Reserve Bank of New Zealand Act 2021

1: Title
This Act is the Reserve Bank of New Zealand Act 2021.
2: Commencement
1: Section 6 subpart 6 Part 6 Schedule 1
2: The rest of this Act comes into force on a date or dates to be appointed by the Governor-General by Order in Council, and 1 or more Orders in Council may be made appointing different dates for different provisions and for different purposes.
3: However, any provision that has not earlier been brought into force comes into force on 1 October 2022.
4: An Order in Council made under this section is secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 2(2) brought into force 1 July 2022 clause 2 Reserve Bank of New Zealand Act 2021 Commencement Order 2022
1: Preliminary provisions
3: Purposes
The purposes of this Act are to—
a: provide for the continuation of the Reserve Bank of New Zealand; and
b: promote the prosperity and well-being of New Zealanders and contribute to a sustainable and productive economy.
4: Overview
1: This section is a guide to the general scheme and effect of this Act.
2: This Part deals with preliminary matters, including specifying the purposes of this Act and definitions of terms used in this Act.
3: Part 2 Bank
a: the Bank’s objectives, including the economic objectives and the financial stability objective; and
b: the Bank’s functions, including acting as New Zealand’s central bank, acting as a prudential regulator and supervisor of banks, insurers, and other financial institutions, and monitoring the financial system; and
c: the Bank to be a body corporate with the power to do anything that a natural person may do; and
d: the role of the Minister to oversee and manage the Crown’s interests in, and relationship with, the Bank; and
e: a board to act as the governing body of the Bank; and
f: a Governor of the Bank to be its chief executive and a member of the board; and
g: a monetary policy committee (the MPC
4: Part 3
a: formulating (through the MPC) and implementing a monetary policy directed to the economic objectives; and
b: managing foreign reserves and otherwise dealing in foreign exchange; and
c: issuing bank notes and coins in New Zealand; and
d: providing liquidity facilities; and
e: providing settlement accounts; and
f: operating or otherwise participating in payments and settlement systems.
5: Part 4
a: Government directions to the Bank; and
b: an obligation on the Bank to be a good employer; and
c: protections from liability for the Bank and other persons; and
d: providing for how the Bank enters into contracts and other enforceable obligations; and
e: a power for the Minister to review the Bank’s operations and performance and a power for the Minister and certain other Ministers to request that the Bank supply information.
6: Part 5
a: the Minister to issue a financial policy remit. The board must have regard to the remit under section 49
b: the Minister to give directions to the Bank relating to its minimum level of capital and financial risk management; and
c: the Minister and the Bank to enter into a funding agreement concerning the Bank’s expenditure; and
d: the Bank to pay an annual dividend to the Crown; and
e: reporting obligations, including a statement of intent, a statement of performance expectations, and an annual report; and
f: other statements and reports to support accountability, including a statement about the Bank’s management of financial risks, a statement about its policies for acting as a prudential regulator and supervisor, and reports on the regulatory impacts of its policies.
7: Part 6
a: a power for the Bank to gather information relating to its central banking and financial system oversight functions; and
b: a power for the Bank to share information; and
c: providing for the Council of Financial Regulators to facilitate co-operation and co-ordination between financial regulators; and
d: setting out regulation-making powers (including powers to prescribe fees and levies).
