New Zealand: FMA Issues Consultation Paper for Substantial Product Holders

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  • Draft guidance provided that individuals that manage fund usually had relevant interest.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.

Hong Kong – SFC Issues New Forms for Electronic Disclosures

On May 5, SFC issued forms for disclosure of interest notifications.

  • Covers new forms for electronic disclosure of interests notifications (DI notices).
  • They are to be filed through new Disclosure of Interests Online System (DION).
  • Notifications and reports to be filed electronically after 3-month transition period.
  • Filers will not be required to submit DI notices to listed corporation or the SFC.


  • New forms to use when mandatory electronic filing takes effect 3 July 2017.

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