New Zealand Gazette – 2007 – No. 72

Page 1843

✨ Financial Exemption Notice



26 JUNE 2007 NEW ZEALAND GAZETTE, No. 1841 1843

B

An exemption from the requirement in section 11 that financial statements comply with generally accepted accounting practice as defined in section 3 of the Act;

(ii) In respect of the Citibank N.A. group of companies:

A An exemption from the requirement in section 9 as to the meaning of the term “group financial statements”;

B An exemption from the requirement in section 14 that group financial statements must comply with generally accepted accounting practice as defined in section 3 of the Act; and

(iii) An exemption in respect of Citibank N.A. and the Citibank N.A. group of companies from the requirement in section 19 of the Act that an auditor’s report on financial statements and group financial statements be delivered to the Registrar for registration.

4 Conditions

This exemption is subject to the conditions that—

(a) the directors of Citibank N.A. shall—

(i) comply with all requirements of the Act in relation to financial statements for the Citibank N.A. New Zealand branch;

(ii) prepare and deliver to the Registrar for registration Federal Financial Institutions Examination Council (“FFIEC”) consolidated financial statements prepared for Citibank N.A and for the Citibank N.A. group of companies as if those statements were financial statements and group financial statements that complied with sections 8, 9, 11 and 13 of the Act;

(iii) deliver to the Registrar annually, before the date on which financial statements and group financial statements would, but for this exemption, be required to be delivered for registration, a copy of the FFIEC consolidated financial statements for his approval; and

(b) the Registrar gives his approval in writing to the FFIEC consolidated financial statements.

5 Reasons for exemption

(a) Citibank N.A. currently prepares consolidated financial statements for both Citibank N.A. and the Citibank N.A. group of companies, in order to comply with U.S. requirements set by the FFIEC. Compliance with sections 8, 9, 11 and 14 of the Act would require Citibank N.A. to prepare and file with the Registrar separate New Zealand financial statements and group financial statements that comply with New Zealand generally accepted accounting practice (“NZ GAAP”). These statements would essentially replicate the FFIEC compliant financial statements for Citibank N.A. and consolidated group financial statements for the Citibank N.A. group of companies.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2007, No 72


Gazette.govt.nz — PDF NZ Gazette 2007, No 72




✨ LLM interpretation of page content

💰 Notice exempting Citibank N.A. from Financial Reporting Act 1993 (continued from previous page)

💰 Finance & Revenue
Exemption, Financial Reporting Act 1993, Citibank N.A., Overseas Company, Financial Statements, Accounting Practice