| Title [Repealed] | |
1 | Title and commencement | |
1A | Purpose | |
1B | Overview | |
2 | Interpretation | |
3 | Interpretation of provisions relating to false or misleading information | |
3A | Transitional, savings, and related provisions | |
4 | Act to bind the Crown | |
| [Repealed] | |
5 | Reserve Bank of New Zealand [Repealed] | |
6 | Branches and agencies [Repealed] | |
| [Repealed] | |
| [Repealed] | |
7 | Bank to act as central bank [Repealed] | |
| [Repealed] | |
8 | Function to formulate monetary policy through MPC [Repealed] | |
9 | Function to implement monetary policy [Repealed] | |
10 | Remit for MPC [Repealed] | |
11 | Other matters relating to remit [Repealed] | |
12 | Order providing for different economic objective or objectives [Repealed] | |
13 | Order must include replacement remit [Repealed] | |
14 | Effect of order on current remit [Repealed] | |
15 | Period may be extended [Repealed] | |
15A | Revocation of order [Repealed] | |
15B | Functions under sections 8 and 9 not affected [Repealed] | |
15C | Regular reports on monetary policy [Repealed] | |
15D | Longer-term report on formulation and implementation of monetary policy [Repealed] | |
| [Repealed] | |
16 | Dealing in foreign exchange by Bank [Repealed] | |
17 | Power of Minister to direct Bank to deal in foreign exchange within guidelines [Repealed] | |
18 | Power of Minister to fix exchange rates for foreign exchange dealing by Bank [Repealed] | |
19 | Effect of directions on operational objectives [Repealed] | |
20 | Effect of directions on monetary policy [Repealed] | |
21 | Foreign exchange gains and losses [Repealed] | |
22 | Temporary suspension of foreign exchange business [Repealed] | |
23 | Bank to advise Minister on foreign exchange matters [Repealed] | |
24 | Foreign reserves [Repealed] | |
| [Repealed] | |
25 | Issue of currency by Bank [Repealed] | |
26 | Power of Bank to call in currency [Repealed] | |
27 | Legal tender [Repealed] | |
28 | Defacing bank notes [Repealed] | |
29 | Making or issuing of other bank notes or coins [Repealed] | |
30 | Reproduction or imitation of currency [Repealed] | |
| [Repealed] | |
31 | Bank to act as lender of last resort [Repealed] | |
32 | Bank may provide settlement account services [Repealed] | |
33 | Policy advice [Repealed] | |
34 | Government banking business [Repealed] | |
35 | Financial products registry services [Repealed] | |
36 | Bank may require financial institution to supply information [Repealed] | |
37 | Failure to supply information [Repealed] | |
38 | Requirement that information be audited [Repealed] | |
39 | Powers [Repealed] | |
| [Repealed] | |
| [Repealed] | |
40 | Governor [Repealed] | |
41 | Duties of Governor [Repealed] | |
42 | Conditions of appointment of Governor [Repealed] | |
43 | Deputy Governor [Repealed] | |
44 | Term of appointment and conditions of appointment of Deputy Governor [Repealed] | |
45 | Extension of term of Governor or Deputy Governor [Repealed] | |
45A | Validity of appointments [Repealed] | |
46 | Disqualification of Governor and Deputy Governor [Repealed] | |
47 | Incapacity of Governor and Deputy Governor [Repealed] | |
48 | Vacancy in office of Governor [Repealed] | |
48A | Deputy Governor may act pending appointment [Repealed] | |
48B | Vacancy in office of Deputy Governor [Repealed] | |
49 | Removal of Governor from office [Repealed] | |
50 | Removal of Deputy Governor from office by Order in Council [Repealed] | |
51 | Delegation [Repealed] | |
| [Repealed] | |
52 | Board of directors [Repealed] | |
53 | Duties of Board [Repealed] | |
53A | Board must prepare annual report [Repealed] | |
53B | Board must supply reports or other information to Minister [Repealed] | |
53C | Bank must supply reports or information to Board [Repealed] | |
54 | Membership of Board [Repealed] | |
55 | Term of office of non-executive directors [Repealed] | |
56 | Considerations affecting appointment of non-executive directors [Repealed] | |
57 | Extraordinary vacancies [Repealed] | |
58 | Disqualification of non-executive directors [Repealed] | |
59 | Removal from office of non-executive directors [Repealed] | |
59A | Chairperson and deputy chairperson of Board [Repealed] | |
60 | Meetings of Board [Repealed] | |
60A | Teleconference meeting [Repealed] | |
60B | Directors to be notified of meetings [Repealed] | |
60C | Who presides at meetings of Board [Repealed] | |
61 | Directors to disclose interests [Repealed] | |
62 | Committees [Repealed] | |
63 | Fees and expenses of non-executive directors [Repealed] | |
| [Repealed] | |
