25 August 2021

Consultation paper: Proposed financial reporting exemptions for FMC reporting entities in liquidation, receivership or voluntary administration

Final date for submissions

5pm, 6 October 2021

Consultation paper

Proposed financial reporting exemptions for FMC reporting entities in liquidation, receivership or voluntary administration

Submission form

Feedback form

Email for submission

[email protected]

At present, if an FMC reporting entity becomes insolvent, the FMC Act requires audited financial statements to continue being produced, in parallel with the financial statements that an external administrator is required to produce under insolvency laws.

We have been told this provides limited benefit, and the additional costs may greatly outweigh the benefit. Investors and creditors can get the key financial information they need from the external administrators’ reporting.

We are therefore considering a class exemption for insolvent FMC reporting entities from certain FMC Act financial reporting obligations. We welcome your feedback on the proposals discussed in this paper.