The sixteenth in our series of tips and insights aims to help ensure you're ready for the challenges and opportunities posed by the Financial Markets Conduct Act 2013 (FMCA).
Last orders, please!
If you were thinking about electing to issue securities under the old Securities Act 1978 (1978 Act), then you only have a couple of weeks left to do so.
Even though the 1978 Act and its regulations have been repealed, an issuer can still register a prospectus and elect to offer under the 1978 Act on or before:
- 1 December 2016 in the case of 'continuous issue securities', or
- 1 December 2015 in any other case.
'Continuous issue securities' are limited to debt securities or managed investment products of a kind that were continuously offered to the public for subscription before 1 December 2014.
We're nearly ready to call time on the world of the prospectus and the investment statement for equity securities and one-off issues of financial products. There won't be any new unit trusts after 1 December 2015 either. If you want to create or offer any of these under the 1978 Act, then you'll need to act fast!
On the other hand, if you're ready to embrace the new world and to create and issue your financial products under the FMCA, or in reliance on one of the new exemptions in the FMCA, then get in touch with one of our experts.
We can help with the new world (and the old). If you require assistance, please contact us.