08 March 2022

Financial Markets Conduct (IG Australia Pty Limited) Exemption Notice 2022

Name of Notice Financial Markets Conduct (IG Australia Pty Limited) Exemption Notice 2022
Gazette Notification Date 2022-03-04
Date In Force 2022-03-07
LI Number N/A
SL Number N/A
Act Financial Markets Conduct
Type Individual Exemption
Expiry Date 2026-09-30

The Financial Markets Conduct (IG Australia Pty Limited) Exemption Notice 2022 provides relief to IG Australia Pty Limited (IG Australia) from certain financial reporting and audit obligations in the FMC Act and from certain assurance obligations and register entry requirements in the FMC Regulations.

The exemptions are subject to certain conditions as set out in the notice. The key conditions include requirements that IG Australia prepare and lodge financial statements that comply with Australian IFRS and that those financial statements are audited by an auditor who is qualified under the laws of Australia to perform the audit (Australian auditor).

The main effects of the exemptions are as follows:

  • the financial statements that are prepared will comply with Australian IFRS rather than NZ GAAP
  • those financial statements will be audited by an Australian Auditor
  • IG Australia will not prepare separate financial statements for its New Zealand business, but key financial information about IG Australia’s New Zealand business will be provided in the audited notes to IG Australia’s financial statements
  • the register entry for the offer will contain the financial statements for IG Australia that would ordinarily be required by Schedule 6 of the Regulations, except that the financial information will have been prepared in accordance with Australian IFRS instead of NZ GAAP and audited by an Australian auditor instead of a qualified auditor
  • The assurance engagement in respect of the processes procedures and controls for IG Australia’s derivatives investor money and property will be performed by a person suitably qualified to perform statutory audits in the UK

Download The Financial Markets Conduct (IG Australia Pty Limited) Exemption Notice 2022