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  • Accounting Alert August 2022

FMA class exemptions for the small co-operatives and irrigation companies

The financial Markets Authority (FMA) have announced that they have decided to extend relief for small co-operatives and irrigation companies for a further 5-year period on the following terms:

  • Continue the ability for irrigation companies to use the same tailored Product Disclosure Statement relief as registered co-operative companies.
  • Increase the small aggregate investment threshold from $5,000 to $10,000 (which exempts from certain disclosure, governance, and FMC financial reporting obligations).
  • Increase the low revenue investment threshold from $2 million to $5 million (which exempts from FMC financial reporting obligations).

The current small co-operatives notice expires on 31 December 2022 and the current irrigation companies notice expires on 22 December 2022.

For more information hereon, please refer to the FMA’s website here.

 

For more on the above, please contact your local BDO representative.


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