Dated at Wellington this 26th day of May 2008.
The Common Seal of the Securities Commission was affixed in the presence of:
N O Todd,
Statement of reasons
This notice, which comes into force on the day after the date of its notification in the Gazette and expires on 30 April 2013, exempts the directors of Crédit Agricole S.A. (the exempt issuer) from various provisions of the Financial Reporting Act 1993 (the Act).
The effect of the exemptions is to provide relief to the directors of the exempt issuer from the preparation, content, auditing, and filing requirements of the Act. These exemptions are granted on the conditions that the exempt issuer prepares and publicly files financial statements that it is required to prepare under the financial reporting requirements of its jurisdiction, and that these financial statements are accompanied by a statement that describes the material differences between EU IFRS, as applied by the exempt issuer, and International Financial Reporting Standards.
The Securities Commission considers that it is appropriate to grant the exemptions because—
there will not be any significant detriment to subscribers as the exemptions only apply to subscribers for securities made in reliance on the Securities Act (Crédit Agricole S.A.) Exemption Notice 2007, which allowed the exempt issuer to provide offer documents that complied with overseas requirements, including financial statements. Therefore, the ongoing financial disclosure provided under the exemption is consistent with the initial offer documents provided to the subscribers:
the exempt issuer is required by French law to publish audited financial statements in accordance with International Financial Reporting Standards as adopted by the European Union. As of 1 January 2007, for financial reports published after that date, New Zealand has also moved to a regime based on International Financial Reporting Standards (IFRS) as its generally accepted accounting practice. The material differences between IFRS and EU IFRS, as applied by the exempt issuer, will be disclosed to subscribers for the securities: