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• 9. Timing

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• Amendments - Regulations 97
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• 9.1 Disclosure Timetable for Financial Statements and Financial Performance Measures
• 9.1.1 Proposed Requirements
• 9.1.2 Rationale for Proposals
• 9.2 Timing Requirements for Disclosure of Pipeline Charges and Pipeline Charge Methodologies
• 9.2.1 Proposed Requirements
• 9.2.2 Rationale for Proposal
• 9.3 Timing of the First Disclosures under the Proposed Amendments
• 9.3.1 Proposed Requirements

9.1 Disclosure Timetable for Financial Statements and Financial Performance Measures

9.1.1 Proposed Requirements

84. Where the Regulations currently allow 5 months for pipeline owners to make disclosures, the Ministry proposes to reduce the period to 4 months. This would affect disclosures of:

1. financial statements (Regulation 6);
2. performance measures (Regulations 15, 17 and 18); and
3. transactions with related parties (currently described as "transactions between persons in a prescribed business relationship" - Regulation 22).

85. Pipeline owners would have 4 months to publicly disclose the prescribed information, put it on the Internet, supply it in completed form to the Gazette Office and provide a copy to the Secretary of Commerce.

9.1.2 Rationale for Proposals

86. The Ministry considers that 5 months is too long a time to wait for information about a given financial year. The Ministry notes that NZ Stock Exchange rules require disclosure of audited financial statements 4 months after the financial year. The introduction of standard formats like the derivation table provided in Excel format for the conversion of disclosed financial information into prescribed financial performance measures would assist earlier disclosure.

87. Consideration would be given to retaining a 5 month reporting timeframe in the first year that the proposed amendments apply.

9.2 Timing Requirements for Disclosure of Pipeline Charges and Pipeline Charge Methodologies

9.2.1 Proposed Requirements

88. The Ministry proposes that pipeline charges and pipeline charge methodologies be disclosed:

1. when they are changed, rather than annually; and
2. at least 20 working days prior to the charge taking effect.

9.2.2 Rationale for Proposal

89. The rationale is set out in section 7.2 above.

9.3 Timing of the First Disclosures under the Proposed Amendments

9.3.1 Proposed Requirements

90. The Ministry proposes that the first disclosures under the proposed amendments would be required as follows: