A financial lobby group says imposing additional requirements on companies trying to raise money from the public won't help investors, and could result in lengthy prospectuses.
The Financial Markets Authority has been consulting with industry players on how to prepare and present effective prospectuses and investment statements, by avoiding unnecessary jargon and confusing information, and painting an equal picture of the risks and returns.
Submissions closed on Friday, and the regulator plans to issue a final guidance note before the end of the month.
But the Institute of Finance Professionals New Zealand, which represents about 700 capital market players, says as it is currently worded, the draft note imposes new and substantial requirements on firms raising money.
The institute's executive director, Jim McElwain, says that will lead to longer and more complex offer documents.
Mr McElwain says it would be helpful to have illustrations and examples of what the authority would or would not like to see.