1 Title
2 Commencement
3 Principal Act amended
Part 1Amendments outside Part 6 of principal Act
4 Long Title repealed
5 New section 1A inserted
1A Purpose
6 Interpretation
7 New section 16 substituted
16 Dealing in foreign exchange by Bank
8 Foreign reserves
9 New section 33 substituted
33 Policy advice
10 Bank may require financial institution to supply information
11 Disqualification of Governor and Deputy Governor
12 Removal of Governor from office
13 Removal of Deputy Governor from office by Order in Council
14 Duties of Board
15 New section 68B inserted
68B Bank to have regard to directions about government policy objectives
16 Further matters that may be prescribed
17 New Part 5D inserted
Part 5DDeposit takers
Preliminary provisions
157A Exercise of powers under this Part
157B Interpretation
157C Deposit taker defined
157D Application of Part
157E Bank to consult before recommending making of regulations under this Part
157F Principles to be taken into account under this Part
157G Exemptions from Part
157H Effect of exemption
Credit ratings
157I Deposit taker must have current credit rating
157J Bank may approve rating agencies
157K Regulations relating to credit ratings
Governance requirements
157L Governance requirements
Risk management
157M Deposit taker must have and comply with risk management programme
157N Risk management programme must be provided to trustee and must be amended if required by trustee
157O Trustee may require deposit taker to have risk management programme audited
Minimum capital requirement
157P Regulations may impose requirement that trust deed sets out minimum capital that deposit taker is required to maintain
157Q Deposit takers and trustees must ensure trust deed sets out minimum capital deposit taker is required to maintain
157R Deposit taker must maintain not less than minimum capital prescribed
Capital ratio requirement
157S Regulations may impose requirement that trust deed includes capital ratio
157T Deposit takers and trustees must ensure capital ratio included in trust deed
157U Deposit taker must maintain capital ratio required to be included in trust deed
Restrictions on related party exposures
157V Regulations may impose requirement that trust deed includes maximum limit on exposures to related parties
157W Regulations may incorporate by reference framework for calculation of maximum limit on exposures to related parties
157X Deposit takers and trustees must ensure maximum limit on exposures to related parties is included in trust deed
157Y Deposit taker must not exceed maximum limit on related party exposures
Liquidity requirements
157Z Regulations may impose requirement that liquidity requirements be included in trust deed
157ZA Deposit takers and trustees must ensure liquidity requirements are included in trust deeds
157ZB Deposit takers must comply with liquidity requirements in trust deeds
Other matters relating to trust deeds
157ZC Amendment to trust deed must be treated as if authorised to be made
157ZD Trustee may execute amendment to trust deed
Obligations of trustees to Bank
157ZE Bank may require trustee to attest as to deposit taker’s compliance with requirements
157ZF Trustee must report to Bank non-compliance or likely non-compliance by deposit taker
157ZG Obligation on trustees to disclose information to Bank in certain circumstances
157ZH Protection of trustees
Investigation and enforcement powers of Bank
157ZI Bank may require report relating to deposit taker
157ZJ Power to obtain information and documents
157ZK Limitation on information to be provided
157ZL Limitations on entering and searching place
157ZM Search warrant may be issued
157ZN Privileges
Confidentiality of information
157ZO Confidentiality of information
157ZP Person who does not comply with section 157ZO commits offence
157ZQ Application of Official Information Act 1982, etc
Offences and penalties
157ZR Offences by deposit takers against this Part
157ZS Other offences by deposit takers against this Part
157ZT Defence for deposit takers charged with offences against this Part
157ZU Power of court to discharge deposit taker
157ZV Liability of directors
157ZW Offences by trustees against this Part
157ZX Penalties for offences
Miscellaneous
157ZY Matters relating to regulation-making powers under this Part
157ZZ Bank must review and report on operation of this Part
Part 2Amendments to Part 6 of principal Act
18 Section 158 repealed
19 Funding agreements
20 New section 162 substituted
162 Determination of annual dividend
21 New Part 6 heading substituted
Part 6Financial and accountability matters
22 New heading and sections 162AA and 162AB inserted
Accountability documents
162AA Purpose of accountability documents
162AB Assessment of regulatory impacts of policies
23 New heading inserted
24 Content of statement of intent
25 Process for providing statement of intent to Minister
26 New heading inserted
27 Annual reports and accounts
28 New heading and section 165A inserted
Financial stability reports
165A Financial stability reports
29 New heading inserted
30 New Schedules 3 and 4 added
ScheduleNew Schedules 3 and 4 added
Legislative history
The Parliament of New Zealand enacts as follows: