates to either the products or the issuer of the new product (but only if the issuer of the new product is different to the issuer of the convertible); - to the extent that financial information is included in relation to the issuer of the new product, it must be compliant with NZ GAAP. However, in relation to bank regulatory capital instruments for example, the issuer of the new product will often be an Australian corporation, having financial statements that comply with Australian financial standards; - if additional information cannot be included under 49D, it can only be included if it satisfies existing 34(1), which will likely result in important information being put at the back of the LDD; and - regardless of the basis on which the additional information is included, it will almost certainly put real pressure on the length limits. Accordingly, the following matters should be addressed in the :
4 - where, for example, a debt convertible converts into an equity security and the issuer of both products is the same, the issuer should be permitted to include equity-type disclosures about itself in the PDS or LDD. If a debt instrument converts, investors will have an equity exposure to the issuer, so this information will be relevant; - allow cleansing notice statements to be included in a PDS or LDD; - allow non-nz GAAP financial information to be included in a PDS or LDD in certain circumstances, for example, where the issuer of the new product is the parent entity of a New Zealand issuer; - allow increased length limits for convertibles, both for the KIS and the overall length. For example, where a debt security converts into an equity security, the length limits for an equity PDS should apply. - When completing the register entry for a convertible, will the Disclose register include fields that allow details about the new product to be clearly entered? For example, where there is a different issuer of the new product, will there be an option to include a second issuer in a way that clearly identifies the roles of each issuer? New reg 49C Convertibles that have been issued recently by New Zealand banks for regulatory capital purposes convert into equity securities issued by the bank's parent company. In order for the convertibles to qualify as regulatory capital for both the New Zealand bank and its parent entity (on a group basis), the trigger events for conversion relate to both the New Zealand bank and the parent entity. This is not contemplated by the introductory words of proposed 49C. The following amendments should be made to address this: "If the convertibles will be converted into, or exchanged for, new products in connection with an event or a circumstance relating to insolvency, or a financial difficulty, or capital position of the issuer of the convertible or the issuer of the new product, the statement under 20(1)(e) must be in the following form:" In addition, the second paragraph of the prescribed statement refers to convertibles being complex instruments and "are not suitable for many investors". This statement appears to be based on the comparable statement set out in the Securities Act (Banks' Regulatory Capital) Exemption Notice However, we have two concerns about the current form of the statement: - it assumes that all convertibles are complex financial products. While this may be correct in relation to the bank regulatory capital instruments that have been issued recently, it is not necessarily true in relation to all convertibles. The should expressly allow for the prescribed statement to be adapted where the convertible is not a complex product; and - in relation to convertibles issued by banks for regulatory capital purposes, the comparable statement in the Exemption Notice states that the convertible instruments are complex instruments and that they "might not be suitable for many investors". However, the proposed statement to be included in the states that the convertibles "are not suitable for many investors". We are not aware of any reason why the risk profile
5 New reg 49D of these instruments would have changed since that Exemption Notice was issued in March Accordingly, where the issuer of the convertible is a registered bank, the language in the prescribed statement should be consistent with the language in the Exemption Notice and should be amended as follows: "This investment is riskier than a bank deposit.* These [name of convertibles] are complex financial products that are not might not be suitable for many investors. If you do not fully understand how they work or the risks associated with them, you should not invest in them. You can seek advice from a financial adviser to help you make an investment decision." This should be amended to clarify that: - information included under this clause is "permitted information" for the purposes of 29(1)(c) of the, so can be included in the KIS; and - 34(1)(b)(ii) does not limit the inclusion of additional information pursuant to proposed 49D (the reg 49D information relating to the new product (and the issuer of the new product) should have the same prominence as the disclosure information that is required to be included in relation to the convertible (and the issuer of the convertible). Changes to confirmation notice provisions Reg 14 New regs 52 to 52B Defined benefit schemes Reg 15 and 18(3) Regs 53 and 56 Fund updates for multi-funds investment options Reg 18 to 20 Regs 56 to 58A
6 Allowing use of fund updates to supplement PDS Reg 21, 35(4), (5), (25) New reg 61A and new clause 8A of Sch 4 Ongoing client reporting for derivatives Reg 22 New reg 71B We have the following drafting comments on this clause: - Clause (1)(a): The to "current positions" should be clarified. Will this clause require a list of the transactions that are then on foot? Presumably it is not intending for the derivatives issuer to provide a mark-tomarket value of those transactions as this would duplicate the requirement in clause (1)(b)? - Clause (3): The following changes should be made to clause 3 to link the valuation to the particular date: "For the purposes of subclause (1)(b), the current value is, as at a particular date, the amount the investor will receive if the investor chooses to terminate or close out the derivative on that date." New reg 71C New 71C should be amended to clarify whether "sending" the confirmation information (as permitted by subclause (b)) within the 10 working day period will satisfy the obligation to "provide" the confirmation information. If that is not the case and the confirmation information must have been received by the investor within the 10 working day period, the should include deemed receipt provisions. This would give derivatives issuers better certainty on whether they have satisfied their obligations under this if the confirmation information is mailed to investors. Register audits Reg 23 Reg 109 Circumstances in which independent custodian requirements do not apply
