Dated at Auckland this 24th day of July 2015.
Head of Governance, Policy, and Strategy.
Statement of reasons
This notice, which comes into force on its notification in the Gazette and is revoked on 29 July 2018, exempts a manager of a registered scheme from the requirements in sections 461A and 461H of the Financial Markets Conduct Act 2013 (the Act) to complete and lodge financial statements for the scheme (and any associated separate fund) within 4 months after the manager’s balance date. The exemptions apply where the scheme has a balance date that is different from the manager’s balance date.
The exemptions are subject to the conditions that—
the financial statements of the scheme (and of any separate fund) are instead completed and lodged within 4 months after the scheme’s balance date; and
the manager provides notification of its reliance on this notice.
The Financial Markets Authority (the FMA), after satisfying itself as to the matters set out in section 557 of the Act, considers it appropriate to grant the exemptions because—
without an exemption, managers whose balance dates are earlier than the schemes they manage may face unreasonable time constraints and compliance costs in completing financial statements for those schemes:
the exemptions and the conditions provide an alternative time frame for compliance and for the timely completion of accurate and understandable financial statements while preserving the requirement for financial statements to be prepared and lodged within 4 months. As such, the FMA is satisfied that the granting of the exemptions is desirable in order to promote the purposes of the Act, specifically by avoiding unnecessary compliance costs and by promoting flexibility in financial markets:
the conditions require financial statements to be completed and delivered to the Registrar for lodgement within 4 months after the scheme’s balance date and require the scheme’s manager to include notification that the manager has relied on this notice, and as such the exemptions are not broader than is reasonably necessary to address the matters that gave rise to the exemptions.
Date of notification in Gazette: 30 July 2015.
This notice is administered by the Financial Markets Authority.