Summary: The Financial Markets Conduct (Genworth Financial Mortgage Insurance Pty Limited) Exemption Notice 2021 provides relief to Genworth Financial Mortgage Insurance Pty Limited from certain financial reporting and audit obligations of the FMC Act. View the exemption notice pdf
These exemptions are subject to conditions that require Genworth Financial Mortgage Insurance Pty Limited to file audited single entity financial statements (in place of group financial statements) which are to be accompanied by New Zealand business financial statements. The main effects of the exemptions are as follows:
- the financial statements that are prepared will comply with Australian GAAP rather than NZ GAAP
- those financial statements will be audited by an auditor who is qualified under the laws of Australia to perform the audit (an approved auditor)
- financial statements for Genworth Financial Mortgage Insurance Pty Limited’s New Zealand business will be accompanied by separate financial statements for the New Zealand business that comply with NZ GAAP
- those New Zealand business financial statements will be audited by an approved auditor or a qualified auditor in accordance with applicable New Zealand auditing and assurance standards