5: Interpretation
1: In this Act, unless the context otherwise requires,— AML Act Anti-Money Laundering and Countering Financing of Terrorism Act 2009 Bank Reserve Bank Bank group section 215 bank note board class of outputs section 215 committee
a: means a committee appointed under clause 14
b: does not include the MPC committee member chairperson
a: means the chairperson of the board; but
b: in relation to the MPC, means the Governor (or a person who is acting under clause 36 charter section 101 code of conduct section 106 department section 2(1) deputy chairperson designated FMI section 5 direction economic objective section 9(1)﻿(a) section 125 excluded act or omission sections 181 to 188 section 180 fees framework financial policy remit section 203 financial product section 7 financial stability objective financial year foreign exchange
a: the currency of a country other than New Zealand:
b: a financial product in respect of which any amount payable is payable in a foreign currency foreign reserves formulating section 117(2) generally accepted accounting practice section 215 Governor section 82 96 information section 4 infringement fee section 166 265 infringement offence section 166 265 interested interests section 61 law enforcement or regulatory agency
a: any department that, with the authority of the Prime Minister, is responsible for the administration of any part of this Act, the prudential legislation, the Financial Markets Authority Act 2011 Financial Markets Conduct Act 2013 Credit Contracts and Consumer Finance Act 2003
b: the Inland Revenue Department:
c:
d: the Treasury:
e: the Financial Markets Authority:
f: the Commerce Commission:
g: the Director of the Serious Fraud Office:
h: the New Zealand Police:
i: the Registrar of Companies:
j: the Registrar of Financial Service Providers:
k: the Registrar of Friendly Societies and Credit Unions:
l: the regulator within the meaning of section 30
m: a person or agency that is prescribed by the regulations for the purposes of this definition licensed insurer section 6(1) licensed NBDT section 4(1) member
a: means a person who occupies the position of member of the board of the Bank (including the Governor); but
b: in relation to the MPC, means a member of the MPC Minister monitor section 80(1) MPC monetary policy committee section 97 MPC remit see section 122 prudential legislation
a: the Banking (Prudential Supervision) Act 1989:
b: the Insurance (Prudential Supervision) Act 2010
c: the Non-bank Deposit Takers Act 2013
d: the Financial Market Infrastructures Act 2021
e: the secondary legislation made under any Act referred to in paragraphs (a) to (d) registered bank section 2(1) regulated entity
a: a registered bank:
b: a licensed insurer:
c: a licensed NBDT:
d: an operator of a designated FMI regulations remit advice clause 2 subsidiary section 110(2)
2: In this Act, unless the context otherwise requires, references to a person performing functions and exercising powers, or carrying out responsibilities, includes carrying out duties. 2004 No 115 s 10 Section 5(1) law enforcement or regulatory agency repealed 1 September 2022 section 107(1) Data and Statistics Act 2022
6: Transitional, savings, and related provisions
The transitional, savings, and related provisions set out in Schedule 1
7: Act binds the Crown
This Act binds the Crown.
2: Reserve Bank of New Zealand
1: Continuation of Reserve Bank of New Zealand
8: Continuation of Reserve Bank of New Zealand
1: There continues to be an organisation called the Reserve Bank of New Zealand.
2: The Bank is the same body as the Reserve Bank constituted under the Reserve Bank of New Zealand Act 1989 1989 No 157 s 5
9: Bank’s objectives
1: The Bank’s main objectives are— Economic objectives
a: the economic objectives of—
i: achieving and maintaining stability in the general level of prices over the medium term; and
ii: supporting maximum sustainable employment; and Financial stability objective
b: the financial stability objective of protecting and promoting the stability of New Zealand’s financial system; and Central bank objective
c: otherwise acting as New Zealand’s central bank in a way that furthers the purposes of this Act.
2: However, if an Order in Council is in force under section 125
3: When the Bank is performing or exercising a function or power that is conferred or imposed by other legislation, the Bank also has the objective of acting in a way that furthers the objectives or purposes of that other legislation.
10: Bank’s functions
1: The Bank’s functions are as follows:
a: to act as the central bank for New Zealand, including by—
i: formulating (through the MPC) and implementing a monetary policy directed to the economic objectives, while recognising the Crown’s right to determine economic policy ( see subpart 2
ii: doing the other things set out in section 116
b: to act as a prudential regulator and supervisor under prudential legislation, including by—
i: carrying out prudential supervision; and
ii: imposing prudential standards or other requirements; and
iii: monitoring compliance with, investigating conduct that constitutes or may constitute a contravention of, and enforcing that legislation; and
iv: taking appropriate action in respect of persons that have contravened, are contravening, or are likely to contravene that legislation or are otherwise in financial or other difficulties:
c: to monitor the financial system, including by collecting and analysing information and publishing statistics and other information in connection with the financial system (for example, publishing a financial stability report under section 170
d: to monitor the needs of the public for bank notes and coins; and
e: to co-operate with—
i: other law enforcement or regulatory agencies ( see subpart 3
ii: overseas central banks and relevant international institutions; and
iii: Australian financial authorities prescribed under section 68A
iv: other overseas bodies that perform functions that correspond with, or are similar to, any of those conferred on the Bank:
f: to provide, or facilitate the provision of,—
i: information to the public that is relevant to the Bank’s objectives; and
ii: other information in connection with the functions or powers conferred or imposed on it by or under this Act, the prudential legislation, the AML Act, or any other legislation (including promoting public awareness and understanding of the Bank’s activities and operations):
g: to keep under review the law, policies, and practices that are relevant to its other functions under this section (including overseas law, policies, and practices):
h: to perform any other functions that the Minister may direct the Bank to perform under section 11
i: to perform and exercise the functions or powers conferred or imposed on it by or under this Act, the prudential legislation, the AML Act, or any other legislation:
j: any functions that are incidental and related to, or consequential on, its functions set out in this subsection.
