Retirement Villages (General) Amendment Regulations 2014

2014/61

Coat of Arms of New Zealand

Retirement Villages (General) Amendment Regulations 2014

Jerry Mateparae, Governor-General

Order in Council

At Wellington this 24th day of February 2014

Present:
His Excellency the Governor-General in Council

Pursuant to section 101 of the Retirement Villages Act 2003, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following regulations.

Regulations

1 Title

  • These regulations are the Retirement Villages (General) Amendment Regulations 2014.

2 Commencement

  • These regulations come into force on 1 April 2014.

3 Principal regulations
4 New regulation 3A inserted (Provisions affecting application of amendments to these regulations)

  • After regulation 3, insert:

    “3A Provisions affecting application of amendments to these regulations

    • Schedule 1AA contains application, savings, and transitional provisions (relating to amendments made to these regulations after 1 January 2014) that affect other provisions of the regulations (see regulation 57).”

5 Regulation 9 amended (Operator’s obligation to provide financial statements)

  • (1) In regulation 9(1), replace “a copy of the audited financial statements, relating to the operator or the village, most recently delivered by the operator under section 18 of the Financial Reporting Act 1993” with “a copy of the most recent audited financial statements prepared by the operator under section 35B of the Act or under an Act referred to in section 35F of the Act and a copy of the most recent audited financial statements prepared by the operator under section 35C of the Act (if any)”.

    (2) In regulation 9(3), delete “(as defined in the Financial Reporting Act 1993)”.

6 Regulation 22 amended (Financial accounts for retirement village)

  • (1) In regulation 22(2)(a), (b), (d), and (e), replace “the Financial Reporting Act 1993” with “the Act or an Act referred to in section 35F of the Act”.

    (2) Replace regulation 22(2)(f) with:

    • “(f) whether the audited financial statements attached to the disclosure statement consist only of financial statements relating to the operator or consist of financial statements for the operator and financial statements of the village.”

7 Regulation 37 amended (Documents to be made available)

  • Replace regulation 37(1) with:

    • “(1) The following must be made available to the resident or his or her personal representative:

      • “(a) the most recent audited financial statements prepared by the operator under section 35B of the Act or under an Act referred to in section 35F of the Act; and

      • “(b) if section 35C of the Act applies, a copy of the most recent audited financial statements prepared by the operator under that section.”

8 Regulation 47 amended (Provisions containing statutory powers and duties)

  • In regulation 47(2), replace “the operator's obligations under the Financial Reporting Act 1993” with “the operator's financial reporting obligations under the Retirement Villages Act 2003”.

9 New Part 6 inserted

  • After regulation 56, insert:

    “Part 6
    “Application, savings, and transitional provisions

    “57 Application, savings, and transitional provisions relating to amendments made to regulations after 1 January 2014

    • The application, savings, and transitional provisions set out in Schedule 1AA have effect for the purposes of these regulations.”

10 New Schedule 1AA inserted

Schedule
New Schedule 1AA inserted

r 10

Schedule 1AA
Application, savings, and transitional provisions relating to amendments made to these regulations after 1 January 2014

rr 3A, 57

Transitional provisions relating to Retirement Villages (General) Amendment Regulations 2014

1 Interpretation

  • In clauses 2 and 3,—

    amendment Act means the Financial Reporting (Amendments to Other Enactments) Act 2013

    amendment regulations means the Retirement Villages (General) Amendment Regulations 2014

    relevant date means the date on which the financial statements are first prepared under section 35B of the Retirement Villages Act 2003 or under an Act referred to in section 35F of that Act.

2 Transitional provision relating to regulation 9 (Operator's obligation to provide financial statements)

  • (1) Regulation 9, as amended by regulation 5 of the amendment regulations, applies in relation to an occupation right agreement entered into on or after 1 April 2014.

    (2) In addition, every occupation agreement that an operator enters into during the period starting on 1 April 2014 and ending on the relevant date must also include a provision that requires the operator, on request, to give the resident, free of charge, a copy of the audited financial statements for that accounting period delivered by the operator under section 18 of the Financial Reporting Act 1993.

3 Transitional provision relating to regulation 37 (Documents to be made available)

  • (1) Regulation 37, as amended by regulation 7 of the amendment regulations, applies in relation to every disclosure statement made available to an intending resident on or after 1 April 2014.

    (2) However, regulation 37, as in force before 1 April 2014, continues to apply in relation to every disclosure statement that an operator provides during the period starting on 1 April 2014 and ending on the relevant date.

Michael Webster,
for Clerk of the Executive Council.

Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on 1 April 2014, amend provisions of the Retirement Villages (General) Regulations 2006 (the principal regulations) dealing with the preparation, auditing, and provision of financial statements for retirement villages and village operators. The amendments are consequential on amendments to the Retirement Villages Act 2003 that come into force on 1 April 2014 and provide for financial reporting requirements for retirement villages in line with the core financial reporting principles and definitions in the Financial Reporting Act 2013.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 27 February 2014.

These regulations are administered by the Ministry of Business, Innovation, and Employment.