Reserve Bank of New Zealand Amendment Act 2009

Public Act	2009 No 53
Date of assent	23 November 2009
Commencement	see section 2

1 Title

2 Commencement

Part 1
Reserve Bank of New Zealand Act 1989

3 Principal Act amended

4 Interpretation

5 Moratorium

6 New Part 5C substituted

Part 5C
Designated settlement systems

General

156K Exercise of powers under this Part

156L Commission may exercise powers under Securities Act 1978

156M Definitions for this Part

Designation

156N Designation of settlement system

156O Joint regulators' recommendations subject to procedure in sections 156Y to 156ZA

Effect of designation

156P Application of this Part to pure payment systems

156Q Rules of designated settlement system are valid and enforceable

156R Settlements must not be reversed, etc

156S Limits on application of section 156R(1)

156T Netting is valid and enforceable

156U Interrelationship between netting and Companies Act 1993 and Insolvency Act 2006

156V Underlying transactions, settlements, and limits on effect of sections 156Q, 156R, and 156T

156W Interrelationship with other enactments

156X Transfer of property in accordance with rules is effective

Procedure for making designation

156Y Application for designation

156Z Consideration of application

156ZA Decision on application

Amendments to rules

156ZB Joint regulators must be notified of proposed amendments to rules

156ZC Proposed amendments to rules may be disallowed

Variation and revocation of designation

156ZD Variation of designation

156ZE Revocation of designation

156ZF Settlement and netting not affected by variation or revocation of designation

156ZG Application for variation or revocation of designation

156ZH Either joint regulator may independently begin review of designation

156ZI Matters joint regulators may have regard to in recommending variation or revocation of designation

156ZJ Procedure for variation or revocation of designation

Obligations to give notice and supply information

156ZK Contact person must be notified of insolvency event

156ZL Supply of information relating to designated settlement system

Disclosure of information

156ZM Disclosure of information between joint regulators

156ZN Disclosure of information to third parties

156ZO Limits on further disclosure of information

156ZP Application of other enactments to information published or disclosed under section 156ZN

Penalties for offences against this Part

156ZQ Penalties for offences

Part 2
Savings provision and amendments to other Acts

Savings provision

7 Amendments do not affect existing designations

Amendments to Securities Act 1978

8 Amendments to Securities Act 1978

9 Functions of Commission

10 Issuers to issue certificates evidencing securities

11 Schedule 1 amended

Amendments to Corporations (Investigation and Management) Act 1989

12 Amendments to Corporations (Investigation and Management) Act 1989

13 Moratorium

14 Statutory manager may suspend payment of money owing

Amendments to Companies Act 1993

15 Amendments to Companies Act 1993

16 Interpretation

17 Transfer of shares under approved system

18 Share certificates

19 Power to disclaim onerous property

Amendments to Personal Property Securities Act 1999

20 Amendments to Personal Property Securities Act 1999

21 Priority of purchase money security interest in collateral or its proceeds, other than inventory or intangibles

22 New heading and section 103A inserted

Priority of interests of certain operators of designated settlement system

103A Priority of interests of certain operators of designated settlement system

Legislative history

The Parliament of New Zealand enacts as follows:

New Zealand Legislation: Acts

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Reserve Bank of New Zealand Amendment Act 2009 No 53, Public Act

Reserve Bank of New Zealand Amendment Act 2009

Contents

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