2: In performing its functions, the Bank must act consistently with its objectives.
3: The function in subsection (1)﻿(e) includes acting as a member of the Council of Financial Regulators and as a chairperson of the council (jointly with the Financial Markets Authority or in accordance with section 287(2)
4: Subsection (1)﻿(f) is subject to any provision of the legislation referred to in that paragraph that restricts the publication or disclosure of information by the Bank (for example, section 105 2004 No 115 s 14
11: Minister may add functions on Bank’s request
1: The Bank may request the Minister to direct the Bank to perform any additional function that is consistent with the Bank’s objectives.
2: The Minister may, if the Minister thinks fit, give the Bank a direction to perform the additional function that is requested under subsection (1).
3: Sections 173 174
12: Status of Bank
The Bank—
a: is a body corporate; and
b: is accordingly a legal entity separate from its members, office holders, employees, and the Crown; and
c: continues in existence until it is dissolved by an Act. 2004 No 115 s 15
13: Core things Bank can do
The Bank may do anything authorised by—
a: this Act; or
b: the prudential legislation; or
c: the AML Act; or
d: any other legislation. 2004 No 115 s 16
14: Other things Bank can do
1: The Bank may do anything that a natural person of full age and capacity may do.
2: Subsection (1) applies except as provided in this Act or another Act or rule of law. 2004 No 115 s 17
15: Acts must be for purpose of functions
The Bank may do an act under section 13 14 2004 No 115 s 18
2: Validity of acts
16: Acts in breach of statute are invalid
1: An act of the Bank is invalid, unless section 17
a: an act that is contrary to, or outside the authority of, an Act; or
b: an act that is done otherwise than for the purpose of performing its functions.
2: Subsection (1) does not limit any discretion of a court to grant relief in respect of a minor or technical breach. 2004 No 115 s 19
17: Some natural person acts protected
1: Section 16
a: of an express restriction in an Act that makes the act contrary to, or outside the authority of, the Act; or
b: that the act is done otherwise than for the purpose of performing the Bank's functions.
2: A person who relies on subsection (1) has the onus of proving that that person did not have, and ought not reasonably to have had, the knowledge referred to in that subsection.
3: The Bank must report, in its annual report, each transaction that the Bank has performed in the year to which the report relates that was invalid under section 16
4: This section does not affect any person’s other remedies (for example, remedies in contract) under the general law. 2004 No 115 s 20
18: Limits on protection of natural person acts
Section 17
a: section 59
b: the board bringing an action against a member who voted for or otherwise authorised the act for breach of their individual duties as a member; or
c: a member who voted for or otherwise authorised the act being removed from office for breach of the individual duties of members or the collective duties of the board; or
d: an application, in accordance with the law, for judicial review; or
e: section 69 2004 No 115 s 21
19: Acts that are not in best interests of Bank
It is irrelevant to the validity of an act that the act is not, or would not be, in the best interests of the Bank. 2004 No 115 s 22
20: Dealings between Bank and other persons
1: The Bank may not assert against a person dealing with the Bank that—
a: a person held out by the Bank to be a member, the Governor, an office holder, an employee, or an agent of the Bank (as the case may be)—
i: has not been duly appointed in that capacity or has ceased to be appointed in that capacity; or
ii: does not have the authority to exercise a power that, given the nature of the Bank, a person appointed to that capacity customarily has authority to exercise; or
iii: does not have the authority to exercise a power that the Bank holds them out as having; or
b: a document issued on behalf of the Bank by a member, the Governor, an office holder, an employee, or an agent of the Bank with actual or usual authority to issue the document is not valid or genuine.
2: However, the Bank may assert any of those matters if the person dealing with the Bank had, or ought reasonably to have had, knowledge of the matter.
