19 APRIL 2012

NEW ZEALAND GAZETTE, No. 44

1323

(e) all audit firms must have any other systems, policies and procedures which are necessary or desirable to reasonably ensure compliance with the requirements of New Zealand auditing and assurance standards relating to issuer audits;

(f) key decisions and judgements involved in an issuer audit must be subject to engagement quality control review by another licensed auditor; and

(g) each audit firm must have professional indemnity insurance that is adequate and appropriate for the nature and scale of the audit firm’s business activities.

9. Transitional provisions – auditors and overseas auditors—The following transitional requirements are prescribed under section 32(1)(g) of the Act for the purposes sections of 85(1)(b) and 86(1)(b) of the Act:

(a) A person must have completed a minimum of five years of post-qualification experience in accounting;

(b) a person must have completed a minimum of 3,000 hours of audit experience during the period of post-qualification experience; and

(c) a person must be a fit and proper person to be licensed as an auditor.

10. Transitional provisions – audit firms—The following transitional requirements are prescribed under section 32(1)(g) of the Act for the purposes of section 87(1)(c) of the Act:

(a) At least 50% of partners of the audit firm must be members of:

(i) NZICA;

(ii) The Institute of Chartered Accountants of Australia;

(iii) CPA Australia Limited;

(iv) The Institute of Chartered Accountants of England and Wales;

(v) The Chartered Institute of Certified Accountants;

(vi) The Institute of Chartered Accountants of Scotland; or

(vii) The American Institute of Certified Public Accountants;

(b) the audit firm must have systems, policies and processes which materially meet the requirements of PES1, PES2 and PES 3; and

(c) the audit firm must have professional indemnity insurance that is adequate and appropriate for the nature and scale of the audit firm’s business activities.

Dated at Wellington this 18th day of April 2012.

ELAINE CAMPBELL, Head of Compliance Monitoring, Financial Markets Authority.

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Maritime New Zealand

Maritime Transport Act 1994

Notice of Exemption From Maritime Rules: 21.13(1)(a); 21.13(1)(b); 31B.9(1)(a) & (b), Table 2; 31B.14(1)(a), Table 6; 40A.3(1); 40A.7(1)(b)(ii); 40A.18(1); 40A.56(1); 40A.59(b), Appendix 7, Table 3B; 40C.28(6); 40C.53(1), Appendix 4.3; 40E, Appendix 3, section 3; 46.17(1)(b); 47.8(2)(a); 90.22(b)

Pursuant to section 47(3) of the Maritime Transport Act 1994, the Director of Maritime New Zealand hereby notifies the granting of the following exemptions:

• 1 from Maritime Rule 21.13(1)(a) – Safe Ship Management Systems – Ships which do not proceed beyond restricted limits, fishing ships, and ships of less that 45 metres in length are not required to comply with section 1 – Entry to and conditions to be met in order for ship to remain in Safe Ship Management System – Ship belongs to an organisation’s approved safe ship management system

• 10 from Maritime Rule 21.13(1)(b) – Safe Ship Management Systems – Ships which do not proceed beyond restricted limits, fishing ships, and ships of less that 45 metres in length are not required to comply with section 1 – Entry to and conditions to be met in order to remain in Safe Ship Management System – New Zealand Safe Ship Management Certificate issued by Director

• 1 from Maritime Rule 31B.9(1)(a) & (b), Table 2 – Crewing and Watchkeeping Offshore, Coastal and Restricted (Non-Fishing Vessels) – Passenger Vessels – Inshore area – Seafarers holding minimum required qualifications specified in Table 2 and in accompanying flow-chart, and minimum crew specified in Table 2

• 1 from Maritime Rule 31B.14(1)(a), Table 6 – Crewing and Watchkeeping Offshore, Coastal and Restricted (Non-Fishing Vessels) – Non-passenger vessels – Inshore area – Seafarers holding the minimum required qualifications specified in Table 6 for non-passenger vessels operating within the inshore limits set out in Appendix 1 of Part 20

• 1 from Maritime Rule 40A.3(1) – Design, Construction and Equipment – Passenger Ships which are not SOLAS Ships – Application – Every New Zealand passenger ship that does not proceed beyond restricted limits, or is less than 45 metres long and does not proceed beyond the offshore limit

• 1 from Maritime Rule 40A.7(1)(b)(ii) – Design, Construction and Equipment – Passenger Ships which are not SOLAS Ships – Design, survey and construction – Ship’s design approved by a surveyor recognised by the Director for that purpose under rule 46.29 showing compliance with all applicable maritime and marine protection rules

• 1 from Maritime Rule 40A.18(1) – Design, Construction and Equipment – Passenger Ships which are not SOLAS Ships – Passenger accommodation – Seating – Seating for every passenger on voyages of 30 minutes or more