63A | Establishment of monetary policy committee [Repealed] | |
63B | Functions of MPC [Repealed] | |
63C | Membership of MPC [Repealed] | |
63D | Charter [Repealed] | |
63E | Content of charter [Repealed] | |
63F | Replacement charter [Repealed] | |
63G | Consultation about replacement charter [Repealed] | |
63H | Publication of charter [Repealed] | |
63I | Status of charter [Repealed] | |
63J | Code of conduct [Repealed] | |
63K | Content of code [Repealed] | |
63L | Publication and status of code [Repealed] | |
63M | Other matters [Repealed] | |
| [Repealed] | |
63N | Appointment procedure [Repealed] | |
| | |
| | |
64 | Limit on use of restricted words in name or title | |
65 | Bank may authorise use of restricted words in name or title | |
66 | Certain persons exempt from application of section 64 | |
66A | Application of Companies Act 1993 | |
| | |
66B | Limit on use of restricted words in advertisement | |
| | |
66C | Power to obtain information | |
66D | Power to require change of name, etc | |
66E | Power to appoint person to enter and search premises | |
66F | Requirements on entering and searching premises | |
66G | Confidentiality of information or documents | |
66H | Limits on further disclosure of information or documents published or disclosed under section 66G | |
66I | Procedure for obtaining warrants | |
66J | Effect of warrant [Repealed] | |
66K | Effect of proceedings | |
66L | Effect of final decision that exercise of powers under section 66E unlawful | |
| | |
66M | Penalty for offences | |
| | |
67A | Interpretation in this Part | |
67 | Registration and prudential supervision | |
68 | Exercise of powers under this Part | |
68A | Trans-Tasman co-operation | |
68B | Bank to have regard to directions about government policy objectives [Repealed] | |
| | |
69 | Register | |
70 | Application for registration | |
71 | Voluntary removal of name from register | |
72 | Offence for person who is not registered bank to hold itself out to be registered bank | |
73 | Determination of applications | |
73A | Further matters to which Bank must have regard if applicant is overseas person | |
73B | Further matters to which Bank must have regard if applicant is subsidiary of overseas person | |
74 | Conditions of registration | |
75 | Publication of principles [Repealed] | |
76 | Registration of certain persons | |
77 | Cancellation of registration | |
77A | Changes of ownership | |
77B | Effect of section 77A on contracts, etc | |
78 | Carrying on business in prudent manner | |
79 | Annual fee [Repealed] | |
80 | Credit rating of registered banks | |
| | |
81 | Public disclosure of information or data by registered banks | |
81AA | Further matters that may be prescribed | |
81AB | Disclosure statement not required to include information or data about customers or clients of registered banks | |
81AC | Duty to supply information or data to registered bank | |
81A | Bank to consult | |
82 | Disclosure statements must be signed | |
83 | Bank may require disclosure statement to be corrected | |
| [Repealed] | |
84 | Interpretation [Repealed] | |
85 | Content of advertisements by registered banks [Repealed] | |
86 | Regulations [Repealed] | |
87 | Offence to advertise in contravention of regulations [Repealed] | |
88 | Bank may prohibit advertisements by registered banks [Repealed] | |
| | |
89 | Offence to fail to publish required information in disclosure statement | |
89A | Offence to publish false or misleading disclosure statements | |
89B | Offence to fail to make most recent disclosure statement publicly available | |
89C | Other offences in relation to disclosure statements | |
90 | Civil liability | |
91 | Defences | |
92 | Fair Trading Act 1986 not affected | |
| | |
93 | Supply of information by registered banks for purposes of prudential supervision | |
93A | Scope of notice under section 93 | |
93B | Certain persons may be required to supply information to registered banks | |
93C | Supply of information by other persons for purposes of prudential supervision | |
94 | Requirement that information, data, or forecasts be audited | |
95 | Bank may require report relating to registered banks, etc | |
95A | Bank may require report under section 95 to be published | |
96 | Disclosure of information to Bank by auditors | |
97 | Auditor to inform of intention to disclose | |
98 | Protection of auditors | |
| | |
98A | Access to information by home country supervisor | |
98B | Duties of person on receipt of notice under section 98A | |
| | |
99 | Powers to obtain information and documents | |
100 | Requirements on entering and searching premises | |
| | |
101 | Investigation of affairs of registered bank | |
102 | Powers of person appointed to carry out investigation | |
103 | Offences in relation to investigations | |
104 | Requirements to be complied with by person carrying out investigation | |
| | |
105 | Confidentiality of information | |
106 | Procedure for obtaining warrants | |
107 | Effect of warrant | |
108 | Effect of proceedings | |
109 | Effect of final decision that exercise of powers under section 99 unlawful | |
110 | Effect of final decision that exercise of powers under section 101 or section 102 unlawful | |
| | |
111 | Bank may require registered bank to consult [Repealed] | |
112 | Bank may give advice and assistance [Repealed] | |
113 | Bank may give directions | |
113A | Scope of directions | |
113B | Power to remove, replace, or appoint directors | |
114 | Offence to contravene directions | |
115 | Offence to disclose giving of direction | |
116 | Miscellaneous provisions with respect to directions and dispositions | |
| | |
117 | Statutory management of registered banks and associated persons | |
118 | Grounds on which registered bank may be declared to be subject to statutory management | |
119 | Advisory committee | |
120 | Statutory manager to comply with directions of Bank | |
121 | Considerations affecting exercise of powers by statutory manager | |
121A | Statutory manager to avoid actions likely to have detrimental effect | |
122 | Moratorium | |
122A | Definitions of terms relating to qualifying derivatives | |
122B | Matters relating to possession or control of collateral | |
122C | Bank may reduce or extend stay on exercise of rights to enforce security interest over collateral | |
122D | Matters Bank must be satisfied of under section 122C(3)(b) | |
122E | Publication and status of notice under section 122C | |
123 | Statutory manager may incorporate company under Companies Act 1993 to acquire business of branch of foreign institution | |
124 | Vesting of property subject to security | |
125 | Proof of vesting | |
126 | Prohibition against removal of assets | |
127 | Statutory manager may suspend payment of money owing | |
128 | Management of registered bank to vest in statutory manager | |
129 | Powers of statutory manager | |
130 | Statutory manager empowered to carry on business of registered bank | |
131 | Statutory manager may pay creditors and compromise claims | |
132 | Sale of registered bank | |
133 | Consents not required under other Acts | |
134 | Sale of property or assets subject to a security | |
135 | Proof of transactions | |
136 | Liquidation of registered banks | |
137 | Provisions applying where liabilities included in sale | |
138 | Power to trace property improperly disposed of | |
139 | Application of certain provisions of Companies Act 1993 | |
| | |
139A | Interpretation | |
139B | Meaning of covered bond SPV | |
139C | Meaning of issuer | |
| | |
139D | Register of registered covered bond programmes | |
139E | Requirement, and application, for registration of covered bond programme | |
139F | Determination of application for registration of covered bond programme | |
139G | Bank must approve or decline application | |
139H | Requirements relating to registered covered bond programmes | |
| | |
139I | Cover pool monitor | |
| | |
139J | Limitation on application of statutory management, etc, provisions to covered bond SPV | |
| | |
140 | Application of this Part to joint statutory managers, associated persons, and subsidiaries | |
141 | Termination of appointment of statutory manager | |
142 | Statutory manager may apply to High Court for directions | |
143 | Prior winding up, liquidation, or receivership to cease | |
143A | Continuation of statutory management | |
144 | Termination of statutory management | |
145 | Obligations incurred by statutory manager | |
146 | Indemnity [Repealed] | |
147 | Registered bank not entitled to be informed about exercise of powers | |
148 | Expenses of statutory management | |
149 | Advances to statutory manager and members of advisory committee | |
150 | Duty to deliver books and property to statutory manager | |
151 | Offence to destroy, alter, or conceal records | |
152 | Regulations relating to powers of Bank and statutory manager | |
152A | Regulations are confirmable instruments [Repealed] | |
153 | Application of other Acts | |
154 | Appointment of auditors | |
155 | Annual accounts | |
156 | Annual report by statutory manager | |
| | |
156AA | Penalty for miscellaneous offences | |
156AB | Penalty for offences relating to supply of information, etc | |
156AC | Penalty for offences relating to registration of banks, disclosure statements, prudential supervision of registered banks, etc | |
| | |
156A | Retention of documents by banks | |
| | |
| | |
156B | Exercise of powers under this Part | |
| | |
156C | Requirement to supply information relating to payment system | |
156D | Offence to fail to supply information | |
156E | Requirement that information be audited | |
156F | Offence not to comply with requirement for audit | |
| | |
156G | Disclosure of information | |
156H | Limits on further disclosure of information | |
156I | Application of other enactments to information published or disclosed under section 156G | |
| | |
156J | Penalties for offences | |
| | |
| | |
156K | Exercise of powers under this Part | |
156L | Limit on FMA’s powers in relation to Bank | |
| [Repealed] | |
156M | Definitions for this Part | |
| | |
156N | Designation of settlement system | |
| [Repealed] | |
156O | Joint regulators’ recommendations subject to procedure in sections 156Y to 156ZA | |
| | |
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 | |
| [Repealed] | |
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 | |
| | |
156Y | Application for designation | |
156Z | Consideration of application | |
156ZA | Decision on application | |
| | |
156ZB | Joint regulators must be notified of proposed amendments to rules | |
156ZC | Proposed amendments to rules may be disallowed | |
| | |
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 | |
| | |
156ZK | Contact person must be notified of insolvency event | |
156ZL | Supply of information relating to designated settlement system | |
| | |
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 | |
| | |
156ZQ | Penalties for offences | |
| [Repealed] | |
| [Repealed] | |
157A | Exercise of powers under this Part [Repealed] | |
157B | Interpretation [Repealed] | |
157C | Deposit taker defined [Repealed] | |
157D | Application of Part [Repealed] | |
157E | Bank to consult before recommending making of regulations under this Part [Repealed] | |
157F | Principles to be taken into account under this Part [Repealed] | |
157G | Exemptions from Part [Repealed] | |
157H | Effect of exemption [Repealed] | |
| [Repealed] | |
157I | Deposit taker must have current credit rating [Repealed] | |
157J | Bank may approve rating agencies [Repealed] | |
157K | Regulations relating to credit ratings [Repealed] | |
| [Repealed] | |
157L | Governance requirements [Repealed] | |
| [Repealed] | |
157M | Deposit taker must have and comply with risk management programme [Repealed] | |
157N | Risk management programme must be provided to trustee and must be amended if required by trustee [Repealed] | |
157O | Trustee may require deposit taker to have risk management programme audited [Repealed] | |
| [Repealed] | |
157P | Regulations may impose requirement that trust deed sets out minimum capital that deposit taker is required to maintain [Repealed] | |
157Q | Deposit takers and trustees must ensure trust deed sets out minimum capital deposit taker is required to maintain [Repealed] | |
157R | Deposit taker must maintain not less than minimum capital prescribed [Repealed] | |
| [Repealed] | |
157S | Regulations may impose requirement that trust deed includes capital ratio [Repealed] | |
157T | Deposit takers and trustees must ensure capital ratio included in trust deed [Repealed] | |
157U | Deposit taker must maintain capital ratio required to be included in trust deed [Repealed] | |
| [Repealed] | |
157V | Regulations may impose requirement that trust deed includes maximum limit on exposures to related parties [Repealed] | |
157W | Regulations may incorporate by reference framework for calculation of maximum limit on exposures to related parties [Repealed] | |
157X | Deposit takers and trustees must ensure maximum limit on exposures to related parties is included in trust deed [Repealed] | |
157Y | Deposit taker must not exceed maximum limit on related party exposures [Repealed] | |
| [Repealed] | |
157Z | Regulations may impose requirement that liquidity requirements be included in trust deed [Repealed] | |
157ZA | Deposit takers and trustees must ensure liquidity requirements are included in trust deeds [Repealed] | |
157ZB | Deposit takers must comply with liquidity requirements in trust deeds [Repealed] | |
| [Repealed] | |
157ZC | Amendment to trust deed must be treated as if authorised to be made [Repealed] | |
157ZD | Trustee may execute amendment to trust deed [Repealed] | |
