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    JUNE 2017 FINANCIAL SERVICES UPDATE Changes to FMC Regulations will relieve annual report distribution burden The Minister of Commerce and Consumer Affairs Once the amended regulations are in place: has announced changes to be made to the • The alternative process will be mandatory for issuers Financial Markets Conduct Regulations 2014 later of equity securities who are FMC Reporting Entities, who will be given a few months to comply. Currently, this year, allowing issuers of certain financial issuers with fewer than 50 shareholders are not FMC products to make their annual reports available Reporting Entities. electronically rather than having to send copies • Other FMC Reporting Entities such as licensed (or alternative notices) as currently required by supervisors, issuers of debt securities, banks and licensed insurers will have the option of adopting the section 209 of the Companies Act 1993. You can alternative process. get a copy of the Cabinet paper here. The Government intends to consult on whether the An ‘alternative process’ is proposed, which will involve: alternative process should be available to managed • Product holders elect to receive reports investment schemes as well. electronically: the issuer must send its product We applaud the Minister’s move in this regard which can holders a notice at least once, asking them if they only be beneficial to both issuers and product holders. would like to receive annual reports (free of charge) If you have any questions, or if you need any more either in hard copy or by email. This notice must information, please contact one of our experts. include details of the issuer’s website and can be sent electronically (if the product holder previously elected to receive electronic communications) or by the holder of the issuer’s register. Product holders who do not respond will not be sent a copy of the annual report. • Issuer publishes report on its website: the issuer must make its annual report available on its website for at least 5 years. Financial Services Update - Changes to FMC Regulations will relieve annual report distribution burden | 1

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    KEY CONTACTS Nicole MacFarlane Bryan Ventura Special Counsel Solicitor T +64 9 300 3891 T +64 9 916 3791 nicole.macfarlane@dlapiper.com bryan.ventura@dlapiper.com ABOUT DLA PIPER NEW ZEALAND DLA PIPER OFFICES DLA Piper New Zealand is part of DLA Piper, a global law firm Auckland Wellington operating through various separate and distinct legal entities. DLA Piper Tower Chartered Accountants House Further information can be found at www.dlapiper.com 205 Queen Street 50 - 64 Customhouse Quay Auckland NZ 1010 Wellington NZ 6011 COPYRIGHT T +64 9 303 2019 T +64 4 472 6289 If you would like to reproduce any of this publication, please contact nzcommunications@dlapiper.com nzcommunications@dlapiper.com nzcommunications@dlapiper.com This publication is intended as a general overview and discussion of the subjects dealt with, and does not create a lawyer-client relationship. It is not intended to be, and should not be used as, a substitute for taking legal advice in any specific situation. DLA Piper will accept no responsibility for any actions taken or not taken on the basis of this publication. This may qualify as “Lawyer Advertising” requiring notice in some jurisdictions. Prior results do not guarantee a similar outcome. Copyright © 2017 DLA Piper. All rights reserved. | JUNE 17 Financial Services Update - Changes to FMC Regulations will relieve annual report distribution burden | 2

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