Adviser investment statement text amended

Commerce Minister Simon Power announced the updated regulations, which come into force this Friday, to align the regulations with the Financial Advisers Act 2008.

He said the new regulations did not require the immediate revision of investment statements already in use of those currently being prepared.

"The old requirements will continue to apply to investment statements dated earlier than August 1, 2011. Issuers can, however, choose to comply with the new requirements from July 1," he said.

The amendments include adding information at the front of the investment statement to make reference to the new financial advisers regime and the Financial Markets Authority (FMA), the inclusion of a statement making prospective investors aware names and addresses may change after the date of the investment statement and where and how to obtain up-to-date names and contact information.