7 Reg 24 New reg 237A Derivatives investor money and property obligations Regs 25 to 29 New reg 244A In the definition of "specified aggregate" in clause 3, it was not clear to us why subclause (c) only included derivatives investor property referred to in 239(5)(a) and (c), but not 239(5)(b). If the derivatives issuer elects to treat that property as derivatives investor property under 239(5)(c) and that property is therefore subject to the same requirements as other derivatives investor property, the derivatives issuer should be permitted to take account of that property in is shortfall calculations. Mutual recognition pre-offer advertising Reg 30 Reg 264 Notices given by the FMA Reg 32 New regs 280A and 280B Debt securities Schedule 2 Reg 33 Sch 2: new cl 1(4) Sch 2: cls 6, 9, 11, 15, 30, 48
8 Sch 2: cl 23 Sch 2: cl 37 Sch 2: new Part 1A, cls 62B and 62C Sch 2: cl 67 The introductory words in 33(8) and (9) incorrectly refer to Schedule 3 of the and should be amended as follows: "(8) In Schedule 32, replace..." and "(9) In Schedule 32, after..." The Ministry has asked for feedback on whether it is necessary to include risk factors in a simplified disclosure PDS for debt securities where the relevant issuer has equity securities listed. Risk factors should not be required in these circumstances as the market disclosures made in relation to the equity securities should address any matter that would be material to a prospective investor in debt securities of that issuer, particularly given that the level of disclosure required for equity securities is significantly greater than that required for debt securities. Equity securities Schedule 3 Reg 34 Sch 3: cls 5, 8, 10, 32 Sch 3: cls 35 and 39 Sch 3: new Part 1A, cl 52, 53 Sch 3: cl 52 Sch 3: cl 53
9 Sch 3: cl 55 Managed funds Schedule 4 Reg 35 Sch 4: New cl 8A, cl 12, 63 Sch 4: New cl 8B Sch 4: cl 51 Sch 4: New cl 8C, cl 53A Sch 4: cl 54 Sch 4: cl 55 Sch 4: cl 55 Sch 4: cl 58, 59 Sch 4: cl 62
10 Sch 4: New cl 8A, cl 12, 63 Sch 4: New cl 8B Sch 4: cl 51 Sch 4: New cl 8C, cl 53A Other managed investment schemes Schedule 5 Reg 36 Sch 5: cl 4, 7, 8, 24 Limited disclosure requirements - Schedule 8 Reg 38 Sch 8 Please see the first comment in relation to new s 49B and 49D above. Sch 8: cl 21 Sch 8: cl 23, 29, 32 We support the change to clause 23(2) to ensure that, where securities are offered under a LDD, the LDD is not required for secondary sales of those securities. Sch 8: cl 26 and 31 Sch 8: cl 40A We support the inclusion of proposed 40A to ensure that a LDD can be supplemented or replaced.
11 Bank and Crown LDD - schedule 9 Reg 39 Sch 9 There are a number of places in the existing provisions of Schedule 9 that the current disclosure requirements should be amended to clearly allow for the most effective disclosure to be made. These are noted below: Clause 5: Regulatory capital instruments that qualify as "Additional Tier 1" capital must be perpetual and have discretionary interest payments. Accordingly, statements about "promises to pay you interest and repay money at the end of the term" are not correct. Clauses 8 and 19: - The "description of the term" should clearly allow descriptions for perpetual instruments and write off features of regulatory capital instruments (clauses 8(b) and 19(2)(c)) - Regulatory capital instruments must include certain terms relating to interest payments. For example, "Tier 2" instruments must include rights to suspend (but not cancel) interest payments, whereas interest payments on "Additional Tier 1" instruments must be discretionary and are non-cumulative (although a dividend stopper will apply for so long as interest is not paid). All of these details should clearly be able to be disclosed (clauses 8(e) and (g) and 19(2)(a)). Clause 10(2)(a) and (c): The prescribed statements in these paragraphs refer to selling the products "before the end of their term". As discussed in relation to clause 5, this language is not appropriate in relation to perpetual instruments. Clause 13(1): The first paragraph of the prescribed statement in this clause again refers to the issuer's "commitments to repay you or pay you interest". These statements are not appropriate for "Additional Tier 1" capital instruments, which must be perpetual and have discretionary interest payments. Clause 14(3)(d): As registered banks are required to hold and publish issuer credit ratings, it may be confusing if the LDD cannot mention those ratings at all if a product rating is obtained. It would be more helpful to investors if both ratings could be included and the reasons for the differences explained. It may also assist investors to understand the significance of some of the features of the relevant product. Clauses 29-32: The risks that are required to be disclosed are quite specific and limited. There are risks associated with both the complexities of the instruments and loss absorbency that should be required to be disclosed by these provisions.
12 Sch 9: cl 1 Sch 9, new cl 5 Sch 9, new cl 13(5) As noted above in relation to new 49C, convertibles that have been issued recently by New Zealand banks for regulatory capital purposes convert into equity securities issued by the bank's parent company. In order for the convertibles to qualify as regulatory capital for both the New Zealand bank and its parent entity (on a group basis), the trigger events for conversion relate to both the New Zealand bank and the parent entity. This is not contemplated by the definition of "bank hybrid products". The following amendments should be made to address this: "bank hybrid products means debt securities issued by a registered bank that will be converted, or exchanged for, another financial product in connection with an event or a circumstance relating to the insolvency, or a financial difficulty, or capital position of the registered bank or the issuer of the new product" Proposed clause 5(2)(b) will require the LDD to disclose the name of the issuer of the new products. It is often a term of bank regulatory capital instruments that the issuer of the equity securities on conversion may be substituted for a non-specified non-operating holding company ("NOHC"). This allows for the parent entity to restructure its business and is an important contractual right to have where the convertible instrument may have a longer term or be perpetual. However, it is important that, if a NOHC is substituted for the initial issuer of the equity securities, the issue of the equity securities in the NOHC on conversion does not result in a new regulated offer that would require new disclosure. The Securities Act (Banks' Regulatory Capital) Exemption Notice 2014 specifically allowed for the equity securities issued on conversion to be issued by a NOHC and the same outcome should be provided for under the LDD regime. The warning statement in subclause (3) states that the convertible instruments may convert if the issuer "experiences financial difficulty". The comparable statement set out in the Securities Act (Banks' Regulatory Capital) Exemption Notice 2014 states that the convertible instruments may convert if the issuer "experiences severe financial difficulty". We are not aware of any changes to the requirements for regulatory capital since that Exemption Notice was issued in March 2014 which would require this change to the warning statement. In addition, the warning statement does not contemplate the trigger events for conversion relating to both the New Zealand bank and the parent entity. Accordingly, the language in the warning statement should be amended as follows: Warning These [name of debt securities] carry similar risks to shares but do not have the same opportunity for growth as shares. If [names of issuers] experience[s] severe financial difficulty, [name of debt securities] can be converted into, or exchanged for, [name of new products], which may be worth less than your investment [or even written off completely]. This means you could lose all of your investment. As discussed above in relation to new clause 5(3) of Schedule 9 referred to above, the prescribed statement in this subclause simply refers to "financial difficulty", not "severe financial difficulty" and does not contemplate the trigger events for conversion relating to both the New Zealand bank and the parent entity. In addition, the last sentence of this statement will not be correct where the convertibles are being issued to qualify as "Additional Tier 1" capital. In
