On May 14, NZ GVT issued amendments re financial information.
NZ GVT published Financial markets conduct amendment regulations 2025, making prospective financial information (PFI) optional for initial public offers (IPOs), adopting policies from several NZFiMA exemption notices, and make minor technical changes.
Removes requirement for IPO issuers to include PFI in product disclosure statements (PDS), giving issuers discretion to choose whether to include this information.
Eliminates prescriptive requirements for preparation and presentation of PFI that is provided for IPOs; issuers choosing to provide PFI may determine how and what PFI is provided without preparing it according to generally accepted accounting practice.
Issuers must still disclose the basis and assumptions on which PFI has been prepared.
Ensures comparative actual financial information in issuer's annual report remains comparable to the PFI provided; additionally adopts NZFiMA exemption notice policies.
Extends deadline for fund managers to provide 6-monthly confirmation information to product holders; extends deadline for restricted schemes like KiwiSaver to provide annual confirmation information to members to align with annual report deadline.
Establishes process for closed-ended scheme managers to waive annual meeting requirements with supervisor consent if consistent with scheme's interests.
Removes requirement to update risk indicator in replacement product disclosure statement (PDS) if lodged between quarter ending and fund update availability.
Removes requirements to update certain information on register when replacement product disclosure statement is lodged within the specified window.
Eliminates the requirement for the disclosure of counterparty names to derivative relevant interest transactions in substantial product holder disclosure requirements.
