Pursuant to section 35B of the Financial Reporting Act
1993, the Registrar of Companies gives the following
notice (to which is appended a statement of reasons of the Registrar).
N o t i c e
1. Title—This notice is the Financial Reporting Act (Coinstar Money Transfer Limited) Exemption Notice 2008.
2. Commencement—This notice comes into force on its notification in the New Zealand Gazette.
3. Expiry—This notice expires on the close of 31 July 2012.
4. Application—An exemption granted by this notice applies to the following accounting periods of the exempt overseas company:
(a) An accounting period of the exempt overseas company that commenced before the exemption is granted (including an accounting period that ended before the exemption is granted) if:
(i) in the case of copies of financial statements or group financial statements for that period that are required to be delivered for registration under section 19 of the Act, the exemption is granted before those documents are required to be delivered for registration under that section; or
(ii) in any other case, the exemption is granted before the financial statements or group financial statements for that period are required to be completed; and
(b) subsequent accounting periods.
5. Interpretation—In this notice, unless the context otherwise requires:
Act means the Financial Reporting Act 1993.
exempt overseas company means Coinstar Money Transfer Limited.
6. Exemptions for directors of exempt overseas companies—(1) Every director of the exempt overseas company is exempted from the following provisions in respect of the exempt overseas company:
(a) Sections 10(1) and 11 of the Act to the extent that these sections require group financial statements
to be prepared in accordance with New Zealand generally accepted accounting practice;
(b) section 13 of the Act to the extent that it requires group financial statements prepared in relation to the exempt overseas company to comply with section
14 of the Act; and
(c) section 19(3) of the Act to the extent that it requires copies of group financial statements of the exempt overseas company, together with a copy of the auditor’s report on those statements, to be delivered to the Registrar for registration.
Dated at Wellington this 7th day of March 2008.
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Statement of Reasons
This notice, which comes into force on its notification in the New Zealand Gazette and expires on 30 July 2012, exempts the directors of Coinstar Money Transfer Limited, a company that was incorporated in the United Kingdom, from various provisions of the Financial Reporting Act 1993 (“the Act”).
The effect of the exemptions is to exempt Coinstar Money Transfer Limited from the requirements under the Act
to prepare and deliver for registration group financial statements.
The basis for the exemption is that the company is exempt from the requirement to prepare group financial statements in its home jurisdiction because it is a subsidiary of a parent company which is required to prepare audited consolidated financial statements in the United Kingdom.
The principal differences in financial statements that will be provided by Coinstar Money Transfer Limited relying on the exemptions are:
? The directors of Coinstar Money Transfer Limited
will prepare and register financial statements for the New Zealand business and stand-alone parent company financial statements; and
? the directors will not file group financial statements.
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 Coinstar Money Transfer Limited in its home jurisdiction, under which it is not required to prepare group financial statements; and
? Coinstar Money Transfer Limited will still be required to file stand alone parent company financial statements and financial statements for the group’s New Zealand business prepared in accordance with New Zealand generally accepted accounting practice as if the members of
the group were companies formed and registered in
New Zealand; and
? the Registrar is satisfied that the above financial statements provide sufficient information to avoid any detriment to members of the public who have dealings with Coinstar Money Transfer Limited; and
? the exemptions address the particular difficulties experienced by Coinstar Money Transfer Limited in complying with the Act. The exemptions are not
broader than what is reasonably necessary to address these difficulties.
Date of notification in New Zealand Gazette: 13 March 2008.
This notice is administered by the Registrar of Companies.