Hon Dr Michael Cullen, in Committee, to move the following amendments:
Clause 11: new section 157C(1)(b)(ii)
“section 2(1)” (line 13 on page 13) and substitute
Clause 11: new section 157J
To insert the following subsections after subsection (1A) (after line 25 on page 18):
“(1B) The Bank may, at any time, review the approval of a person as a rating agency, and in conducting the review the Bank must have regard to the matters in subsection (1A).
“(1C) If, after conducting the review, the Bank considers that the person should no longer be an approved rating agency, it may revoke the approval.
Clause 11: new section 157J(2)
To insert after
“must publish” (line 26 on page 18)
“and keep up to date”.
Clause 11: new section 157L(2)
“(within the meaning of section 5 of the Companies Act 1993)” (lines 10 to 11 on page 20).
Clause 11: new section 157P
To omit this section (lines 5 to 23 on page 23) and substitute the following sections:
“157P Regulations may impose requirement that trust deed sets out minimum capital that deposit taker is required to maintain
“(1) The Governor General may, by Order in Council, on the advice of the Minister given in accordance with a recommendation of the Bank, make regulations for the purpose of imposing a requirement that deposit takers and trustees ensure that the trust deed sets out the minimum capital that the deposit taker is required to maintain.
“(2) Regulations made under this section may—
“157PA Deposit takers and trustees must ensure trust deed sets out minimum capital deposit taker is required to maintain
A deposit taker and the trustee must comply with any requirement imposed by regulations made under section 157P.
Clause 11: new section 157ZF(2)
To omit this subsection (lines 9 to line 13 on page 30) and substitute the following subsections:
“(2) This section also applies if the Bank, by notice in writing to the trustee, requires the trustee to provide the Bank with information relating to the business, operation, or management of a deposit taker.
“(3) If this section applies, the trustee must, as soon as practicable, disclose to the Bank all information held by the trustee that is relevant to the matter referred to in subsection (1) or, as the case may be, the matters referred to in the notice under subsection (2), obtained in the course of, or in connection with, the performance of functions as trustee.
Clause 11: new section 157ZL(1)
“the District Court” (line 11 on page 32) and substitute
“a District Court Judge”.
Clause 11: new section 157ZP(d)
To omit this paragraph (lines 14 to 16 on page 36) and substitute the following paragraph:
Clause 11: new section 157ZS(1)
Paragraph (a): to omit this paragraph (lines 9 to 11 on page 39) and substitute the following paragraph:
Paragraph (b): to omit
“the requirement” and substitute
“a requirement” (line 13 on page 39).
Clause 11: new section 157ZU
“157L, 157N,” (line 27 on page 40).
Schedule: new Schedule 4
Clause 1: to add
“or a District Court Judge” (line 6 on page 51).