Financial Markets Conduct (Disclosure Using Overseas GAAP) Exemption Notice 2021

This exemption provides relief for overseas issuers that have a primary listing on a market in a high quality jurisdiction from certain disclosure requirements in the FMC Act.  The Financial Markets Conduct (Disclosure using Overseas GAAP) Exemption Notice 2021 will replace the Financial Markets Conduct (Disclosure using Overseas GAAP) Exemption Notice 2016 when it expires on 3 November 2021 and will continue, for a further year only, relief on the same terms.  This is a temporary extension, and we will consider next year whether to extend it for a further period.

The exemption provides relief to these issuers by allowing them to use the accounting practices (overseas GAAP) and auditors allowed in that jurisdiction to prepare a PDS and register entry.  The exemption is limited to issuers listed in overseas jurisdictions where we have assessed that financial statements are prepared according to accounting standards broadly comparable to New Zealand GAAP, and where auditors are subject to audit standards and requirements broadly comparable to New Zealand standards.

The exemption is conditional upon the issuer including statements in the PDS and register entry disclosing the use of overseas GAAP and stating that they are relying on the notice.