This guidance note aims to:
- Inform market participants about the findings from our review of disclosure notices submitted by people who have substantial holdings in listed issuers (“substantial product holders” or “SPHs”) and highlight areas of concern.
- Remind SPHs of their statutory disclosure obligations under the Financial Markets Conduct Act 2013 (FMC Act) and Financial Markets Conduct Regulations 2014 (Regulations).
- Clarify what we expect of market participants in relation to their substantial product holder disclosures.
- Provide guidance in those areas of possible confusion about how the FMC Act and Regulations are applied.
FMA review of market disclosures 2014
This report was first published by the Financial Markets Authority (FMA) in June 2013 and discusses disclosure obligations under the SMA.