Financial Reporting Amendment Act (No 2) 1996

1: Short Title and commencement
1: This Act may be cited as the Financial Reporting Amendment Act (No 2) 1996, and shall be read together with and deemed part of the Financial Reporting Act 1993
2: Subject to subsection (3)
3: This Act shall come into force on the 1st day of October 1997 if no Order in Council is made under subsection (2)
2: Interpretation
Section 2(1) paragraph (e) director
e: In relation to a unit trust (within the meaning of section 2 of the Unit Trusts Act 1960 .
3: Meaning of
issuer Section 4 subsection (1)
1: In this Act, issuer
a: Every person who has, whether before or after the commencement of this Act, allotted securities pursuant to—
i: An offer for which, or for which but for an exemption granted by the Securities Commission pursuant to section 5 of the Securities Act 1978
ii: An offer required to be contained in a prospectus required to be registered under the Companies Act 1955 whether or not the securities allotted are securities of the same type as the securities offered:
b: Every manager of a unit trust (within the meaning of section 2 of the Unit Trusts Act 1960 Securities Act 1978
c: Every person who is a party to a listing agreement with a stock exchange in New Zealand and who has issued securities which are quoted on such an exchange.
4: Certain persons not issuers
Section 6 paragraph (e)
5: Application to certain issuers
The principal Act is hereby amended by inserting, after section 9
9A:
1: For the purposes of this Act, a requirement on the directors of an issuer of securities in relation to a scheme within the meaning of section 2 of the Securities Act 1978 subsection (2) of this section
a: If the liabilities of the issuer and the scheme are not limited to a particular group of assets (in this section referred to as a separate fund
b: If the liabilities of the issuer or the scheme are limited to a separate fund, financial statements in respect of both the scheme and that fund.
2: For the purposes of this Act, a requirement on the trustees of a superannuation scheme that is registered under the Superannuation Schemes Act 1989
a: If the liabilities of the trustee and the scheme are not limited to a separate fund, financial statements in respect of the scheme; or
b: If the liabilities of the trustee or the scheme are limited to a separate fund, financial statements in respect of both the scheme and that fund.
3: Where the liability of an issuer that is a life insurance company to satisfy its obligations under any securities (as distinct from calculating the returns on the securities) is limited to a separate fund (whether the fund or the limitation is created by statute or by contract or otherwise), then, for the purposes of this Act, a requirement on the directors of the issuer to prepare and register financial statements shall be construed as including a requirement to prepare and register (in addition to financial statements in respect of the issuer itself), financial statements in respect of each such fund.
6: Financial statements of issuers and group financial statements of issuers to be audited
Section 15
3: This section shall not apply in respect of a superannuation scheme that is registered under the Superannuation Schemes Act 1989 section 13 of that Act
7: Registration of financial statements by issuers
Section 18 subsection (1)
1A: Any financial statements to which subsection (1) of this section Securities Act 1978