| [Repealed] | |
157ZE | Bank may require trustee to attest as to deposit taker’s compliance with requirements [Repealed] | |
157ZF | Trustee must report to Bank non-compliance or likely non-compliance by deposit taker [Repealed] | |
157ZG | Obligation on trustees to disclose information to Bank in certain circumstances [Repealed] | |
157ZH | Protection of trustees [Repealed] | |
| [Repealed] | |
157ZI | Bank may require report relating to deposit taker [Repealed] | |
157ZJ | Power to obtain information and documents [Repealed] | |
157ZK | Limitation on information to be provided [Repealed] | |
157ZL | Limitations on entering and searching place [Repealed] | |
157ZM | Search warrant may be issued [Repealed] | |
157ZN | Privileges [Repealed] | |
| [Repealed] | |
157ZO | Confidentiality of information [Repealed] | |
157ZP | Person who does not comply with section 157ZO commits offence [Repealed] | |
157ZQ | Application of Official Information Act 1982, etc [Repealed] | |
| [Repealed] | |
157ZR | Offences by deposit takers against this Part [Repealed] | |
157ZS | Other offences by deposit takers against this Part [Repealed] | |
157ZT | Defence for deposit takers charged with offences against this Part [Repealed] | |
157ZU | Power of court to discharge deposit taker [Repealed] | |
157ZV | Liability of directors [Repealed] | |
157ZW | Offences by trustees against this Part [Repealed] | |
157ZX | Penalties for offences [Repealed] | |
| [Repealed] | |
157ZY | Matters relating to regulation-making powers under this Part [Repealed] | |
157ZZ | Bank must review and report on operation of this Part [Repealed] | |
| [Repealed] | |
157 | Financial year [Repealed] | |
| [Repealed] | |
158 | Meaning of notional surplus income [Repealed] | |
159 | Funding agreements [Repealed] | |
160 | Contents of funding agreements [Repealed] | |
161 | Funding agreements to be ratified by House of Representatives [Repealed] | |
162 | Determination of annual dividend [Repealed] | |
| [Repealed] | |
162AA | Purpose of accountability documents [Repealed] | |
162AB | Assessment of regulatory impacts of policies [Repealed] | |
| [Repealed] | |
162A | Obligation to provide statement of intent [Repealed] | |
162B | Content of statement of intent [Repealed] | |
162C | Process for providing statement of intent to Minister [Repealed] | |
162D | Amendments by Bank to statement of intent [Repealed] | |
162E | Statement of intent stands referred to House of Representatives [Repealed] | |
| [Repealed] | |
163 | Annual reports and accounts [Repealed] | |
163A | Bank not Crown entity [Repealed] | |
164 | Contents of financial statements [Repealed] | |
165 | Management statements [Repealed] | |
| [Repealed] | |
165A | Financial stability reports [Repealed] | |
| [Repealed] | |
166 | Auditor-General to be auditor of Bank [Repealed] | |
167 | Performance audit [Repealed] | |
| | |
168 | Bank to be good employer [Repealed] | |
169 | Bank to exhibit sense of social responsibility [Repealed] | |
170 | Application of Banking Act 1982 to Bank [Repealed] | |
171 | Conflict with other Acts [Repealed] | |
172 | Obligations under this Act not limited | |
173 | Regulations | |
174 | Consents under regulations | |
175 | Offences against regulations | |
175A | Privilege against self-incrimination no excuse [Repealed] | |
175B | Admissibility of self-incriminating statements [Repealed] | |
176 | Penalties for offences | |
177 | Time for filing charging document | |
178 | Evidence [Repealed] | |
179 | Protection from liability [Repealed] | |
179A | Indemnity [Repealed] | |
180 | Amendment to Income Tax Act 1976 [Repealed] | |
181 | Amendments to Securities Act 1978 [Repealed] | |
182 | Amendments to Superannuation Schemes Act 1989 [Repealed] | |
183 | Amendments to Trustee Banks Restructuring Act 1988 [Repealed] | |
184 | Amendment to Securities Amendment Act 1988 [Repealed] | |
185 | Consequential amendments [Repealed] | |
186 | Repeals and savings [Repealed] | |
187 | References to trading banks to be read as references to registered banks | |
188 | Savings [Repealed] | |
189 | Procedure for applying this Act to persons subject to statutory management under Reserve Bank of New Zealand Act 1964 [Repealed] | |
190 | Transitional provisions in relation to Part 5A and Part 5C of Reserve Bank of New Zealand Act 1964 [Repealed] | |
191 | Transitional provisions in relation to office holders [Repealed] | |
192 | Transitional provision in relation to accounts of Bank [Repealed] | |
| | |
| [Repealed] | |
| [Repealed] | |
| [Repealed] | |
| | |
| | |
| | |
| Notes | |