FMA has granted two class exemption notices to provide market participants with an additional two months to provide their audited financial statements and comply with certain other regulatory requirements. Due to the disruption caused by COVID-19, the FMA is taking appropriate steps to provide regulatory relief.
The Financial Markets Conduct (Financial Reporting and Other Relief – COVID-19) Exemption Notice 2020 and the Financial Advisers (Custodian Assurance Engagement Relief – COVID-19) Exemption Notice 2020 commence on 29 April 2020.
Relief from other obligations may be available. Read more about our approach to regulatory relief as a result of COVID-19.
Applicable balance dates
The relief is available where a market participant believes, on reasonable grounds, that it is not reasonably practicable for it to comply within the required time frame due to impacts resulting from the COVID-19 pandemic. Generally, the exemptions apply for businesses with balance dates on and after 31 December 2019 and before 1 August 2020.
Extensions for some requirements are only available if a market participant also has an extension for providing audited financial statements.
Reporting and other deadlines extended
This table shows the market participants and the regulatory requirements that may be covered by the two month extension.
| Market participant |
Regulatory requirement |
| FMC reporting entities and managers of registered schemes |
Preparing and lodging audited financial statements |
| Continuous equity and debt issuers |
Updating certain information on the offers register |
| Managers of registered schemes |
Preparing an annual report |
| Managers of restricted schemes that are not operated on a unitised basis |
Making an annual fund update available and supplying confirmation information to members |
| Managers of closed-ended schemes |
Calling and holding an annual meeting |
| Issuers of regulated products |
Having financial product registers audited |
| MIS and FAA custodians and derivatives issuers |
Obtaining assurance engagements |
| FAA custodians and brokers relying on other FMA class exemption notices |
Obtaining an assurance engagement or similar report under a notice condition |
Applicable conditions
A market participant must comply with the conditions in the notice. They require the market participant to:
- comply with the relevant obligation within an extended period of two months
- notify the FMA in writing if they are relying on the exemption (email us [email protected])
- in some cases, also lodge a copy of the notice to the FMA with the Registrar.
Further information
You can find more information on the exemptions (including how to give notice to the FMA and the date it is required) here:
