Financial Markets Conduct (Plus500AU Pty Ltd) Exemption Notice 2022

The Notice Financial Markets Conduct (Plus500AU Pty Ltd) Exemption Notice 2022 exempts Plus500AU Pty Ltd (Plus500AU), an Australian incorporated company that holds an Australian Financial Services Licence and a derivatives issuer licence, from certain financial reporting requirements in the Financial Markets Conduct Act 2013 (FMC Act) and the registry entry and assurance engagement requirements in the Financial Markets Conduct Regulations 2014 (the FMC Regulations).

The exemption comes into effect on 1 May 2022 and expires on 30 April 2027. 

The exemption is in effect a renewal of its current exemption, the Financial Markets Conduct (Plus500 Pty Ltd) Exemption Notice 2017, which is due to expire on 27 April 2022 but revised to reflect an additional exemption from a relevant regulation that was recently included in the FMC Regulations.

The exemptions will, subject to conditions, enable Plus500 to prepare and lodge audited financial statements that comply with the financial reporting requirements of Australia and obtain an assurance engagement with an Australian registered or licensed auditor who is permitted to act as an auditor for Plus500AU. 

In summary, the conditions require that  -

• the financial statements that are prepared will comply with Australian equivalents to the International Financial Reporting Standards (Australian GAAP) rather than NZ GAAP, and will be audited by an auditor registered under the laws of Australia to perform the audit (Australian auditor);
•  the financial statements be accompanied by separate financial statements for Plus500AU’s New Zealand business that comply with NZ GAAP and will be audited by an accountant who is qualified under the laws of Australia to give an opinion as to whether they comply with NZ GAAP and is entitled to act as an auditor for Plus500AU, rather than a qualified auditor (as that term is defined in the FMC Act);
• the register entry for an offer of derivatives by Plus500AU will contain Plus500AU’s most recently completed financial statements, which comply with Australian GAAP and will have been audited by an Australian auditor:
• Plus500AU’s assurance engagement be with an accountant who is registered or licensed under the laws of Australia to give a report, prepared on a reasonable assurance engagement, on Plus500AU’s procedures and controls and is entitled to act as an auditor for Plus500AU, rather than with a qualified auditor (as that term is defined in the FMC Act).