13 Sch 9, new cl 24(6) Sch 9, new cl 30(4)(b) that case, the convertibles are required to be perpetual and interest payments must be discretionary. Accordingly, the language in the warning statement should be amended as follows: If [names of issuers] experience[s] severe financial difficulty, the [name of debt securities] may be converted to, or exchanged for, [name of new products] or written off. You will not have any choice as to whether a conversion or write off occurs, and you may not have a chance to sell your [name of debt securities] before the conversion or write off. The value of the [new products] that you receive if this occurs is likely to be less than the amount you invest in the [name of debt securities]. If conversion or exchange is required but is not possible, the [name of debt securities] will be immediately written off in part or in whole and you will lose some or all of your investment. [Interest may not always be paid on [name of debt securities] and missed payments will not accumulate.]* * Delete if not consistent with the terms of the convertibles. In addition, clause 13 should allow the LDD to include a brief summary of the risks regarding loss absorbency of regulatory capital instruments, including conversion, write-off and risks relating to the issuer of the equity security. Convertibles that have been issued recently by New Zealand banks for regulatory capital purposes convert into equity securities issued by the bank's parent company. In those cases, the primary quotation of those equity securities has been on the ASX. The ASX is not a "licensed market" for the purposes of the Act, so accordingly, the new products will not be "quoted" for the purposes of proposed clause 24(6). This issue has been addressed in proposed new clause 10(5) of Schedule 9 to the. The same approach should be taken in relation to proposed clause 24(6) and 24(6) should be amended as follows: " In the case of convertibles, the following apply: (a) if the new products are of the same class as financial products that are quoted on a market licensed in New Zealand or on another established market at the time of the offer, the LDD must include a statement that those products are already quoted: (b) if the new products are equity securities that are not quoted on a market licensed in New Zealand or on another established market at the time of the offer, the LDD must include a description of the key features of the equity securities (to the extent that those features are not already disclosed in section 3 of the LDD (terms of the offer) and are not features that apply to ordinary shares in a company generally). Subclause (4)(b)(i) should be amended as follows to reflect the fact that the investor does not pay for the equity securities as such: "... the investor is able to sell his or her equity securities at a higher price than the investor paid for them the [name of convertible]"
14 DIMS - schedule 21 Subclause (4)(b)(iii) should be amended as follows to make it clear that this paragraph is referring to the issuer of the equity securities: "if the issuer of the equity securities runs into financial difficulties..." Reg 40 Sch 21: cl 27 Sch 21: cl 37 Exposure draft Reference Reg 4 Reg 3 Reg 5 Reg 11 Exposure draft Reference Reg 4 Reg 13 Reg 4 Reg 14 FA Custodians Regulation FA Exemption Regulation Section two: feedback on the alternative PDS concept Question Do you think the alternative structure would be useful or beneficial to fund providers? What benefits (if any) does it have over the
15 usual managed fund PDS structure? In what circumstances would you envisage the alternative structure being used? How likely are you to use the alternative structure? Are there any improvements you would suggest to its design? Section three: feedback on policy issues Question Should there be ongoing disclosure requirements for: unquoted mandatory convertible products? other delisted issuers? We agree with the Ministry's conclusion in the "Supplementary Financial Markets Conduct : Commentary and request for submissions" that the minimal benefit to holders of requiring continuous disclosure for delisted issuers is outweighed by the cost to the issuer of complying with those obligations. Are there significant benefits in extending the same class exclusion in Schedule 1 to cover options by way of issue? Or would this result in less useful information being available to investors? Are there significant benefits to unlisted issuers in removing elements of the PDS disclosure for offers to existing product holders? Should the requirement to include all other material information on the register entry be removed to the extent that the information has already been disclosed in annual reports and other such documents? Are there practical problems with using the
16 usual PDS disclosure for options by way of issue that the s should address? Other Comments
DRAFT FOR CONSULTATION
DRAFT FOR CONSULTATION Financial Markets Conduct Amendment Regulations Governor-General Order in Council At Wellington this day of Present: in Council Pursuant to subpart 1 of Part 9 of the Financial Markets
More informationMinistry of Business, Innovation and Employment. Supplementary Financial Markets Conduct Regulations
Submission to the Ministry of Business, Innovation and Employment on the Supplementary Financial Markets Conduct 2 July 2015 NEW ZEALAND BANKERS ASSOCIATION Level 15, 80 The Terrace, PO Box 3043, Wellington
More informationConsultation: Proposed exemption for same class offers of ASX/NZX-quoted financial products
Consultation 23 May 2018 Consultation: Proposed exemption for same class offers of ASX/NZX-quoted financial products About this consultation The Financial Markets Conduct Act 2013 (FMC Act) provides statutory
More informationANZ CAPITAL NOTES 5 PROSPECTUS
ANZ CAPITAL NOTES 5 PROSPECTUS PROSPECTUS FOR THE ISSUE OF ANZ CAPITAL NOTES 5 TO RAISE UP TO $1 BILLION JOINT LEAD MANAGERS ANZ SECURITIES J.P. MORGAN MORGAN STANLEY MORGANS UBS WESTPAC INSTITUTIONAL
More informationBANKING REGULATION Relating to Subordinated Bonds
BANKING REGULATION Relating to Subordinated Bonds What investors need to know about the new Subordinated Bank Bonds. During 2015, and beyond, we expect New Zealand s major trading banks to issue a new
More informationResponse to submissions received on proposed implementation of Basel III capital adequacy requirements in New Zealand.
