Financial Markets Conduct (AxiCorp Financial Services Pty) Exemption Notice 2020.

The Financial Markets Conduct (AxiCorp Financial Services Pty Ltd) Exemption Notice 2020 provides relief to AxiCorp Financial Services Pty Ltd (AxiCorp) from certain financial reporting and audit obligations of the FMC Act as well as the requirement in Schedule 6 of the FMC Regulations that the register entry for an offer of derivatives contains financial statements that comply with NZ GAAP and have been audited by a qualified auditor (as that term is defined in the FMC Act). Download Financial Markets Conduct (AxiCorp Financial Services Pty) Exemption Notice 2020 PDF.

These exemptions are subject to the conditions that require the AxiCorp to prepare financial statements that comply with Australian GAAP.  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)
• if AxiCorp has a New Zealand business, those financial statements will be accompanied by separate financial statements for the New Zealand business that comply with Australian GAAP or NZ GAAP
• those New Zealand business financial statements will be audited by an approved auditor or a qualified auditor
• the register entry for the offer will contain the financial statements for AxiCorp that would ordinarily be required by Schedule 6 of the Regulations, except that the financial information will have been prepared in accordance with Australian GAAP instead of NZ GAAP and audited by an approved auditor instead of a qualified auditor.