Important changes to the law relating to LIC Co-operative Control Shares
02 Dec 2016
The Financial Markets Conduct Act 2013 (FMC Act) has been introduced to ensure investors and their advisors have the information they need to make informed investment decisions and to increase trust and confidence in the financial markets. The FMC Act governs how investment products, like LIC’s Co-operative Control Shares, are promoted and sold in New Zealand. The FMC Act requires issuers of shares, including LIC, to produce a new investment document called a Product Disclosure Statement (PDS). This new document replaces the old prospectus and investment statement.
On 1 December 2016, LIC registered its first PDS with the Companies Office relating to the issue of Co-operative Control Shares. The PDS is available here on the LIC website and on the Disclose Register (www.business.govt.nz/disclose - offer number OFR11202). Further information about LIC is also available on the Disclose Register.
We advise that you read the PDS and other relevant information on the Disclose Register and LIC website carefully and seek advice from a financial adviser if you have any questions. All new customers, and customers acquiring more Co-operative Control Shares at the end of each dairy season, will be given a copy of the PDS to read.
If you would like us to send you a copy of the PDS, please contact us on either 0800 542 742 or by email to firstname.lastname@example.org.