Response to submissions received on proposed implementation of Basel III capital adequacy requirements in New Zealand. September 2012 This document sets out the to the main issues raised in submissions
More informationSecond Stage of the NZX Listing Rule Review Consultation Paper and Exposure Draft
Submission to the NZX on the Second Stage of the NZX Listing Rule Review Consultation Paper and Exposure Draft 8 June 2018 NEW ZEALAND BANKERS ASSOCIATION Level 15, 80 The Terrace, PO Box 3043, Wellington
More informationInvestment Statement
Kiwi Capital Funding Limited Investment Statement for an offer of Perpetual Capital Notes of up to $150 million 17 April 2015 It s Ours. This investment is riskier than a bank deposit. The securities are
More informationProduct Disclosure Statement Offer of ASB Subordinated Notes 2
Product Disclosure Statement Offer of ASB Subordinated Notes 2 Date: 25 October 2016 Issuer of ASB Subordinated Notes 2: ASB Bank Limited Issuer of CBA Ordinary Shares if ASB Subordinated Notes 2 are Converted:
More informationANZ Capital Notes 5 and CPS3 Buy-Back Facility
News Release For release: 16 August 2017 ANZ Capital Notes 5 and CPS3 Buy-Back Facility ANZ today announced that it intends to offer a new Additional Tier 1 capital security, ANZ Capital Notes 5, to raise
More informationNew Market Procedures and Templates
New Market Procedures and Templates 14 March 2014 Consultation Draft Contents Introduction... 3 1. Directors Acknowledgements Template... 4 2. Business Update Template... 5 3. Listing Document Template...
More informationStandard Conditions for discretionary investment management service (DIMS) licences
Standard Conditions for discretionary investment management service (DIMS) licences If we grant you a DIMS licence, the licence will be subject to conditions. See section 402 of the Financial Markets Conduct
More informationFinancial Markets Authority. Statement of Investment Policy and Objectives and Limit Breaks Consultation Paper
Submission to the Financial Markets Authority on the Statement of Investment Policy and Objectives and Limit Breaks Consultation Paper 26 September 2014 NEW ZEALAND BANKERS ASSOCIATION Level 15, 80 The
More informationSocial Security Legislation Rewrite Bill PCO note on changes in RT Bill - PCO v 20.0
Social Security Legislation Rewrite Bill PCO note on changes in RT Bill - PCO 18594 v 20.0 Summary Table 1 More significant changes (as recommended in the departmental report) clauses 27, 28 (page 41)
More informationStandard Conditions for derivatives issuer licences
Standard Conditions for derivatives issuer licences Who do these conditions apply to? Licensed derivatives issuers: If we grant you a derivatives issuer licence under section 396 of the FMC Act, the licence
More informationWestpac Banking Corporation Indicative Terms Sheet
Westpac Banking Corporation Indicative Terms Sheet Dated 26 July 2016 For an issue of up to NZ$250 million Westpac NZD Subordinated Notes (Notes) (with the option to accept unlimited oversubscriptions)
More informationMinistry of Business, Innovation and Employment. Draft Financial Services Legislation Amendment Bill and proposed transitional arrangements
Submission to the Ministry of Business, Innovation and Employment on the Draft Financial Services Legislation Amendment Bill and proposed transitional arrangements 4 April 2017 NEW ZEALAND BANKERS ASSOCIATION
More informationSeptember 2017 CONSULTATION PAPER DELISTING AND OTHER RULE AMENDMENTS
September 2017 CONSULTATION PAPER DELISTING AND OTHER RULE AMENDMENTS CONTENTS Page No. EXECUTIVE SUMMARY 1 CHAPTER 1: INTRODUCTION 2 CHAPTER 2: LONG SUSPENSION, DELISTING FRAMEWORK AND PROPOSED RULE AMENDMENTS
More informationIssue of US$1,500,000,000 Fixed Rate Subordinated Notes. Notice under section 708A(12H)(e) of the Corporations Act 2001 (Cth)
Media Release For release: 19 May 2016 Issue of US$1,500,000,000 Fixed Rate Subordinated Notes Notice under section 708A(12H)(e) of the Corporations Act 2001 (Cth) Today Australia and New Zealand Banking
More informationWestpac Capital Notes 5
Capital Notes 5 Prospectus and CPS Reinvestment Offer Information Issuer Banking Corporation ABN 33 007 457 141 Date of this Prospectus 5 February 2018 Arranger Institutional Bank Joint Lead Managers Institutional
More informationProspectus NAB Capital Notes
Prospectus NAB Capital Notes Prospectus for the issue of NAB Capital Notes to raise $1.25 billion with the ability to raise more or less. This investment is riskier than a bank deposit. The securities
More informationFor personal use only
For personal use only 800 Bourke Street Docklands VIC 3008 AUSTRALIA www.nabgroup.com Thursday, 17 December 2015 ASX Announcement NATIONAL AUSTRALIA BANK LIMITED ( NAB ) AND BANK OF NEW ZEALAND ( BNZ )
