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Financial Markets Conduct Act 2013

Financial reporting - Overview, application, and interpretation

454: Miscellaneous provisions relating to application

You could also call this:

"Rules for when you start or stop being a company that has to report to the government"

Illustration for Financial Markets Conduct Act 2013

If you stop being an FMC reporting entity during an accounting period, you are still treated as one for that period. This is for the purposes of the Financial Markets Conduct Act and other laws. You have to follow the rules as if you were still an FMC reporting entity.

If you become an FMC reporting entity, you do not have to complete financial statements for periods that ended before you became one. This is according to this Part of the Act and clause 20 of Schedule 4. You only have to worry about the periods that started after you became an FMC reporting entity.

You can find more information about this by looking at other laws, such as the Financial Reporting (Amendments to Other Enactments) Act 2013.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4702246.

Topics:
Business > Industry rulesBusiness > Fair tradingMoney and consumer rights > Banking and loans
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453: Recipients of money from conduit issuers, or

"Getting money from someone who sells financial products to raise funds"

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455: FMC reporting entities must keep proper accounting records, or

"Companies must keep accurate and proper financial records at all times."

Part 7Financial reporting
Overview, application, and interpretation

454Miscellaneous provisions relating to application

  1. If a person ceases to be an FMC reporting entity during an accounting period, that person must be treated as continuing to be an FMC reporting entity in relation to that accounting period for the purposes of this Act and every other enactment.

  2. Nothing in this Part or clause 20 of Schedule 4 requires an FMC reporting entity to ensure the completion of financial statements or group financial statements and the lodgement of those financial statements in relation to an accounting period that ended before the accounting period in which that person became an FMC reporting entity.

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Notes
  • Section 454: replaced, on , by section 48 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).