3: Nothing in this section affects a person’s right to apply, in accordance with the law, for judicial review. 2004 No 115 s 23
21: Interpretation for sections 12 to 20
In sections 12 to 20 act do
a: to do an act; and
b: to have a capacity; and
c: to have or exercise a power, right, or privilege natural person act
a: means an act that a natural person of full age and capacity can do (whether or not the act is something that is also authorised by an Act); and
b: includes entry into a contract for, or relating to, 1 or more of the following:
i: the acquisition of financial products or borrowing:
ii: the purchase, leasing, or sale of, or other dealings with, property:
iii: the employment, or engagement of the services, of a person person dealing
a: means the other party to the transaction, if the act of the Bank is a transaction; and
b: includes a person who has acquired property, rights, or interests from the Bank. 2004 No 115 s 24
3: Minister’s role
22: Minister's role
1: The role of the Minister is to oversee and manage the Crown's interests in, and relationship with, the Bank and to exercise any statutory responsibilities given to the Minister, including functions and powers— Governance
a: in relation to the appointment and removal of—
i: members of the board ( see subpart 4
ii: the Governor ( see subpart 6
iii: members of the MPC ( see subpart 7 Schedule 3 Monetary policy functions
b: to issue a remit for the MPC ( see section 122
c: to give advice relating to different economic objectives ( see section 125 Financial policy
d: to issue a financial policy remit ( see section 203 Minimum level of capital and financial risk management
e: to give directions to the Bank relating to its minimum level of capital and financial risk management ( see section 208 Foreign exchange functions
f: to give directions to the Bank to deal in foreign exchange within guidelines and to agree with the Bank on a framework for the management and co-ordination of foreign reserves ( see subpart 3 Prudential and regulatory functions
g: under the prudential legislation (for example, giving consent for the Bank to exercise certain powers and giving advice to the Governor-General about putting an entity into statutory management): Other functions
h: to add functions if requested by the Bank ( see section 11 Funding
i: to enter into a funding agreement with the Bank and to determine the Bank’s annual dividend ( see subpart 3 Other
j: to review the operations and performance of the Bank under section 194
k: to request information from the Bank under sections 196 197
l: to participate in the process of setting the Bank’s strategic direction and performance expectations and monitoring the Bank's performance ( see Part 5
m: in relation to other matters in this Act or other legislation.
2: This section does not limit another Minister’s relationship with the Bank under any other authority. 2004 No 115 s 27(1), (2)
23: When Minister may delegate powers
1: Despite clause 5
2: The Minister may delegate the power in section 196 197 2004 No 115 s 27(3), (4)
4: Board of Bank and its members
Role, membership, and accountability
24: Board's role
1: The board is the governing body of the Bank, with the authority, in the Bank’s name, to exercise the powers and perform the functions of the Bank.
2: All decisions relating to the operation of the Bank must be made by, or under the authority of, the board in accordance with this Act.
3: However, this section does not apply to—
a: the functions or powers of the MPC under section 98
b: any statutory responsibilities given to the Minister, including in relation to the appointment or removal of the Governor ( see section 22 2004 No 115 s 25
25: Membership of board
1: The board of the Bank consists of not fewer than 5, and not more than 9, members.
2: See section 82
26: Accountability of members to Minister
1: Members of the board must comply with—
a: the board’s collective duties (in sections 45 to 49
b: their individual duties as members (in sections 50 to 54
c: any directions applicable to the Bank under this Act, the prudential legislation, the AML Act, or any other legislation.
2: Members are accountable to the Minister for performing their duties as members. 2004 No 115 s 26 Appointment, removal, and conditions of members
27: Method of appointment of members
1: A member of the board is appointed by the Governor-General, on the recommendation of the Minister.
2: The appointment must be made by written notice to the member (with a copy to the Bank).
3: The notice must—
a: state the date on which the appointment takes effect, which must not be earlier than the date on which the notice is received; and
b: state the term of the appointment.
4: The Minister must ensure that the following are notified in the Gazette
a: the name of the appointee and the Bank; and
b: the date on which the appointment takes effect; and
c: the term of the appointment. 2004 No 115 s 28
28: Provisions that do not apply to Governor
Sections 27 29 to 33 36 to 44 see instead subpart 6
29: Criteria for recommendations by Minister
1: The Minister must recommend the appointment of members under section 27
2: The Minister may only recommend a person who, in the Minister’s opinion, has the appropriate knowledge, skills, and experience to assist the Bank to achieve its objectives and perform its functions.
3: In recommending an appointment, the Minister must take into account the desirability of promoting diversity in the membership of the board. 2004 No 115 s 29
30: Minister must consult other political parties
The Minister must consult with representatives of other political parties in Parliament before recommending that the Governor-General appoints a person to the board. 2001 No 84 s 56(6)
31: Qualifications of members
1: A natural person who is not disqualified by this section may be a member of the board.
