Discussion Document: Capital Markets Reforms (Phase Two)

Ministry of Business, Innovation and Employment

Our submission addresses the following issues:

• Product disclosure statements (PDS): NZBA supports simplification of PDS so long as the regime retains its purpose of assisting investors to make informed
  decisions.
• Civil liabilities for directors and issuers: NZBA supports MBIE looking further into the removal of deemed director liability, along with potential adjustments to
  the statutory defences available.
• Wholesale investor issues: NZBA supports clarification of the criteria for wholesale investor eligibility, and removal of renewal requirements.
• Additional topics for submission: We have also provided comments on the same class / quoted financial product exclusion in clause 19, Schedule 1 of the
  Financial Markets Conduct Act 2013  and the application of the Approved Issuer Levy  to certain issuances.