FMA seeks consultation on investor exclusion exemption notice
The FMA are seeking industry feedback on the Financial Markets Conduct (Wholesale Investor Exclusion) Exemption Notice 2017, which will expire on February 4, 2022.
Wednesday, January 20th 2021, 6:00AM
The FMA have released a request for all interested people including wholesale investors, banks, brokers, issuers and legal advisers to reach out to them with comment informing their review of the Financial Markets Conduct (Wholesale Investor Exclusion – $750,000 Minimum Investment) Exemption Notice 2017.
The current FMC Act provides statutory exclusions from the standard requirements of the regulated offers regime. This is a bright-line test set on the basis of this size of investment, aimed at creating more speed and efficiency in the marketplace of wholesale investment.
The current system has the caveat that a prescribed warning must be included on the front of all key offer documents and an investor acknowledgement must be obtained.
A statement from the FMA says, “The review of the wholesale investor notice provides us with the opportunity to work with stakeholders, including wholesale investors, banks, brokers, issuers and legal advisers. We require information about how the exemptions in the wholesale investor notice are being used, in order to be satisfied that they remain relevant and appropriate, and that retail investors are not being negatively affected by the lack of warning and acknowledgement requirements.”
Interested parties who would like to make a submission are encouraged to read further here:
Feedback closes February 26, 2021.
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