Notice of Suspension of Registration Under Section 124(1)(c) of the Building Societies Act 1965

The registration of PACIFIC EAGLE CAPITAL Building Society with registered offices at Level 6, 203 Queen Street, Auckland, has been suspended under section 124(1)(c) of the Building Societies Act 1965 (“Act”) . The suspension is effective from 23 August 2021 and will remain in place until 19 November 2021.

The reasons for suspension are as follows:

PACIFIC EAGLE CAPITAL is overdue in filing its 2020 annual return, the auditors’ report on the annual return and audited financial statements. The Society is, therefore, in breach of the Act and the Financial Markets Conduct Act.

Section 103 of the Act requires that an annual return to be filed within the first three months of each financial year. In addition, under section 106 of the Act, the auditors’ report on the annual return must be annexed to the annual return.

Section 91 of the Act provides that building societies must comply with subpart 3 of Part 7 of the Financial Markets Conduct Act 2013 (which relates to the preparation, audit, and lodgement of financial statements).

Section 461H of the Financial Markets Conduct Act states that:

(1) Every FMC reporting entity must ensure that, within four months after the balance date of the entity, copies of the financial statements or group financial statements that are required to be prepared under any of sections 460, 461, and 461B, together with a copy of the auditor’s report on those statements, are delivered to the Registrar for lodgement.

(1A) Every manager of a registered scheme must ensure that, within four months after the balance date of the scheme, copies of the financial statements that are required to be prepared under section 461A, together with a copy of the auditor’s report on those statements, are delivered to the Registrar for lodgement.

Take Note: While the suspension is in force PACIFIC EAGLE CAPITAL must cease trading as a building society.

MICHAEL BROSNAHAN, Deputy Registrar of Building Societies.