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Financial Reporting Act 2013

Miscellaneous provisions - Transitional provisions

56: Former law for FMC reporting entities generally continues to apply to accounting periods that commence before commencement of section

You could also call this:

"Old law still applies to some businesses for accounting periods that started before new law began"

Illustration for Financial Reporting Act 2013

If you are an entity that becomes an FMC reporting entity during a certain accounting period, the old law still applies to you for that period. This is because the accounting period started before the new law came into effect. You can find more information about this in section 55(1) and Part 7 of the Financial Markets Conduct Act 2013.

The old law applies unless you are an FMC reporting entity under section 451(a), (f), or (k) of the Financial Markets Conduct Act 2013, or because of clause 20(2A) of Schedule 4 of that Act.

In this case, Part 7 of the Financial Markets Conduct Act 2013 applies to you for that accounting period, instead of the old law or section 55(1) to (4). The relevant transitional provisions are listed in the Financial Reporting (Amendments to Other Enactments) Act 2013, including sections 17(2), 44(2), 86(2), 87(2), 103(2), 108(2), 111(2), and 117(2).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM5703112.

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Part 3Miscellaneous provisions
Transitional provisions

56Former law for FMC reporting entities generally continues to apply to accounting periods that commence before commencement of section

  1. This section applies to an entity if—

  2. any of the relevant transitional provisions or section 55(1) (or both) applies to the entity in relation to an accounting period that commenced before the commencement of this section (the current period); and
    1. the entity becomes an FMC reporting entity at any time during the current period.

      1. The relevant transitional provision or section 55(1) to (4) (or both) applies to the entity in relation to the current period (and, accordingly, Part 7 of the Financial Markets Conduct Act 2013 does not apply in relation to the current period).

      2. However, if the entity is an FMC reporting entity during the current period under section 451(a), (f), or (k) of the Financial Markets Conduct Act 2013 (or as a result of clause 20(2A) of Schedule 4 of that Act), Part 7 of that Act applies to the entity in relation to the current period (rather than the relevant transitional provision or section 55(1) to (4)).

      3. In this section, relevant transitional provision means any of sections 17(2), 44(2), 86(2), 87(2), 103(2), 108(2), 111(2), and 117(2) of the Financial Reporting (Amendments to Other Enactments) Act 2013.