These regulations are the Auditor Regulations 2012.

These regulations come into force on 1 May 2012.

In these regulations, unless the context otherwise requires,—

Any term that is defined in the Act and used, but not defined, in these regulations has the same meaning as in the Act.

For the purposes of regulation 12 and the Schedule, individuals working for the FMA as contractors or secondees must be treated as if they are employees of the FMA.

The following countries, states, and territories are prescribed for the purposes of the definition of overseas auditor in section 6(1) of the Act:

In addition to the relevant changes specified in section 13(2)(a) of the Act, every person who holds a licence under section 12 of the Act must give written notice to the FMA under section 13(1) of the Act of a change in any of the following:

The requirements set out in subclauses (2) to (4) are prescribed for the purposes of sections 25(1)(b)(iii) and 26(1)(ab)(iv) of the Act.

Qualified persons must control all, or the majority of, the voting rights in the company or overseas company.

All, or the majority of, the directors of the company or overseas company must be qualified persons.

The company or overseas company must hold professional indemnity insurance that can reasonably be regarded as adequate and appropriate for the scale and nature of the business of the company or overseas company.

In this regulation,—

In addition to the reason given in section 39(3)(a) of the Act, the Registrar may refuse access to the register or otherwise suspend the operation of the register, in whole or in part,—

In addition to the information specified in section 41(1)(a) to (h) of the Act, the register must contain the following information about each licensed auditor:

In addition to the information specified in section 41(2)(a) to (e) of the Act, the register must contain the following information about each registered audit firm:

For the purpose of section 46(2)(e) of the Act, the register may be searched by reference to the New Zealand Business Number of a registered audit firm (if any).

Every accredited body and the FMA must notify the Registrar, in accordance with section 42 of the Act, of a change in any of the following:

This regulation applies if the register is kept as an electronic register on an Internet site maintained by or on behalf of the Registrar.

In addition to the basis for refusal that is specified in section 45(a) of the Act, the Registrar may refuse to accept a document received by the Registrar under the Act if the document is not submitted electronically via the Internet site on which the register is kept.

In addition to the conditions specified in section 49(2)(a) and (b) of the Act, a person may be accredited as an accredited body subject to—

In addition to the information specified in section 51(2)(b)(i) and (ii) of the Act, the annual report of an accredited body must contain—

The fees set out in the table in Part 1 of the Schedule are payable for the matters to which they relate.

A fee identified as an assessment fee in column 2 of a row of the table in Part 1 of the Schedule—

Any other fee identified in column 2 of a row of the table in Part 1 of the Schedule—

The fees prescribed by these regulations are inclusive of goods and services tax.

This regulation applies to a person identified in column 3 of the table in Part 1 of the Schedule as liable to pay an assessment fee in respect of any of the following matters:

The FMA may recover from the person the costs incurred by the FMA in obtaining external advice or assistance in assessing the matter.

Costs recovered under subclause (2) are in addition to the assessment fee for the matter.

In this regulation, assessment fee means a fee identified as an assessment fee in column 2 of the table in Part 1 of the Schedule.