NEW ZEALAND GAZETTE, No. 136

15 NOVEMBER 2012

Statement of Reasons

This notice comes into force on 16 November 2012 and expires on 15 November 2017.

This notice applies in respect of overseas companies that are incorporated in the countries specified in the Schedule (exempt overseas companies) and that are not issuers within the meaning of the Financial Reporting Act 1993 (the Act).

The effect of this notice is to exempt directors of the exempt overseas companies from certain financial reporting obligations under the Act. In particular, the directors of those companies will not be required to prepare and file financial statements for the companies where there is no equivalent requirement under law of the jurisdiction in which they are incorporated.

The directors of those companies will instead be able to provide the financial statements or group financial statements that are required of them to meet financial reporting obligations under the laws of the country in which they are incorporated.

The main differences in the financial statements provided by exempt overseas companies relying on the exemptions are:

• The directors of those companies will prepare and register audited financial statements for the New Zealand business and the financial statements or consolidated financial statements that they are required to prepare in the country in which they are incorporated;

• the date on which the financial statements, including separate financial statements for the company’s New Zealand business, will be required to be registered will be within 20 working days of the date they are required to be signed by the directors under the laws of the country in which the company is incorporated;

• the financial statements and/or consolidated financial statements will comply with generally accepted accounting principles applying in the country in which the exempt company is incorporated (rather than generally accepted accounting practice in New Zealand); and

• the financial statements and/or consolidated financial statements will be audited in accordance with, and the auditor’s report will provide the information required under, the laws of the country in which the exempt company is incorporated instead of the Act.

The Registrar considers it appropriate to grant the exemptions because of the following reasons:

• The Registrar considers that unless the exemptions are granted, it would be unduly onerous or burdensome for the directors of exempt overseas companies to prepare financial statements that comply with section 10 of the Act;

• the exemptions address the particular difficulties experienced by exempt overseas companies that carry on business in New Zealand. The Registrar is satisfied that the exemptions are not broader than what is reasonably necessary to address these difficulties and still require that group financial statements be filed in New Zealand;

• an exempt overseas company relying on the exemptions will still be required to file audited financial statements for their New Zealand business prepared in accordance with New Zealand generally accepted accounting practice as if that business was a company formed and registered in New Zealand;

• the Registrar is satisfied that the financial statements or consolidated financial statements required to be prepared under the laws of the specified jurisdictions provide sufficient information to avoid any detriment to members of the public who have dealings with the exempt overseas companies; and

• the Registrar has had regard to the financial reporting requirements that must be complied with by exempt overseas companies who rely on the exemptions. The exemptions are limited to the directors of overseas companies incorporated in the specified jurisdictions who must comply with the financial reporting and audit requirements under the laws applying in those jurisdictions.

Date of notification in the New Zealand Gazette: 15 November 2012.

This notice is administered by the Registrar of Companies.

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Canterbury Earthquake Recovery Authority

Canterbury Earthquake Recovery Act 2011

Direction to Canterbury Regional Council to Develop a Land Use Recovery Plan for Greater Christchurch

Pursuant to section 16(4) of the Canterbury Earthquake Recovery Act 2011 ("the Act"), the Minister for Canterbury Earthquake Recovery gives the following notice.

Notice

1. Title—This notice is a direction to the Canterbury Regional Council to develop a Land Use Recovery Plan.

2. Direction—Pursuant to section 16(1) of the Act, I direct the Canterbury Regional Council to prepare a Recovery Plan to deal with the following matters within greater Christchurch:

   2.1 Geographic Extent: The Recovery Plan will focus on the metropolitan urban area and towns stretching from Lincoln and Rolleston in the south to Rangiora and Woodend in the north, including Christchurch City (and to the extent necessary, on across-boundary matters relating to residential land use and transport, this would include the area covered by the Christchurch Central Recovery Plan).

   2.2 Matters to be Dealt With:

   (a) Identification of the location, type and mix of residential and business activities within specific geographic areas necessary for earthquake recovery, including: