Financial Markets Conduct (Irrigation Companies) Exemption Notice 2022

Summary: This exemption notice extends the same relief as the FMC (Small Co-operatives) Exemption Notice 2022.

It generally applies to irrigation companies (that are not registered co-operative companies) which meet certain co-operative principles. For these eligible irrigation companies, the exemptions apply:

• where offers of co-operative shares or certain equity securities where investors have, or will have, paid no more than $10,000 in total, it allows a substituted PDS, provides relief from record-keeping and register auditing requirements and from financial reporting and auditing requirements).
• where the entity (and any subsidiaries) had revenue of $5 million or less in the relevant accounting period, it provides relief from FMC financial reporting and auditing obligations.

The exemption thresholds have been increased from $5,000 and $2 million respectively.

This exemption notice also allows all irrigation companies to access the same tailored Product Disclosure Statement relief under the FMC Act and Regulations as issuers of co-operative shares.