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Consultation: Request for Feedback – Class Exemption Review

The final date for submissions was Monday, 7 May 2012.

44 class exemption notices will expire between June and November 2012.  The bulk of these expire on 30 September 2012.

FMA is keen to work with all stakeholders including market participants, investors, and advisers and representatives to see that these exemptions work together effectively with the legislative regime to facilitate the development of New Zealand's capital markets, while balancing the need to ensure investors are fully informed. We therefore seek submissions on the expiring exemptions from stakeholders to assist with this review process.

Submission process

We would like your feedback on the notices under review.  We are particularly keen to receive feedback on the questions outlined on pages four to six of the consultation document.

Please email your feedback, providing it in both PDF and word documents.  The e-mail subject line should identify that the email contains a submission on the class exemption review, and who the submission is from, eg 'Submission on Class Exemption Review by [submitter's name]'.

Next steps

We are reviewing all of these class notices and propose to complete the review of each before it expires.  This will provide a seamless ability for issuers to continue to rely on the notices that are renewed without substantive amendment.

Where it is determined an exemption is no longer warranted, or that substantive amendments are required, notice will be given or transitional provisions provided, to give issuers an appropriate opportunity to make any changes necessary to offer document disclosure or conduct procedures.

Our process and timeline will vary depending on the significance of issues under consideration.  The general timetable we will work to is summarised in the consultation document.

To complete our review of a particular notice it may be necessary or useful for us to share and discuss a submission with another regulator.  In particular we note that all submissions received in relation to notices affecting deposit takers are likely to be shared with the Reserve Bank.

More generally we note we will not treat any part of your submission as confidential unless you specifically request we do so.  Submissions will be subject to the Official Information Act 1982.  We may make submissions available on our website, may compile a summary of the submissions or draw attention to individual submissions in internal or external reports.

If you would like us to withhold any commercially sensitive, confidential or proprietary information included in your submission, please clearly state this in your submission and identify the relevant extracts of information.  We will consider any request to have information withheld in accordance with our obligations under the Official Information Act.