2: The following persons are disqualified from being members:
a: a person who is a director or an employee of a regulated entity:
b: a person who is a member of the MPC:
c: an employee of the Bank or of a subsidiary of the Bank:
d: a person who is an undischarged bankrupt:
e: a person who is prohibited from being a director or promoter of, or being concerned or taking part in the management of, an incorporated or unincorporated body under the Companies Act 1993 Financial Markets Conduct Act 2013 Takeovers Act 1993
f: a person who is subject to a property order under the Protection of Personal and Property Rights Act 1988
g: a person in respect of whom a personal order has been made under that Act that reflects adversely on the person's—
i: competence to manage their own affairs in relation to their property; or
ii: capacity to make or to communicate decisions relating to any particular aspect or aspects of their personal care and welfare:
h: a person who has been convicted of a crime involving dishonesty as defined in section 2(1)
i: a person who has been convicted within the past 5 years, in a country other than New Zealand, of an offence that is substantially similar to an offence specified in paragraph (h):
j: a person who has been convicted of any other offence punishable by imprisonment for a term of 2 years or more, or who has been sentenced to imprisonment for any other offence, unless that person has obtained a pardon, served the sentence, or otherwise suffered the penalty imposed on the person:
k: a member of Parliament:
l: a person who is a chief executive of a department or an employee of a department:
m: a person who is disqualified under another Act.
3: Nothing in this section prevents the Governor from being a member of the board in their capacity as the Governor ( see instead section 87 2004 No 115 s 30
32: Requirements before appointment
1: Before a person is appointed as a member of the board, the person must—
a: consent in writing to being a member; and
b: certify that they are not disqualified from being a member; and
c: disclose to the Minister the nature and extent (including monetary value, if quantifiable) of all interests that the person has at that time, or is likely to have, in matters relating to the Bank.
2: The board must notify the Minister of a failure to comply with subsection (1)﻿(c) as soon as practicable after becoming aware of the failure. 2004 No 115 s 31
33: Term of office of members
1: A member of the board holds office for 5 years or any shorter period stated in the notice of appointment.
2: A member may be reappointed for 2 further terms, but no member may be appointed to hold office for more than 10 years in total.
3: A member continues in office despite the expiry of their term of office until—
a: the member is reappointed; or
b: the member’s successor is appointed; or
c: the Governor-General informs the member by written notice (with a copy to the Bank) that the member is not to be reappointed and no successor is to be appointed at that time.
4: This section is subject to section 42 2004 No 115 s 32
34: Former Governor may be appointed as member
1: If a person ( A
a: that service does not prevent A from being subsequently appointed under section 27
b: that period of service does not reduce any length of a term of office for A under section 33
2: However, A may not be appointed under section 27
35: Validity of members’ acts
The acts of a person as a member, chairperson, or deputy chairperson of the board are valid even though—
a: a defect existed in the appointment of the person; or
b: the person is or was disqualified from being a member; or
c: the occasion for the person acting, or for their appointment, had not arisen or had ended. 2004 No 115 s 34
36: Validity of appointments
1: The appointment of a person as a member, chairperson, or deputy chairperson of the board is not invalid only because a defect existed in the appointment of the person.
2: This section does not apply to a defect in the qualifications for appointment of a member, chairperson, or deputy chairperson. 2004 No 115 s 35
37: Removal of members
1: The Governor-General may, at any time for just cause, on the advice of the Minister given after consultation with the Attorney-General, remove a member of the board from office.
2: The removal must be made by written notice to the member (with a copy to the Bank).
3: The notice must—
a: state the date on which the removal takes effect, which must not be earlier than the date on which the notice is received; and
b: state the reasons for the removal.
4: The Minister must notify the removal in the Gazette 2004 No 115 s 39
38: Just cause for removal of members
1: In section 37 just cause
a: misconduct, inability to perform the functions of office, neglect of duty, and breach of any of the collective duties of the board or the individual duties of members (depending on the seriousness of the breach):
b: obstructing, hindering, or preventing the MPC from discharging the responsibilities of the MPC under this Act.
