The Financial Markets Authority (FMA) yesterday issued a consultation paper on how to prepare prospectuses and investment statements.
This is a good initiative and worthy of the FMA’s mandate to educate the market regarding its expectations as a regulator – something that the Securities Commission was not always very good at.
Our initial assessment is that much of the guidance proposed is sensible and reflects current best practice. However, in places, we think that the FMA’s approach is too heavy handed – seeking to prescribe requirements which are not material or currently required by New Zealand law.
Submissions are due by Friday, 9 March 2012.
Opening the first public session of the inquiry into the culture and ethics of the British press, Lord Justice Leveson said that at the inquiry's heart was one simple question: "Who guards the guardians?"
That same question is being asked by the Law Commission here, although without the star-studded roll call of witnesses and their high voltage claims of harassment and harm against the British tabloids.
Section 9 of the Law Reform Act 1936, recently the subject of the somewhat controversial Steigrad decision, has been held to apply to contracts of reinsurance in a High Court judgment delivered earlier this month.