Hon Simon Bridges, in Committee, to move the following amendment:
Clauses 24B to 24E
Replace clauses 24B to 24E (page 13, line 9 to page 15, line 17) with:
24B New section 209C inserted (Alternative obligations for FMC reporting entities)
After section 209B, insert:
209C Alternative obligations for FMC reporting entities
This section applies, in respect of a company (company A) that is an FMC reporting entity, on and after the date on which FMC regulations impose obligations on any company in relation to the way in which it must make its annual report available (including by electronic means).
If company A is an issuer of regulated products within the meaning of the FMC Act that is required to comply with those FMC regulations, sections 209 to 209B do not apply to an annual report to which the FMC regulations apply.
If company A is not an issuer of regulated products within the meaning of the FMC Act that is required to comply with those FMC regulations, the board of the company may elect, in respect of an annual report, to comply with the FMC regulations instead of with sections 209 to 209B (as if company A were an issuer of that type).
If subsection (3) applies,—
if the board complies with the FMC regulations, there is no liability for breach of sections 209 to 209B; and
if the board fails to comply with the FMC regulations, every director is liable for a breach of sections 209 to 209B (except to the extent that the board complies with those sections), but is not liable under the FMC Act.
In this section,—
means a report prepared under section 208; and
includes a concise annual report (if any)
FMC Act means the Financial Markets Conduct Act 2013
FMC regulations means regulations made under section 543(1)(e) of the FMC Act that impose obligations on any FMC reporting entities in relation to the way in which an entity must make its annual report available under either or both of sections 96 and 97 of the FMC Act (including by electronic means)
FMC reporting entity has the same meaning as in section 451 of the FMC Act.
Regulations may be made under section 543(1)(e) of the FMC Act for the purpose of this section.