Reprint as at 1 December 2010

Reserve Bank of New Zealand Amendment Act 2008

Public Act	2008 No 59
Date of assent	9 September 2008
Commencement	see section 2

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.

A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.

This Act is administered by the Treasury.

1 Title

2 Commencement

3 Principal Act amended

Part 1
Amendments 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4 Long Title repealed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 5D
Deposit 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 2
Amendments 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 6
Financial 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

Schedule
New Schedules 3 and 4 added

Reprint notes

The Parliament of New Zealand enacts as follows:

New Zealand Legislation: Acts

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Reserve Bank of New Zealand Amendment Act 2008 No 59 (as at 01 December 2010), Public Act

Reserve Bank of New Zealand Amendment Act 2008

Note

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