More information7.1 OFFERING DOCUMENTS AND ADVERTISEMENTS
7. ISSUES AND BUY BACKS OF SECURITIES 7.1 OFFERING DOCUMENTS AND ADVERTISEMENTS 7.1.1 Offering Document: An Issuer or applicant for Listing shall prepare and issue an Offering Document: (Amended 1/5/04)
More informationPARTICIPANT CLIENT ARRANGEMENTS
SECTION 7 PARTICIPANT CLIENT ARRANGEMENTS 7.1 SPONSORSHIP AGREEMENTS GENERAL... 2 7.1.1 Establishment of Participant Sponsored Holdings... 2 7.1.2 Breach of Sponsorship Agreement... 2 7.1.3 Inconsistency
More informationProposals for the New Zealand Accounting Standards Framework
Proposals for the New Zealand Accounting Standards Framework Incorporating the Draft Tier Strategy and Presented to the Minister of Commerce in accordance with Section 34A of the Financial Reporting Act
More informationPERLS V PROSPECTUS. Perpetual Exchangeable Resaleable Listed Securities. Joint Structuring Advisers: CommSec Macquarie
PROSPECTUS PERLS V Perpetual Exchangeable Resaleable Listed Securities Joint Structuring Advisers: CommSec Macquarie Joint Lead Managers and Joint Bookrunners: ANZ Securities Citi CommSec Credit Suisse
More informationPERLS VI. Perpetual Exchangeable Resaleable Listed Securities. Prospectus and PERLS IV Reinvestment Offer Information
Issuer Commonwealth Bank of Australia ABN 48 123 123 124 Date of Prospectus 3 September 2012 Prospectus and PERLS IV Reinvestment Offer Information PERLS VI Perpetual Exchangeable Resaleable Listed Securities
More informationImplementation Guidelines for. Hybrid Capital Instruments
10 December 2009 Implementation Guidelines for Hybrid Capital Instruments Executive summary 1. The latest amendments to the Capital Requirements Directive (CRD) 1 introduce explicit rules for the treatment
More informationANZ updates wholesale domestic debt issuance program
News Release For Release: 15 October 2018 ANZ updates wholesale domestic debt issuance program ANZ today updated its Australian dollar wholesale debt issuance program for the issue of medium term notes
More informationWestpac Capital Notes 3
Westpac Capital Notes 3 PROSPECTUS ISSUER Westpac Banking Corporation ABN 33 007 457 141 DATE OF THIS PROSPECTUS 27 July 2015 ARRANGER Westpac Institutional Bank JOINT LEAD MANAGERS Westpac Institutional
More informationREGULATORY SYSTEMS (COMMERCIAL MATTERS) AMENDMENT BILL
REGULATORY SYSTEMS (COMMERCIAL MATTERS) AMENDMENT BILL Departmental Report to Commerce Committee 14 December 2016 The Chair Commerce Committee 1. This is the Departmental report on the Regulatory Systems
More informationIssue of US$800,000,000 Subordinated Notes. Notice under section 708A(12G)(e), Corporations Act 2001 (Cth)
Media Release For Release: 19 March 2014 Issue of US$800,000,000 Subordinated Notes Notice under section 708A(12G)(e), Corporations Act 2001 (Cth) Today Australia and New Zealand Banking Group Limited
More informationWestpac Capital Notes 4 PROSPECTUS AND WESTPAC TPS REINVESTMENT OFFER INFORMATION
Westpac Capital Notes 4 PROSPECTUS AND WESTPAC TPS REINVESTMENT OFFER INFORMATION ISSUER Westpac Banking Corporation ABN 33 007 457 141 DATE OF THIS PROSPECTUS 17 May 2016 ARRANGER Westpac Institutional
More informationCOMPANION POLICY MUTUAL FUNDS PART 1 PURPOSE
COMPANION POLICY 81-102 MUTUAL FUNDS PART 1 PURPOSE 1.1 Purpose Purpose - The purpose of this Policy is to state the views of the Canadian securities regulatory authorities on various matters relating
More informationASIC Guidance: Funds Management, Corporate Collective Investment Vehicles and the Asia Region Funds Passport
ASIC Guidance: Funds Management, Corporate Collective Investment Vehicles and the Asia Region Funds Passport Submissions to ASIC Allens 2 December 2017 Allens welcomes the opportunity to comment on the
More informationTO: FINANCE AND EXPENDITURE COMMITTEE CLERK OF THE COMMITTEE, SELECT COMMITTEE OFFICE
TO: FINANCE AND EXPENDITURE COMMITTEE CLERK OF THE COMMITTEE, SELECT COMMITTEE OFFICE ON: TAXATION (ANNUAL RATES FOR 2017 18, EMPLOYMENT AND INVESTMENT INCOME, AND REMEDIAL MATTERS) BILL 5 JULY 2017 INTRODUCTION
More informationReview of the NZX Listing Rules
Review of the NZX Listing Rules Discussion Paper Simpson Grierson Feedback 17 November 2017 Introduction Thank you for the opportunity to provide our comments on the "NZX Listing Rule Review" discussion
More informationChapter 1. Admission
Chapter 1 Table of Contents The main headings in this chapter Rules ASX Listing 1.1-1.7 ASX Debt Listing 1.8-1.10 ASX Foreign Exempt Listing 1.11-1.15 Rules that apply to all entities 1.16-1.20 ASX Listing
More informationDebentures improving disclosure for retail investors
REGULATORY GUIDE 69 Debentures improving disclosure for retail investors August 2008 About this guide This guide is for issuers and others involved with the issue of debentures. It sets out guidelines
More informationDiscussion paper. Regulations to support measures to address the misuse of the Financial Service Providers Register. April 2018
Discussion paper Regulations to support measures to address the misuse of the Financial Service Providers Register April 2018 Permission to reproduce Crown Copyright This work is licensed under the Creative
More informationAMP Subordinated Notes 2
Prospectus for the issue of subordinated notes Issuer AMP Limited (ABN 49 079 354 519) Structuring adviser Joint lead managers Co-managers Important notices About this prospectus This prospectus relates
More informationKiwi Capital Funding Limited
Kiwi Capital Funding Limited Interim Financial Statements For the six months ended. Contents Directory 3 Interim Financial Statements Income statement 4 Statement of comprehensive income 4 Statement of
More informationFor personal use only
For personal use only Convertible Preference Shares 2 Prospectus and SPS Reinvestment Offer Information Prospectus for the issue of Convertible Preference Shares 2 to raise $200 million with the ability
More informationINFORMATION MEMORANDUM
INFORMATION MEMORANDUM AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED Australian Business Number 11 005 357 522 (Incorporated with limited liability in Australia) AUSTRALIAN DOLLAR DEBT ISSUANCE PROGRAMME
More informationSupplementary Regulatory Impact Statement: A New Trusts Act Commercial and Financial Trusts
Supplementary Regulatory Impact Statement: A New Trusts Act Commercial and Financial Trusts Agency Disclosure Statement This supplementary Regulatory Impact Statement (RIS) has been prepared by the Ministry
More informationWESTPAC SUBORDINATED NOTES II
WESTPAC SUBORDINATED NOTES II PROSPECTUS issuer Westpac Banking Corporation abn 33 007 457 141 Date of this PROSPECTUS 18 July 2013 ARRANGERS Westpac Institutional Bank UBS JOINT LEAD MANaGERS AND joint
More informationEMPLOYEE SHARE SCHEME PROSPECTUS
EMPLOYEE SHARE SCHEME PROSPECTUS Dated 26 August 2015 This Prospectus FULTON HOGAN LIMITED EMPLOYEE SHARE SCHEME PROSPECTUS This is a Prospectus in respect of the offer of fully paid ordinary shares (
More informationSuncorp Group Limited Capital Notes Prospectus. Prospectus for the issue of Capital Notes to raise $300 million with the ability to raise more or less
Suncorp Group Limited Capital Notes Prospectus Prospectus for the issue of Capital Notes to raise $300 million with the ability to raise more or less Issuer Suncorp Group Limited Arranger UBS Joint Lead
More informationANZ CAPITAL NOTES 2 PROSPECTUS
ANZ CAPITAL NOTES 2 PROSPECTUS PROSPECTUS FOR THE ISSUE OF ANZ CAPITAL NOTES 2 TO RAISE $1 BILLION WITH THE ABILITY TO RAISE MORE OR LESS. ISSUER AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED (ABN 11
More informationCOMMONWEALTH BANK OF AUSTRALIA ISSUE OF U.S. $1.25 BILLION TIER 2 CAPITAL SUBORDINATED NOTES
COMMONWEALTH BANK OF AUSTRALIA ISSUE OF U.S. $1.25 BILLION TIER 2 CAPITAL SUBORDINATED NOTES Notice under section 708A(12H)(e) Corporations Act 2001 (Cth) Wednesday, 10 January 2018: Commonwealth Bank
More informationPRA RULEBOOK: CRR FIRMS: DEFINITION OF CAPITAL AMENDMENT INSTRUMENT 2016
PRA RULEBOOK: CRR FIRMS: DEFINITION OF CAPITAL AMENDMENT INSTRUMENT 2016 Powers exercised A. The Prudential Regulation Authority ( PRA ) makes this instrument in the exercise of the following powers and
More informationKiwi Capital Funding Limited. Interim Financial Statements
Kiwi Capital Funding Limited Interim Financial Statements For the six months ended 31 December 2017 Contents Directory 3 Interim financial statements 4 Income statement 4 Statement of comprehensive income
More informationSuncorp Group Limited Capital Notes 2 Prospectus
Suncorp Group Limited Capital Notes 2 Prospectus Prospectus for the issue of Capital Notes 2 to raise $300 million with the ability to raise more or less Issuer Suncorp Group Limited Arranger UBS Joint
More informationNew Zealand s AML/CFT Regime: Impact on AFMA members. Presented by Lloyd Kavanagh June 2013
New Zealand s AML/CFT Regime: Impact on AFMA members Presented by Lloyd Kavanagh June 2013 7941703 Agenda Objective and timing of the new AML/CFT regime Key features of the new AML/CFT regime Similar in
More informationNext Generation Platform Risk Warning Notice. CMC Markets NZ Limited. 21 June Company Registration Number
CMC Markets NZ Limited Next Generation Platform Risk Warning Notice 21 June 2018 Company Registration Number 1705324 CMC Markets NZ Limited Risk Warning Notice 1 Significant risks of trading CMC Markets
More informationSection 2: Answers to key questions
Section 2: Answers to key questions This Section answers some key questions you may have about ANZ StEPS regarding: 1. Structure 2. Risks 3. Taxation consequences 4. Distributions 5. Reset of terms 6.
