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Financial Markets Conduct Act 2013

Financial reporting - Preparation, audit, and lodgement of financial statements - Preparation of financial statements

461B: Financial statements for overseas FMC reporting entity to include financial statements for New Zealand business

You could also call this:

"Overseas companies must include New Zealand business details in their financial reports."

Illustration for Financial Markets Conduct Act 2013

If you are an overseas company and you have to prepare financial statements under section 460, you must include financial statements for your New Zealand business. You have to prepare these statements as if your New Zealand business was a company formed and registered in New Zealand. This means you have to follow New Zealand rules for preparing financial statements.

If you are an overseas company and you have to prepare group financial statements under section 461, you must also include financial statements for your group's New Zealand business. You have to prepare these group financial statements as if the members of your group were companies formed and registered in New Zealand.

When we talk about an overseas company, we mean a company that is incorporated outside New Zealand.

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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=DLM6027068.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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461A: Financial statements for registered schemes and funds, or

"Managers of registered schemes must prepare yearly financial reports within four months."

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461C: Failure to comply with authoritative notice does not give rise to pecuniary penalty, or

"Not following some rules when making financial reports doesn't always mean you'll get a fine."

Part 7Financial reporting
Preparation, audit, and lodgement of financial statements: Preparation of financial statements

461BFinancial statements for overseas FMC reporting entity to include financial statements for New Zealand business

  1. If an FMC reporting entity that is an overseas company is required to prepare financial statements under section 460, the financial statements that are prepared must include, in addition to the financial statements of the entity, financial statements for its New Zealand business prepared as if that business were conducted by a company formed and registered in New Zealand.

  2. If an FMC reporting entity that is an overseas company is required to prepare group financial statements under section 461, the group financial statements that are prepared must include, in addition to the financial statements of the group, financial statements for the group's New Zealand business prepared as if the members of the group were companies formed and registered in New Zealand.

  3. In this section, overseas company means a body corporate that is incorporated outside New Zealand.

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Notes
  • Section 461B: inserted, on , by section 48 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).