The Financial Markets Authority (FMA) is planning to consult on a proposed class exemption for firms making initial public offers (IPOs). FMA has granted specific exemptions for two recent offers, namely Genesis Energy Limited and Intueri Education Group.
Those two exemptions included – among other things - exemptions for form and content of the investment statements. FMA proposes to make the form and content exemptions the subject of a class exemption.
Under the proposal, a class exemption would apply to any firm making a similar IPO, if they elect to take up the exemption.
An issuer that requires any additional exemptions – beyond those covering form and content - would need to apply to FMA in the usual manner.
Two investments statements which provide an indication of how information could be presented under such a class exemption are attached (Genesis and Intueri).
The complete Genesis and Intueri exemptions are available here.
FMA plans to consult formally on the exemption including publication of a draft class exemption notice, in the next few weeks. Ahead of the formal consultation we invite comments on:
Please provide any comments to us by Tuesday, 27 May 2014. FMA will carry out a formal consultation during June.
Feedback can be provided to firstname.lastname@example.org. Please include: ‘Feedback –Class Exemption for IPOs’ in the subject line.
Media queries – Andrew Park: 021 220 6770