Consultation paper: Proposed exemption to enable dual-language product disclosure statements

The exemption notice has been published, along with a regulatory impact statement and submissions report that includes copies of individual submissions from the consultation. See media release.

We would like to thank everyone who provided input and shared their expertise during the process of considering the exemption, including those who participated in the targeted consultation, and submitted feedback on the initial consultation paper.

We have decided to grant an exemption to enable the provision of dual-language product disclosure statements provided in both te reo Māori and English.

The exemption will be subject to conditions. We will be carrying out targeted consultation on the draft exemption notice, including the scope of the conditions. We aim to finalise the exemption in the coming months. A submissions report and regulatory impact statement will also follow.

Please email consultation@fma.govt.nz if you are interested in producing a dual-language PDS in te reo Māori and English.

We are considering using our exemption powers to enable issuers to provide dual-language product disclosure statements (PDS). This would allow a PDS to be provided in full in both te reo Māori and English.

We think this would mean a PDS could be provided in a more engaging and accessible form for those who are more comfortable receiving information in te reo Māori.

If granted, the exemption will exempt issuers from the prescribed PDS length limits and, if necessary, some prescribed statements and formatting – subject to certain conditions.

We are also consulting on whether an exemption should also extend to PDSs provided in English and any other language, subject to any applicable conditions. We welcome your feedback on the exemption proposal.

Submissions closed by 5 pm

If you would prefer to meet with us in person to discuss the proposed exemption, please email consultation@fma.govt.nz by Thursday 3 May.