2: Subsection (1)﻿(b) does not limit subsection (1)﻿(a). 2004 No 115 s 40
39: Process for removal of members
The Minister may advise the removal of a member with as little formality and technicality, and as much expedition, as is permitted by—
a: the principles of natural justice; and
b: a proper consideration of the matter. 2004 No 115 s 41
40: No compensation for member’s loss of office
A member of the board is not entitled to any compensation or other payment or benefit relating to their ceasing, for any reason, to hold office as a member. 2004 No 115 s 43
41: Resignation of members
1: A member of the board may resign from office by written notice to the Minister (with a copy to the Bank) signed by the member.
2: The resignation is effective on receipt by the Minister of the notice or at any later time specified in the notice. 2004 No 115 s 44
42: Members ceasing to hold office
A member of the board ceases to hold office if the member—
a: dies; or
b: resigns in accordance with section 41
c: is removed from office in accordance with section 37
d: becomes disqualified from being a member under section 31
e: otherwise ceases to hold office in accordance with any legislation. 2004 No 115 s 45 Remuneration and expenses
43: Remuneration of members
A member of the board is entitled to receive, from the funds of the Bank, remuneration not within section 44 Remuneration Authority Act 1977 2004 No 115 s 47
44: Expenses of members
A member of the board is entitled, in accordance with the fees framework, to be reimbursed, out of the funds of the Bank, for actual and reasonable travelling and other expenses incurred in carrying out their office as a member. 2004 No 115 s 48 Collective duties of board
45: Bank must act consistently with objectives, functions, statement of intent, and statement of performance expectations
1: The board must ensure that the Bank acts in a manner consistent with its objectives, functions, current statement of intent, and current statement of performance expectations under Part 5
2: This section does not apply to the functions of the MPC under section 98 2004 No 115 s 49
46: Manner in which functions must be performed
The board must ensure that the Bank performs its functions—
a: efficiently and effectively; and
b: in a manner consistent with the spirit of service to the public; and
c: in collaboration with other public entities (within the meaning of that term in the Public Audit Act 2001 2004 No 115 s 50
47: Bank must operate in financially responsible manner
1: The board must ensure that the Bank operates in a financially responsible manner and, for this purpose, that it prudently manages its assets and liabilities.
2: In particular, the board must take all reasonable steps to ensure that—
a: the Bank’s expenditure complies with the requirements imposed under section 210(1)﻿(c)
b: the Bank complies with a direction given under section 208 2004 No 115 s 51
48: Subsidiaries and other interests
The board must ensure that the Bank complies with subpart 8 2004 No 115 s 52
49: Board must have regard to financial policy remit when acting in relation to prudential strategic intentions and prudential standards
1: The board must have regard to the financial policy remit when—
a: the board is setting the prudential strategic intentions in the Bank’s statement of intent; and
b: the board is making significant policy decisions about how to achieve those prudential strategic intentions; and
c: the board is monitoring, and reporting on, the Bank’s performance in achieving those prudential strategic intentions; and
d: the Bank is issuing and reviewing standards.
2: In this section,— prudential strategic intentions
a: the financial stability objective; and
b: the objective of acting in a way that furthers the objectives or purposes of the prudential legislation; and
c: the Bank’s function under section 10(1)﻿(b) standards
a: fit and proper standards issued under section 36
b: solvency standards issued under section 55
c: standards issued under section 31 Individual duties of members
50: Duty to comply with relevant legislation
A member of the board must not contravene, or cause the contravention of, or agree to the Bank contravening,—
a: this Act; or
b: the prudential legislation; or
c: the AML Act. 2004 No 115 s 53
51: Duty to act with honesty and integrity
A member of the board must, when acting as a member, act with honesty and integrity. 2004 No 115 s 54
52: Duty to act in good faith and not at expense of Bank's interests
A member of the board must, when acting as a member, act in good faith and not pursue the member’s own interests at the expense of the Bank’s interests. 2004 No 115 s 55
53: Duty to act with reasonable care, diligence, and skill
A member of the board must, when acting as a member, exercise the care, diligence, and skill that a reasonable person would exercise in the same circumstances, taking into account (without limitation)—
a: the nature of the Bank; and
b: the nature of the action; and
c: the position of the member and the nature of the responsibilities undertaken by them. 2004 No 115 s 56
54: Duty not to disclose information
1: A member of the board who has information in their capacity as a member that would not otherwise be available to them must not disclose that information to any person, or make use of, or act on, that information, except—
a: in the performance of the Bank’s functions; or
b: as required or permitted by law; or
c: in accordance with subsection (2); or
d: in complying with the requirements for members to disclose interests.
