New Zealand Legislation: Regulations
Regulations are laws made under Acts
This notice, which comes into force on the day after the date of its notification in the Gazette and expires on the close of 29 February 2012, exempts certain subsidiaries of Fisher & Paykel Finance Limited (Fisher) from being issuers under section 4(1)(ba) of the Financial Reporting Act 1993 (the Act) by virtue of being recipients of money raised by Fisher from an offer of debt securities to the public.
The Securities Commission considers that it is appropriate to grant the exemption because—
the conduit issuer provisions of the Act were introduced to require public reporting by entities that have the effective use of funds raised from the public, but which have structured themselves in such a way as to avoid being issuers under the Act:
in the situation covered by this notice investors will receive consolidated group reports that include all the financial information of the borrowing group:
the consolidated group reports are a good indication of the financial position and performance of the group as a whole. Where there are intra-group guarantees, the risk of investment is spread across this reporting group.
