Financial Markets Conduct (AxiCorp Financial Services Pty) Exemption Notice 2025

The Financial Markets Conduct (AxiCorp Financial Services Pty Ltd) Exemption Notice 2025 exempts AxiCorp Financial Services Pty Ltd (AxiCorp) from:

• certain financial reporting and audit obligations of the FMC Act, including from having to prepare financial statements in accordance with NZ GAAP and having them audited by a New Zealand qualified auditor; and
• the requirement in clause 29(a) of Schedule 6 of the FMC Regulations that the register entry for an offer of derivatives contain financial statements that comply with NZ GAAP and have been audited by a New Zealand qualified auditor,

in circumstances where the FMA is comfortable with the financial reporting requirements in Australia that apply to AxiCorp.

The exemptions are subject to the conditions that require AxiCorp to prepare group financial statements that comply with Australian GAAP.  The main effects of the exemptions are as follows:

• the group financial statements that are prepared will comply with Australian GAAP rather than NZ GAAP
• those financial statements will be audited by an Australian qualified auditor
• if AxiCorp has a New Zealand business, those financial statements will be accompanied by separate financial statements for the New Zealand business that comply with Australian GAAP or NZ GAAP
• those New Zealand business financial statements will be audited by an Australian qualified auditor or a New Zealand qualified auditor
• the register entry for an offer of derivatives issued by AxiCorp will contain the financial statements for AxiCorp that would ordinarily be required by the Regulations, except that those financial statements comply with Australian GAAP instead of NZ GAAP and are audited by an Australian qualified auditor instead of a New Zealand qualified auditor.

Download Financial Markets Conduct (AxiCorp Financial Services Pty) Exemption Notice 2025 [PDF 342KB]