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Compliance Corner: New Zealand's FMA

Editorial Staff

20 March 2020

New Zealand
New Zealand’s announced yesterday it is giving “regulatory relief” so that organisations have an additional two months to provide financial statements, helping them cope with disruption stemming from COVID-19. 

Firms that need to provide these financial statements include listed issuers on the New Zealand stock market, the watchdog said in a statement. 

Legislation enacted in 2013 sets out a timeframe within which issuers, banks, licensed insurers, and non-bank deposit takers and managed investment schemes must file audited financial statements.

“The developing COVID-19 situation is posing issues for many entities and audit firms to comply within that prescribed timeframe,” the FMA said. For example, travel restrictions, working from home arrangements and “social distancing” make it harder for organisations to hit filing deadlines.