A securities lawyer is welcoming changes the Financial Markets Authority has made to controversial new requirements for companies trying to raise money from the public.
The FMA has been consulting the industry about how to prepare and present effective prospectuses and investment statements, by avoiding unnecessary jargon and confusing information.
But some in the industry had raised concerns about the costs and complexities involved.
The FMA recently issued a revised draft guidance, and is seeking yet more feedback from the public before issuing a final version in May.
Chapman Tripp partner Roger Wallis says the new draft shows the FMA has taken on board the criticisms made of its first effort.
Mr Wallis says this was the first significant consultation process the FMA has run, so it was always going to be something of a test case.