|Name of notice||Financial Markets Conduct (Overseas Registered Banks and Licensed Insurers) Exemption Notice 2020.|
|Gazette Notification Date||2020-05-12|
|Date In Force||2020-05-29|
|Act||Financial Markets Conduct Act 2013|
|Type||Class Exemption Notice|
Summary: The Financial Markets Conduct (Overseas Registered Banks and Licensed Insurers) Exemption Notice 2020 provides relief to overseas banks and insurers from certain financial reporting and audit obligations.
The principal effects of the notice are as follows:
The notice exempts overseas banks that are registered banks in New Zealand, and overseas insurers that are licensed insurers in New Zealand, from certain financial reporting and audit obligations of the FMC Act. The key effects of the exemption are:
The term of this exemption will be shorter than normal and will expire on 3 November 2021. This is because we intend to carry out a review of all financial reporting class exemptions in the next year and will be considering these exemptions, and consulting on them with industry, as one package.