On Sep. 2, NZ GVT issued overseas balance date alignment notice.
NZ GVT gazetted the Financial markets conduct (overseas subsidiary balance date alignment) exemption notice 2026, providing an exemption from s461(3) of the Financial markets conduct act, 2013.
Follows NZFiMA Jul. 2020 issued consultation on FMC Act exemptions, see #81589.
Overview of Notice
The notice exempts FMC reporting entities from the statutory requirement to align their balance dates with those of certain overseas subsidiaries.
The exemption applies where an overseas subsidiary’s balance date cannot be changed at the absolute discretion of either the subsidiary or the parent FMC reporting entity because of applicable foreign law or regulatory requirements.
The exemption applies whether or not a change to the overseas subsidiary’s balance date could be made through a regulatory approval process.
The FMC reporting entity must retain the same balance date as all its subsidiaries that do not meet the definition of a specified overseas subsidiary
The notice replaces Financial markets conduct (overseas subsidiary balance date alignment) exemption notice 2021, which is revoked on Oct. 13, 2026.
Effectiveness
The notice takes effect on Oct. 14, 2026, and expires at the end of Oct. 13, 2028.