2: A member may disclose, make use of, or act on the information if—
a: the member is first authorised to do so by the board; and
b: the disclosure, use, or act in question will not, or will be unlikely to, prejudice the Bank. 2004 No 115 s 57 Effect of non-compliance with duties
55: Accountability for collective board duties
1: The duties of the board and members of the board under sections 45 to 49 collective duties
2: If the board does not comply with any of its collective duties, all or any of the members may be removed from office (subject to any requirements in sections 37 to 39 sections 90 to 93
3: However, subsection (2) does not apply to a member if—
a: the member did not know and could not reasonably be expected to know that the duty was to be or was being breached; or
b: the member took all reasonable steps in the circumstances to prevent the duty being breached.
4: The taking of reasonable steps does not require a member to apply to a court for an order under section 59
5: This section and section 56 2004 No 115 s 58(1)–(4), (7)
56: Member’s liability for breach of collective duty
1: A member is not liable for a breach of a collective duty under this Act.
2: However, subsection (1) does not limit section 55(2)
3: Subsection (1) does not affect—
a: anything else for which the member may be liable under any other Act or rule of law arising from the act or omission that constitutes the breach; or
b: the right to apply for a court order under section 59 2004 No 115 s 58(5), (6), (8)
57: Accountability for individual duties
1: The duties of the members of the board under sections 50 to 54 individual duties
2: If a member does not comply with their individual duties, that member may be removed from office (subject to any requirements in sections 37 to 39 sections 90 to 93
3: The Bank may bring an action against a member for breach of any individual duty.
4: This section and section 58 2004 No 115 s 59(1)–(3), (5)
58: Member’s liability for breach of individual duty
1: A member is not liable for a breach of an individual duty under this Act except as provided in section 57(2) and (3)
2: Subsection (1) does not affect—
a: anything else for which the member may be liable under any other Act or rule of law arising from the act or omission that constitutes the breach; or
b: the right to apply for a court order under section 59 2004 No 115 s 59(4), (6)
59: Court actions requiring or restraining board or members
1: The Minister or a member of the board may apply to a court for an order—
a: restraining the board or a member of the board from engaging in conduct that would contravene any requirement under this Act, any prudential legislation, or the AML Act; and
b: granting any consequential relief.
2: The Minister may apply to a court for an order—
a: requiring the board or a member to take any action that is required to be taken under this Act, any prudential legislation, or the AML Act; and
b: granting any consequential relief.
3: The court may make an order on the application subject to the following rules:
a: an order may be made only if it is just and equitable to do so:
b: no order may be made in respect of conduct that has been completed.
4: The court may, at any time before the final determination of an application, make as an interim order any order that it is empowered to make as a final order. 2004 No 115 s 60 Reliance on information and advice
60: When members may rely on certain information and advice
1: A member, when acting as a member, may rely on reports, statements, financial data, and other information prepared or supplied, and on professional or expert advice given, by any of the following persons:
a: the Governor:
b: an employee of the Bank whom the member believes on reasonable grounds to be reliable and competent in relation to the matters concerned:
c: a professional adviser or expert in relation to matters that the member believes on reasonable grounds to be within the person’s professional or expert competence:
d: the MPC in relation to matters within the MPC’s designated authority:
e: any other member or a committee on which the member did not serve in relation to matters within the member’s or committee’s designated authority.
2: A member, when acting as a member, may rely on reports, statements, financial data, and other information supplied by the Crown.
3: This section applies to a member only if the member—
a: acts in good faith; and
b: makes proper inquiry if the need for inquiry is indicated by the circumstances; and
c: has no knowledge that the reliance is unwarranted. 2004 No 115 s 61 Conflict of interest disclosure rules
61: When person is interested
1: A person is interested
a: may derive a financial benefit, or suffer a financial loss, from the matter; or
b: is the spouse, civil union partner, de facto partner, child, or parent of a person who may derive a financial benefit, or suffer a financial loss, from the matter; or
c: may have a financial interest in a person to whom the matter relates; or
d: is a partner, director, officer, board member, or trustee of a person who may have a financial interest in a person to whom the matter relates; or
e: is otherwise directly or indirectly interested in the matter.
2: However, a person is not interested in a matter—
a: only because they hold office as the Governor; or
b: only because they are a member or an officer of a wholly-owned subsidiary of the Bank; or
c: because the person receives an indemnity, insurance cover, remuneration, or other benefits authorised under this Act or another Act; or
d: if the person’s interest is so remote or insignificant that it cannot reasonably be regarded as likely to influence them in carrying out their responsibilities under this Act or another Act; or
e: only because the person has past or current involvement in the relevant sector, industry, or practice.
