Hon Simon Power
Government Bill
252—3A
As reported from the committee of the whole House
Bill note
Key
1 Title
2 Commencement
Part 1Reserve Bank of New Zealand Act 1989
3 Principal Act amended
4 Interpretation
5 Moratorium
6 New Part 5C substituted
Part 5CDesignated 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 2Savings 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
9A Issuers to issue certificates evidencing securities
10 Schedule 1 amended
Amendments to Corporations (Investigation and Management) Act 1989
10AA Amendments to Corporations (Investigation and Management) Act 1989
10AAB Moratorium
10AAC Statutory manager may suspend payment of money owing
Amendments to Companies Act 1993
10A Amendments to Companies Act 1993
10B Interpretation
10C Transfer of shares under approved system
10D Share certificates
10E Power to disclaim onerous property
Amendments to Personal Property Securities Act 1999
11AA Amendments to Personal Property Securities Act 1999
11AAB Priority of purchase money security interest in collateral or its proceeds, other than inventory or intangibles
11 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
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Legislative history
The Parliament of New Zealand enacts as follows: