Financial Markets Authority does much better second time round on disclosure note

The revised draft guidance note on effective disclosure, released today by the Financial Markets Authority, shows that the FMA has taken on board the criticisms made of its first effort. The FMA has also released a detailed summary of its response to submissions.

As this is the first significant consultation process that the new regulator has run, it was always going to be something of a test case. A failure to listen may have undermined market confidence in the FMA - but it has now successfully dodged that bullet.

The changes the FMA has made are welcome and address many of the concerns submitters, including Chapman Tripp, raised.

The FMA seeks high level feedback on its overall approach and drafting comments by