The Financial Markets Conduct (Overseas Subsidiary Balance Date Alignment) Exemption Notice 2021

Summary text: The Financial Markets Conduct (Overseas Subsidiary Balance Date Alignment) Exemption Notice 2021 provides relief from the requirement in the Financial Markets Conduct Act 2013 for an FMC reporting entity preparing group financial statements to ensure that its balance date is the same as its overseas subsidiaries. The exemption applies whether or not a change to the overseas subsidiary’s balance date could be made through a regulatory approval process.  The exemption recognises the difficulties faced by FMC reporting entities that have overseas subsidiaries with inflexible balance dates in complying with the requirement to ensure that the balance date of the FMC reporting entity is the same as the balance date of its subsidiaries. Without an exemption, an FMC reporting entity in these circumstances would be unable to comply with the FMC Act or would be required to change its balance date to align it with an overseas subsidiary or, if possible, would need to engage in a regulatory process to change the balance date of its subsidiaries.  The notice replaces, on substantially the same terms, the Financial Markets Conduct (Overseas Subsidiary Balance Date Alignment) Exemption Notice 2016, which is revoked on 13 October 2021.  View the Financial Markets Conduct (Overseas Subsidiary Balance Date Alignment) Exemption Notice 2021.