Monday 12 December 2016
Read our latest update - Legislative notices supporting operation under the FMC Act regime.
30 November 2016 marked the end of the transitional period the industry was required to move to operating under the FMC Act 2013 regime. Since 1 December 2016, businesses could no longer operate under the Securities Act or Securities Markets Act.
While a small number of businesses may have financial statements still to be filed under Financial Reporting Act 1993, the financial reporting obligations of the FMC Act apply to all current and future accounting periods.
During the transitional period we have worked extensively with industry and advisers to determine the support needed for effective operation under the FMC Act.
As a result, we have issued a number of class legislative notices. These include exemptions, designations and financial reporting public accountability notices. Any business can rely on a class notice if it meets the criteria, and complies with the terms and conditions of it. A summary of these class notices, as well as a small number of matters on which we are continuing work, is available in this update.
In addition to these notices, many individual notices have been issued. Individual notices support the particular businesses identified in the notice to operate under the FMC Act regime. See current exemptions.
IMPORTANT: Securities Act, Securities Markets Act and Financial Reporting Act exemption notices now redundant
Exemptions from the Securities Act and the Securities Markets Act and regulations are now redundant. You can no longer rely on them.
The final period during which a business could have financial reporting obligations under the Financial Reporting Act 1993 was for a financial year ending 30 November 2016 at the latest. Beyond that, any Financial Reporting Act 1993 exemption notices are now redundant and do not apply to financial reporting obligations for any current or future accounting period.
We will remove the redundant exemption notices from the statute books over the next few months.
If you have any questions about these please feel free to contact us at [email protected]
