Financial Reporting Act (Australian Scholarships Group Friendly Society Limited) Exemption Notice 2008

2008/229

Crest

Financial Reporting Act (Australian Scholarships Group Friendly Society Limited) Exemption Notice 2008

Pursuant to section 35A of the Financial Reporting Act 1993, the Securities Commission gives the following notice (to which is appended a statement of reasons of the Securities Commission).

Notice

1 Title

  • This notice is the Financial Reporting Act (Australian Scholarships Group Friendly Society Limited) Exemption Notice 2008.

2 Commencement

  • This notice comes into force on the day after the date of its notification in the Gazette.

3 Expiry

  • This notice expires on the close of 31 January 2014.

4 Application

  • An exemption granted by this notice applies to the following accounting periods of the exempt issuer:

    • (a) the accounting period ended 30 June 2008; and

    • (b) subsequent accounting periods.

5 Interpretation

  • (1) In this notice, unless the context otherwise requires,—

    exempt issuer means Australian Scholarships Group Friendly Society Limited, a company incorporated in Australia.

    (2) Any term or expression that is defined in the Act and used, but not defined, in this notice has the same meaning as in the Act.

6 Exemption

  • The directors of the exempt issuer are exempted from section 9A(1)(b) of the Act to the extent that it requires a statement of cash flows to be prepared and registered with the Registrar in respect of a separate fund if the securities that are offered in connection with the separate fund have not been, and are not, offered to the public in New Zealand (within the meaning of the Securities Act 1978).

Dated at Wellington this 1st day of August 2008.

The Common Seal of the Securities Commission was affixed in the presence of:

[Seal]

J Diplock,
Chairperson.

Statement of reasons

This notice, which comes into force on the day after the date of its notification in the Gazette and expires on 31 January 2014, exempts the directors of Australian Scholarships Group Friendly Society Limited (a company incorporated in Australia) from the requirement to include, in its annual financial statements, statements of cash flows in respect of benefit funds that have not been, and are not, offered in New Zealand.

The Securities Commission considers that it is appropriate to grant the exemption because—

  • there will not be any significant detriment to subscribers in New Zealand because the exemption only applies in respect of benefit funds offered in Australia. Australian Scholarships Group Friendly Society Limited will still be required to include in its annual financial statements separate statements of cash flows for each benefit fund offered to New Zealand subscribers; and

  • the extent of the exemption is not broader than what is reasonably necessary to address the matters that gave rise to the exemption because New Zealand subscribers will still have full access to cash flow information in respect of the benefit funds in which they have invested.

Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 7 August 2008.

This notice is administered by the Securities Commission.