More informationDiscretionary Investment Management Services: Financial Adviser and Financial Markets Conduct Regulations
OFFICE OF THE MINISTER OF COMMERCE The Chair Cabinet Business Committee Discretionary Investment Management Services: Financial Adviser and Financial Markets Conduct Regulations Proposal 1 That Cabinet
More information1. The Regulatory Approach
Section 2601. Tax Imposed 26 CFR 26.2601 1: Effective dates. T.D. 8912 DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 26 Generation-Skipping Transfer Issues AGENCY: Internal Revenue Service
More informationBOQ Capital Notes Prospectus
BOQ Capital Notes Prospectus Prospectus for the issue of Bank of Queensland Limited Capital Notes to raise $325 million with the ability to raise more or less Issuer Bank of Queensland Limited ABN 32 009
More informationPROPOSED ISSUE OF RESET EXCHANGEABLE SECURITIES BY A WHOLLY-OWNED SUBSIDIARY, IAG FINANCE (NEW ZEALAND) LIMITED
Insurance Australia Group Limited ABN 60 090 739 923 388 George Street Sydney NSW 2000 Telephone 02 9292 9222 iag.com.au 22 November 2004 Manager, Company Announcements Office Australian Stock Exchange
More informationSequoia Deferred Purchase Agreement with Loan Master Product Disclosure Statement
Sequoia Deferred Purchase Agreement with Loan Master Product Disclosure Statement Master Product Disclosure Statement 14 August 2017 Important information This Master PDS is for the offer of an agreement
More informationResponse to submissions on CP 288 and CP 289 on crowdsourced
REPORT 544 Response to submissions on CP 288 and CP 289 on crowdsourced funding September 2017 About this report This report highlights the key issues that arose out of the submissions received on Consultation
More informationCOMMBANK PERLS IX CAPITAL NOTES
Prospectus COMMBANK PERLS IX CAPITAL NOTES Issuer Commonwealth Bank of Australia ABN 48 123 123 124 Arrangers Commonwealth Bank of Australia Morgan Stanley Australia Securities Limited Date of Prospectus:
More informationSCHEDULE 2 EXPLANATION OF EFFECT OF BEING TREATED AS AN ACCREDITED INVESTOR UNDER THE CONSENT PROVISIONS
SCHEDULE 2 EXPLANATION OF EFFECT OF BEING TREATED AS AN ACCREDITED INVESTOR UNDER THE CONSENT PROVISIONS This document explains the effect of the consent provisions when you are treated by us as an accredited
More informationMacquarie Bank Capital Notes
Macquarie Bank Capital Notes Prospectus for the issue of Macquarie Bank Capital Notes (BCN) to raise $420m with the ability to raise more or less Issuer Macquarie Bank Limited (ACN 008 583 542) Arranger
More informationOffering securities in New Zealand and Australia under mutual recognition
Offering securities in New Zealand and Australia under mutual recognition March 2011 About this guide This is a guide for New Zealand and Australian issuers offering securities or interests in managed
More informationFinancial Advisers (Custodians of FMCA Financial Products) Regulations 2014 (LI 2014/48)
Reprint as at (LI 2014/48) Jerry Mateparae, Governor-General Order in Council At Wellington this 24th day of February 2014 Present: His Excellency the Governor-General in Council Pursuant to section 154
More informationCommonwealth Bank issues JPY13,300,000,000 Tier 2 Capital Subordinated Notes
Commonwealth Bank issues JPY13,300,000,000 Tier 2 Capital Subordinated Notes Notice under section 708A(12H)(e) Corporations Act 2001 (Cth) Wednesday, 15 March 2017: Commonwealth Bank of Australia (CBA)
More informationSuncorp Group Limited CPS3 Offer. 31 March 2014
Suncorp Group Limited CPS3 Offer 31 March 2014 Important Notice This presentation has been prepared and authorised by Suncorp Group Limited (ABN 66 145 290 124) ( Suncorp ) in relation to the proposed
More informationFirst-Time Adoption of International Financial Reporting Standards
Audit and Assurance First-Time Adoption of International Financial Reporting Standards Discussion Paper December 2003 Contents Contents 1. Executive Summary 3 2. Harmonisation in New Zealand 4 3. Application
More informationDesign and Distribution Obligations and Product Intervention Power Draft Legislation and Explanatory Memorandum
15 August 2018 Manager Consumer and Corporations Policy Division The Treasury Langton Crescent PARKES ACT 2600 By email: productregulation@treasury.gov.au Design and Distribution Obligations and Product
More informationReport on hybrid financial instrument disclosures. May 2013
Report on hybrid financial instrument disclosures May 2013 Financial Markets Authority Website: www.fma.govt.nz Auckland Office Level 5, Ernst & Young Building 2 Takutai Square, Britomart PO Box 106 672
More informationNAB SUBORDINATED NOTES 2 INVESTOR PRESENTATION
NAB SUBORDINATED NOTES 2 INVESTOR PRESENTATION February 2017 IMPORTANT NOTICE This document has been prepared by National Australia Bank Limited ABN 12 004 044 937 ( NAB ) in relation to its proposed offer
More informationIMPLEMENTATION OF THE TAKEOVERS DIRECTIVE
IMPLEMENTATION OF THE TAKEOVERS DIRECTIVE Response to PCP 2005/5 by the Joint Working Party on Takeovers of the Law Society of England and Wales' Standing Committee on Company Law and the City of London
More informationJUDGMENT OF: His Honour Deputy President Judge BP Gilchrist His Honour Deputy President Judge PD Hannon Deputy President M Calligeros
Pennington v Return to Work SA [2016] SAET 21 SOUTH AUSTRALIAN EMPLOYMENT TRIBUNAL PENNINGTON, Donna v RETURN TO WORK SA JURISDICTION: Referral FILE NO: 7648 of 2015 HEARING DATE: 28 April 2016 JUDGMENT
More informationConsultation: ESMA s draft Technical Advice to the European Commission on possible implementing measures of the AIFMD
Corporate & Institutional Banking Trustee & Depositary services 15 Bishopsgate London, EC2P 2AP 13 September 2011 Telephone: 020 7877 9012 Facsimile: 0845 878 9102 To: ESMA Consultation: ESMA s draft Technical
More informationNew Zealand Equivalent to International Financial Reporting Standard 12 Disclosure of Interests in Other Entities (NZ IFRS 12)
New Zealand Equivalent to International Financial Reporting Standard 12 Disclosure of Interests in Other Entities (NZ IFRS 12) Issued June 2011 and incorporates amendments up to and including 30 November
More informationEBA/CP/2012/02 CONSULTATION PAPER ON DRAFT REGULATORY TECHNICAL STANDARDS ON OWN FUNDS POSITION PAPER SUBMITTED BY RAIFFEISEN BANKING GROUP AUSTRIA
