Reserve Bank of New Zealand Amendment Act 2008

  • This version was replaced on 24 January 2017 to make corrections to the Schedule heading under section 25(1)(j)(iii) of the Legislation Act 2012.

Reprint as at 1 December 2010

Coat of Arms of New Zealand

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.

Contents

1Title
2Commencement
3Principal Act amended
4Long Title repealed
5New section 1A inserted
1APurpose
6Interpretation
7New section 16 substituted
16Dealing in foreign exchange by Bank
8Foreign reserves
9New section 33 substituted
33Policy advice
10Bank may require financial institution to supply information
11Disqualification of Governor and Deputy Governor
12Removal of Governor from office
13Removal of Deputy Governor from office by Order in Council
14Duties of Board
15New section 68B inserted
68BBank to have regard to directions about government policy objectives
16Further matters that may be prescribed
17New Part 5D inserted
157AExercise of powers under this Part
157BInterpretation
157CDeposit taker defined
157DApplication of Part
157EBank to consult before recommending making of regulations under this Part
157FPrinciples to be taken into account under this Part
157GExemptions from Part
157HEffect of exemption
157IDeposit taker must have current credit rating
157JBank may approve rating agencies
157KRegulations relating to credit ratings
157LGovernance requirements
157MDeposit taker must have and comply with risk management programme
157NRisk management programme must be provided to trustee and must be amended if required by trustee
157OTrustee may require deposit taker to have risk management programme audited
157PRegulations may impose requirement that trust deed sets out minimum capital that deposit taker is required to maintain
157QDeposit takers and trustees must ensure trust deed sets out minimum capital deposit taker is required to maintain
157RDeposit taker must maintain not less than minimum capital prescribed
157SRegulations may impose requirement that trust deed includes capital ratio
157TDeposit takers and trustees must ensure capital ratio included in trust deed
157UDeposit taker must maintain capital ratio required to be included in trust deed
157VRegulations may impose requirement that trust deed includes maximum limit on exposures to related parties
157WRegulations may incorporate by reference framework for calculation of maximum limit on exposures to related parties
157XDeposit takers and trustees must ensure maximum limit on exposures to related parties is included in trust deed
157YDeposit taker must not exceed maximum limit on related party exposures
157ZRegulations may impose requirement that liquidity requirements be included in trust deed
157ZADeposit takers and trustees must ensure liquidity requirements are included in trust deeds
157ZBDeposit takers must comply with liquidity requirements in trust deeds
157ZCAmendment to trust deed must be treated as if authorised to be made
157ZDTrustee may execute amendment to trust deed
157ZEBank may require trustee to attest as to deposit taker’s compliance with requirements
157ZFTrustee must report to Bank non-compliance or likely non-compliance by deposit taker
157ZGObligation on trustees to disclose information to Bank in certain circumstances
157ZHProtection of trustees
157ZIBank may require report relating to deposit taker
157ZJPower to obtain information and documents
157ZKLimitation on information to be provided
157ZLLimitations on entering and searching place
157ZMSearch warrant may be issued
157ZNPrivileges
157ZOConfidentiality of information
157ZPPerson who does not comply with section 157ZO commits offence
157ZQApplication of Official Information Act 1982, etc
157ZROffences by deposit takers against this Part
157ZSOther offences by deposit takers against this Part
157ZTDefence for deposit takers charged with offences against this Part
157ZUPower of court to discharge deposit taker
157ZVLiability of directors
157ZWOffences by trustees against this Part
157ZXPenalties for offences
157ZYMatters relating to regulation-making powers under this Part
157ZZBank must review and report on operation of this Part
18Section 158 repealed
19Funding agreements
20New section 162 substituted
162Determination of annual dividend
21New Part 6 heading substituted
22New heading and sections 162AA and 162AB inserted
162AAPurpose of accountability documents
162ABAssessment of regulatory impacts of policies
23New heading inserted
24Content of statement of intent
25Process for providing statement of intent to Minister
26New heading inserted
27Annual reports and accounts
28New heading and section 165A inserted
165AFinancial stability reports
29New heading inserted
30New Schedules 3 and 4 added
Reprint notes

The Parliament of New Zealand enacts as follows: