New Zealand Legislation: Regulations

7 Conditions of exemption in clause 6

• The exemption in clause 6 is subject to the conditions that—

  • (a) GE Capital will, within 5 working days of receiving a request from a holder of a specified debt security or a prospective investor for a copy of the specified financial statements, without fee, send or make available to that person a copy of the most recent specified financial statements together with a copy of the auditor's report on those statements and the warning statement referred to in paragraph (f); and

  • (b) the specified financial statements sent or made available by GE Capital comply with US GAAP; and

  • (c) if, in complying with US GAAP, the specified financial statements do not give a true and fair view of the matters to which they relate, the directors of the exempt person add information and explanations that will give a true and fair view of those matters; and

  • (d) the specified financial statements are accompanied by a report by an approved auditor that complies with the requirements of the Code of Federal Regulations (US); and

  • (e) the offer document contains—

    • (i) a statement to the effect that a holder of a specified debt security or a prospective investor may obtain a copy of the most recent specified financial statements by electronic means; and

    • (ii) a statement as to how a holder of a specified debt security or a prospective investor may obtain a copy of the most recent specified financial statements by electronic means, including the relevant Internet address; and

    • (iii) a statement to the effect that a holder of a specified debt security or a prospective investor may request free of charge a copy of the most recent specified financial statements and how such a request should be made; and

  • (f) the annual financial statements registered by GE Funding in New Zealand (in accordance with the Financial Reporting Act 1993) have attached to them a copy of the most recent specified financial statements, along with a warning statement drawing investors’ attention to the fact that the specified financial statements are prepared under US GAAP, and that there are material differences between US GAAP and NZ GAAP.