The Financial Markets Authority (FMA) of New Zealand, proposes disclosure by substantial product holders.
- Consultation as to whether those managing funds should make disclosure for financial products.
- For fund management firms that have substantial product holding (SPH) in listed issuer.
- Guidance to help to better understand obligation, and promote consistency in disclosure.
- Noted a difference in approach to way fund management firms make an SPH disclosures.
- Draft guidance provided that individuals that manage fund usually had relevant interest.
- To make disclosure when have power to acquire, dispose vote attached to 5% of product.
- Or disclose when have personal holding in listed issuer, power to acquire, dispose votes
attached to products in the same issuer, together with holding, that meets 5% threshold.
- Comment period to 16 June 2017, after which NZ FMA will consider to issue guidance.
Read the Consultation Paper.