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FMA issues infringement notice to Alliant Perpetual for late financial statements

Page last updated: 02 August 2022

Media Release
MR No. 2022 – 25

The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko has issued an infringement notice to registered building society Alliant Perpetual (Alliant) for failing to file financial statements by their due date.

Alliant is a building society which was registered on 14 April 2008. Under section 451(1)(j) of the Financial Markets Conduct Act 2013 (FMC Act), every building society is a reporting entity under the FMC Act.

Alliant was required to file audited financial statements for the year ended 31 January 2022 by 31 May 2022, together with a copy of the auditor’s report of those statements, under section 461H of the FMC Act. At the date of publication of this media release, Alliant has yet to file its financial statements. This is not the first time that Alliant has failed to file its financial statements by their due date.

The FMA’s infringement notice requires Alliant to pay a $7,500 fee for an infringement offence under s 461H of the FMC Act. Alliant has 28 days to pay the infringement fee or respond to the notice in the prescribed manner.

The purpose of financial statements is to provide investors and other stakeholders with useful information for decision-making purposes.

It is important that reliable and supportable financial statements are made available to the public in a timely manner. For many reporting entities, financial statements are the only source of financial information available to investors and other stakeholders.

The FMA raised concerns with Alliant about the late filing of its financial statements and its failure to engage a licensed auditor to audit those statements. Alliant provided the following reasons to the FMA to explain why the society’s financial statements have not been filed within the legislative timeframe:

  • Alliant’s auditor resigned on 3 March 2022, and the society did not appoint a licensed auditor before the filing deadline.
  • The society has committed to relocating senior management and decision making back to New Zealand. This process has been impacted by the Omicron outbreak.
  • Some of Alliant’s investors’ investments have reached maturity but Alliant is currently unable to repay those investors as the society’s funds are illiquid.
  • Alliant confirmed that, as at balance date, the society’s investments are likely to be impaired which would result in the society having negative equity.
  • That Alliant has sought additional capital to address the negative equity and the costs associated with relocating the society.
  • Any capital received would be recorded in the financial statements as a subsequent event.

The FMA does not consider that these reasons provide a satisfactory explanation for the failure to file financial statements by their due date. The FMA considers it important that these reasons are brought to the attention of Alliant’s investors (all of whom are non-residents and based overseas) and members.

The entity did confirm that all financial records were up to date which would enable the building society to prepare compliant financial statements.

To ensure that the matters in this media release are brought to the attention of Alliant’s investors and members, the FMA has asked Alliant to publish this statement on its website and communicate the same directly to investors and members.

ENDS

Media contacts:

Andrew Park
FMA Media Relations Manager
andrew.park@fma.govt.nz
021 220 6770

Campbell Gibson
FMA Senior Adviser, Media Relations
campbell.gibson@fma.govt.nz
021 945 323

FMA Alliant Perpetual 发出迟交财务报表的侵权通知

金融市场管理局(FMA) - Te Mana Tātai Hokohoko 已向注册建筑协会 Alliant Perpetual(简称“Alliant”)发出侵权通知,因其未在到期日之前提交财务报表。

Alliant 为一家建筑协会,于 2008 年 4 月 14 日注册。根据Financial Markets Conduct Act 2013 (2013 年《金融市场行为法》)(简称“FMC Act”)第 451(1)(j) 条,每个建筑协会都是FMC Act下的报告主体。

根据 FMC Act第 461H 条,Alliant 必须在 2022 年 5 月 31 日之前提交截至 2022 年 1 月 31 日的年度审计财务报表,同时提交这些报表的审计报告副本。截至本新闻稿发布之日,Alliant 尚未提交其财务报表。Alliant已不是第一次未能在到期日之前提交其财务报表。

FMA 的侵权通知要求 Alliant 根据 FMC Act第 461H 条为其侵权行为支付$7,500的侵权费。Alliant 将有 28 天的时间支付侵权费或按要求的方式回复本通知。

财务报表的目的是为投资者和其他利益相关方提供决策所需的有用信息。

及时向公众提供可靠和可支持的财务报表是非常重要的。对于许多报告主体而言,财务报表是投资者和其他利益相关方获得财务信息的唯一来源。

对于Alliant延迟提交财务报表以及未能聘请有执照的审计师以审计这些报表的情况,FMA 向 Alliant 表示过的担忧。 Alliant 向 FMA 提供了以下原因,以解释为什么该协会未在法律规定的时限内提交财务报表:

  • Alliant 的审计师于 2022 年 3 月 3 日辞职。在报表提交截止日期之前,协会并未聘请有执照的审计师。
  • 协会已承诺将高层管理人员和决策者迁回至新西兰。这一过程受到了 Omicron 爆发的影响。
  • Alliant的部分投资者的投资项目已到期,但由于协会的资金流动性不足,Alliant目前无法付还这些投资者。
  • Alliant确认,截至结算之日,协会投资项目可能发生减值,导致协会出现负资产。
  • Alliant已寻求额外资金,以解决负资产问题以及与协会搬迁相关的成本。
  • 协会收到的任何资金都将作为后续事件记录在财务报表中。

FMA不认为上述原因为其未能在到期日之前提交财务报表提供了令人满意的解释。 FMA认为Alliant应当将上述理由告知其投资者(这些投资者均为位于海外的非新西兰居民)和会员,这一点非常重要。

该主体也已确认所有财务记录均为最新纪录,因此该建筑协会原本是可以据此制作合规的财务报表的。

为确保本新闻稿中的事项将引起 Alliant 的投资者和会员的注意,FMA 已要求 Alliant 在其网站上发布此声明,并直接与投资者及会员沟通。

结束