The Financial Markets Authority (FMA) has recently published their revised draft guidance note for issuers of securities, and their directors and advisers, on preparation of effective disclosure documents.
The revised document does not change or add to existing legal requirements but seeks to help issuers comply with those requirements, and have confidence that they understand the FMA’s approach, including how it will interpret and apply the law relating to their responsibilities.
The FMA has however emphasised that the guidance is not a compliance ‘check list’ and not every example given will be relevant to every offer. The guidance highlights the importance of issuers and their directors assessing what information will be material to an investor’s decision about whether or not to invest. The FMA aims to publish the final guidance by 31 May 2012.