11 MARCH 2010

NEW ZEALAND GAZETTE, No. 29

763

company in accordance with section 19(3) of the Act;

(b) the specified financial statements comply with US GAAP;

(c) if, in complying with US GAAP, the specified financial statements do not give a true and fair view of the matters to which they relate, the directors of the exempt overseas company add information and explanations that will give a true and fair view of those matters; and

(d) the specified financial statements are accompanied by a report by an approved auditor that complies with the requirements which apply under the law of the United States of America.

Dated at Wellington this 11th day of March 2010.

Statement of Reasons

This notice, which comes into force on its notification in the New Zealand Gazette and expires on 31 July 2015, exempts the directors of GE Corporate NZ LLC, a company that was incorporated in the United States of America, from various provisions of the Financial Reporting Act 1993 ("the Act"). The effect of the exemptions is to exempt GE Corporate NZ LLC ("the company") from the requirement under the Act to prepare stand-alone financial statements, and group financial statements for the company and its subsidiaries. In place of these financial statements the company is required to prepare and deliver for registration the consolidated group financial statements its parent company, General Electric Company, is required to prepare under the law in the United States of America.

The principal differences in financial statements provided relying on the exemptions are:

• the directors of the company will not file stand-alone financial statements or group financial statements for the company and its subsidiaries;

• the directors of the company will register consolidated financial statements for General Electric Company and its subsidiaries; and

• the consolidated financial statements will comply with US GAAP (rather than generally accepted accounting practice in New Zealand) and will be audited in accordance with the requirements under the law in the United States of America instead of the Act.

The Registrar considers that it is appropriate to grant the exemptions because:

• the Registrar has had regard to the financial reporting and audit requirements that must be complied with by the company in its home jurisdiction under which it is not required to prepare stand-alone financial statements or group financial statements;

• the company will still be required to file:

  • financial statements for its New Zealand business, prepared in accordance with New Zealand generally accepted accounting practice;

  • consolidated financial statements for General Electric company, prepared in accordance with US GAAP; and

  • audit reports for the above financial statements and consolidated financial statements;

• the financial statements for the company’s New Zealand business and the consolidated group financial statements prepared for General Electric Company contain all the relevant information for the company required under sections 11 and 13 of the Act;

• the Registrar is satisfied that the financial statements for the company’s New Zealand business and the consolidated group financial statements prepared for General Electric Company provide sufficient information to avoid any detriment to members of the public who have dealings with the company; and

• the Registrar is satisfied that the exemptions are not broader than what is reasonably necessary to address these difficulties and still require that financial statements for the company’s New Zealand business and the consolidated financial statements required to be prepared for General Electric Company under the laws of the United States of America be filed in New Zealand.

Date of notification in the New Zealand Gazette: 11 March 2010.

This notice is administered by the Registrar of Companies.

go1895

Insurance Companies’ Deposits Act 1953

Exemption From Name Restriction

Pursuant to section 22E of the Insurance Companies’ Deposits Act 1953, and acting under delegated authority of the Chief Executive of the Ministry of Economic Development, I hereby issue an exemption from the restriction in section 22C of the Insurance Companies’ Deposits Act 1953 on the use of the word "Asure" in the company name Asure Limited.

I am satisfied that Asure Limited will not offer specified insurance business in New Zealand.

I am further satisfied that the proposed subsidiary of AsureQuality Limited has a legitimate reason to use the word "Asure" for the following reasons:

• It is necessary to use the word "Asure" to accurately convey the corporate relationship between AsureQuality Limited and the proposed subsidiary; and

• There will be no public confusion from the use of the word "Asure" in the company name.

Dated at Wellington this 5th day of March 2010.

GAVIN ROBERT QUIGAN, Manager, Insurance and Superannuation Unit, Ministry of Economic Development.

go1838

Fisheries

Fisheries (Commercial Fishing) Regulations 2001

Seabird Scaring Devices Circular 2010 (No. F517)

Pursuant to Regulation 58A of the Fisheries (Commercial Fishing) Regulations 2001, the Chief Executive of the Ministry of Fisheries issues the following circular.