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Financial Markets Conduct Act 2013

Financial reporting - Accounting records

459: Inspection of accounting records

You could also call this:

"Letting people check your financial records"

Illustration for Financial Markets Conduct Act 2013

If you are an FMC reporting entity, you must make your accounting records available for inspection at reasonable times. This means you have to keep these records in written form in English and let certain people look at them without charging a fee. These people include your directors, any supervisor if you issue debt securities or manage a registered scheme, the FMA, and any other person allowed by law to inspect your accounting records, as referred to in section 456(2). You also have to let them look at the documents mentioned in section 456(2). If you do not do this, you can commit an offence and be fined up to $50,000. This offence is an infringement offence, which is explained in subpart 5 of Part 8.

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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=DLM4702252.

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Part 7Financial reporting
Accounting records

459Inspection of accounting records

  1. Every FMC reporting entity must make the accounting records required to be kept under this subpart and the documents referred to in section 456(2) available, in written form in English at all reasonable times for inspection without charge, to—

  2. the directors of the FMC reporting entity; and
    1. any supervisor (if the FMC reporting entity is an issuer of debt securities or the manager of a registered scheme); and
      1. the FMA; and
        1. any other persons authorised or permitted by an enactment to inspect the accounting records of the FMC reporting entity or scheme.

          1. An FMC reporting entity that contravenes this section commits an offence and is liable on conviction to a fine not exceeding $50,000.

          2. The offence in this section is an infringement offence (see subpart 5 of Part 8).

          Compare
          Notes
          • Section 459: replaced, on , by section 48 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).