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Financial Reporting Act 2013

Miscellaneous provisions - Transitional provisions

57: FMC reporting entity that is issuer or trustee of scheme that is not yet registered

You could also call this:

"Rules for companies that manage unregistered investment schemes and must report financially"

Illustration for Financial Reporting Act 2013

If you are an FMC reporting entity, this section applies to you. You must prepare financial statements under Part 7 of the Financial Markets Conduct Act 2013 for a certain period, which is called the relevant period. You are also an issuer or a trustee of a scheme that is not yet registered.

When you prepare these financial statements, you must follow the rules that apply to registered schemes, even though your scheme is not registered. This means that Section 461A of the Financial Markets Conduct Act 2013 applies to your scheme and the relevant period.

This rule stops applying on the effective date of a security in your scheme, which is defined in clause 16 of Schedule 4 of the Financial Markets Conduct Act 2013.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM5703115.

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Part 3Miscellaneous provisions
Transitional provisions

57FMC reporting entity that is issuer or trustee of scheme that is not yet registered

  1. This section applies if—

  2. an entity is an FMC reporting entity and is required to prepare financial statements under Part 7 of the Financial Markets Conduct Act 2013 in relation to an accounting period (the relevant period); and
    1. the entity is an issuer or a trustee of a scheme referred to in section 9A(1) or (2) of the Financial Reporting Act 1993; and
      1. the scheme is not a registered scheme within the meaning of section 6(1) of the Financial Markets Conduct Act 2013.

        1. Section 461A of the Financial Markets Conduct Act 2013 (which requires financial statements for schemes and funds) applies in relation to the scheme and the relevant period as if it were a registered scheme.

        2. Subsection (2) ceases to apply on the effective date (as defined in clause 16 of Schedule 4 of the Financial Markets Conduct Act 2013) of a security in the scheme.