561A Financial reporting exemptions

(1)

An exemption granted under this subpart in relation to any provision of Part 7 may, if the FMA thinks fit, apply to an accounting period that commenced before the exemption is granted (including an accounting period that ended before the exemption is granted) if the exemption is granted before the financial statements or group financial statements for that period are required to be lodged under that Part.

(2)

In deciding whether to grant, amend, or revoke an exemption under this subpart in relation to any provision of Part 7, the FMA must consult the Reserve Bank if the exemption concerns any of the following:

(a)

a registered bank:

(b)

a licensed insurer:

(c)

an NBDT.

Section 561A: inserted, on 1 April 2014, by section 57 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).