January 26 2015
On 1 December 2014 the second phase of the implementation of the Financial Markets Conduct Act 2013 came into force. The Act has replaced the Securities Act 1978 as well as several other pieces of legislation and, in doing so, has completely overhauled New Zealand’s capital markets and financial services law.
Key changes brought in as part of the second phase include the new disclosure regime for offers of financial products, new offer and scheme registers, a new governance and accountability regime, and licensing requirements for a range of financial markets participants.
We also remind companies of the improved avenues for raising capital under the new legislation, some of which came into force in early 2014. As well, offering an employee share scheme is now significantly more straightforward than it used to be. If you’re looking at raising capital this year or putting an employee share scheme in place, we can help you get to grips with the new requirements.