EBA/CP/2012/02 CONSULTATION PAPER ON DRAFT REGULATORY TECHNICAL STANDARDS ON OWN FUNDS POSITION PAPER SUBMITTED BY RAIFFEISEN BANKING GROUP AUSTRIA Q01. Are the provisions on the meaning of foreseeable
More informationNAB. Equity Lending. Product Disclosure Statement Effective
NAB Equity Lending Product Disclosure Statement Effective 01.12.10 1 Contents This Product Disclosure Statement (PDS) is a summary of significant information and contains a number of references to important
More informationFor personal use only
ANZ Subordinated Notes Offer AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED February 2012 Disclaimer Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) ("ANZ") is the proposed issuer
More informationDiverse Group Limited 2011 Special Edition
Diverse Limited 2011 Special Edition Illustrative Financial Statements under NZ IFRS (Reduced Disclosure Regime) November 2012 kpmg.com/nz Diverse Limited financial statements 2 This publication has been
More informationAllied Irish Banks, p.l.c. comments on the Proposal for a common EU definition of Tier 1 hybrids
Allied Irish Banks, p.l.c. comments on the Proposal for a common EU definition of Tier 1 hybrids Allied Irish Banks, p.l.c. (AIB) welcomes the opportunity to respond to the CEBS draft proposal for a common
More informationCOMMBANK PERLS VIII CAPITAL NOTES
Prospectus and PERLS III Reinvestment Offer Information COMMBANK PERLS VIII CAPITAL NOTES Issuer Commonwealth Bank of Australia ABN 48 123 123 124 Date of Prospectus: 24 February 2016 Arrangers Joint Lead
More informationSupplementary Order Paper 220: Taxation (Tax Administration and Remedial Matters) Bill
Supplementary Order Paper 220: Taxation (Tax Administration and Remedial Matters) Bill Officials Report to the Finance and Expenditure Committee on s on the Bill May 2011 Prepared by the Policy Advice
More informationProposed guidance on substantial product holder disclosures
Consultation paper 4 May 2017 Proposed guidance on substantial product holder disclosures About this consultation paper We are seeking feedback on our proposed guidance on substantial product holders disclosure
More informationResponse form for the Consultation Paper on format and content of the prospectus
Response form for the Consultation Paper on format and content of the prospectus 6 July 2017 Date: 6 July 2017 Responding to this paper ESMA invites responses to the questions set out throughout this Consultation
More informationGuidance under Section 851 Relating to Investments in Stock and Securities
This document is scheduled to be published in the Federal Register on 09/28/2016 and available online at https://federalregister.gov/d/2016-23408, and on FDsys.gov DEPARTMENT OF THE TREASURY Internal Revenue
More informationDividend Reinvestment Plan
Dividend Reinvestment Plan Djerriwarrh Investments Limited ABN 38 006 862 693 Summary The principal features of the Djerriwarrh Investments Limited (Djerriwarrh or the Company) Dividend Reinvestment Plan
More informationThis is a product ruling made under section 91E of the Tax Administration Act 1994.
PRODUCT RULING - BR Prd 10/01 This is a product ruling made under section 91E of the Tax Administration Act 1994. Persons to whom the Ruling applies ( the Applicants ) This Ruling has been applied for
More informationConsultation Paper: Proposed exemption to facilitate personalised robo-advice
Consultation paper June 2017 Consultation Paper: Proposed exemption to facilitate personalised robo-advice About this consultation paper We are considering using our exemption powers to facilitate the
More information1 Important Information
Contents Section 1: Important Information Page 3 Section 2: Key Information Page 5 Section 3: How to Trade Page 12 Section 4: Share CFDs Page 31 Section 5: Futures CFDs Page 41 Section 7: Significant Risks
More informationProspectus Rules. Chapter 2. Drawing up the prospectus
Prospectus ules Chapter Drawing up the Section.1 : General contents of.1 General contents of.1.1 UK General contents of... Sections 87A(), (A), (3) and (4) of the Act provide for the general contents of
More informationClass Ruling Income tax: Bendigo and Adelaide Bank Limited allotment of convertible preference shares
Page status: legally binding Page 1 of 31 Class Ruling Income tax: Bendigo and Adelaide Bank Limited allotment of convertible preference shares Contents LEGALLY BINDING SECTION: Para What this Ruling is
More informationBonus Share Plan Booklet
Bonus Share Plan Booklet Cedar Woods Properties Limited ABN 47 009 259 081 Level 2 50 Colin Street West Perth, WA 6005 T (08) 9480 1500 F (08) 9480 1599 www.cedarwoods.com.au email@cedarwoods.com.au Contents
More informationRegister of ASX Listing Rule Waivers
1 to 15 July 2018 The purpose of this register is to record when ASX has exercised its discretion and granted a waiver from the ASX Listing rules. Waivers are published bi-monthly and include information
More information1.1 Preliminary 1.2 Requirement for a prospectus and exemptions
Prospectus Rules PR Contents Prospectus Rules PR 1 Preliminary 1.1 Preliminary 1.2 Requirement for a prospectus and exemptions PR 2 Drawing up the prospectus 2.1 General contents of prospectus 2.2 Format
More informationFor personal use only
ASF GROUP LIMITED ACN 008 924 570 Non-Renounceable Rights Issue - Offer Document For a non-renounceable pro-rata offer to Eligible Shareholders of up to 55,880,000 New Shares at an issue price of $0.18
More informationRegister of ASX Listing Rule Waivers
1 to 15 August 2017 The purpose of this register is to record when ASX has exercised its discretion and granted a waiver from the ASX Listing rules. Waivers are published bi-monthly and include information
More information8 July KiwiSaver Periodic Reporting Regulations Investment Law Team Ministry of Economic Development PO Box 1473 WELLINGTON.
8 July 2011 KiwiSaver Periodic Reporting Regulations Investment Law Team Ministry of Economic Development PO Box 1473 WELLINGTON To the Chair, WORKPLACE SAVINGS NZ Submission on the Proposed fee and levy
More informationThis article considers the changes that the new Regulation will make to the current prospectus regime for equity issuers.
The new Prospectus Regulation: Key features for equity issuers July 2017 simmon-simmons.com elexica.com Overview The long-awaited Prospectus Regulation (the Regulation), which repeals and replaces the
More information