3: In this section, matter
a: the Bank’s performance of its functions or exercise of its powers; or
b: an arrangement, agreement, or contract made or entered into, or proposed to be entered into, by the Bank. 2004 No 115 s 62
62: Obligation to disclose interest
1: A member who is interested in a matter relating to the Bank must disclose details of the interest in accordance with section 63
2: A general notice of an interest in a matter relating to the Bank, or in a matter that may in future relate to the Bank, that is disclosed in accordance with section 63
3: A standing disclosure ceases to have effect if the nature of the interest materially alters or the extent of the interest materially increases. 2004 No 115 s 63
63: Who disclosure of interests must be made to
The member must disclose details of the interest in an interests register kept by the Bank and to—
a: the chairperson or, if there is no chairperson or if the chairperson is unavailable or interested, the deputy or temporary deputy chairperson; or
b: the Minister, if there is neither a chairperson nor a deputy or temporary deputy chairperson, or if both the chairperson and the deputy or temporary deputy chairperson are unavailable or interested. 2004 No 115 s 64
64: What must be disclosed
The details that must be disclosed under section 63
a: the nature of the interest and the monetary value of the interest (if the monetary value can be quantified); or
b: the nature and extent of the interest (if the monetary value cannot be quantified). 2004 No 115 s 65
65: Consequences of being interested in matter
A member who is interested in a matter relating to the Bank—
a: must not vote or take part in any discussion or decision of the board or any committee relating to the matter, or otherwise participate in any activity of the Bank that relates to the matter; and
b: must not sign any document relating to the entry into a transaction or the initiation of the matter; and
c: is to be disregarded for the purpose of forming a quorum for that part of a meeting of the board or committee during which a discussion or decision relating to the matter occurs or is made. 2004 No 115 s 66
66: Consequences of failing to disclose interest
1: The board must notify the Minister of a failure to comply with section 62 65
2: A failure to comply with section 62 65
3: However, subsection (2) does not limit the right of any person to apply, in accordance with law, for judicial review. 2004 No 115 s 67
67: Permission to act despite being interested in matter
1: The chairperson of the board may, by prior written notice to the board, permit 1 or more members, or members with a specified class of interest, to do anything otherwise prohibited by section 65
2: The permission may state conditions that the member must comply with.
3: The deputy or temporary deputy chairperson may give the permission if there is no chairperson, or if the chairperson is unavailable or interested.
4: The Minister may give the permission if there is neither a chairperson nor a deputy or temporary deputy chairperson, or if both the chairperson and the deputy or temporary deputy chairperson are unavailable or interested.
5: The permission may be amended or revoked in the same way as it may be given. 2004 No 115 s 68(1)–(5)
68: Permission must be disclosed in annual report
The Bank must disclose an interest to which a permission relates in its annual report, together with a statement of who gave the permission and any conditions or amendments to, or revocation of, the permission. 2004 No 115 s 68(6)
69: Bank may avoid certain acts done in breach of conflict of interest rules
1: The Bank may avoid a natural person act done by the Bank in respect of which a member was in breach of section 65
2: However, the act—
a: may be avoided only within 3 months of the affected act being notified to the Minister under section 66
b: cannot be avoided if the Bank receives fair value in respect of the act.
3: An act in which a member is interested can be avoided on the ground of the member’s interest only in accordance with this section. 2004 No 115 s 69
70: What is fair value
1: The Bank is presumed to receive fair value in respect of an act that is done by the Bank in the ordinary course of its business and on usual terms and conditions.
2: Whether the Bank receives fair value in respect of an act must be determined on the basis of the information known to the Bank and to the interested member at the time the act is done. 2004 No 115 s 70
71: Onus of proving fair value
1: A person seeking to prevent an act being avoided, and who knew, or ought reasonably to have known, of the member’s interest at the time the act was done, has the onus of establishing fair value.
2: In any other case, the Bank has the onus of establishing that it did not receive fair value. 2004 No 115 s 71
72: Effect of avoidance on third parties
The avoidance of an act under section 69
a: from a person other than the Bank; and
b: for valuable consideration; and
c: without knowledge of the circumstances of the act under which the person referred to in paragraph (a) acquired the property from the Bank. 2004 No 115 s 72 When Governor may not act as member of board
73: When Governor may not act as member of board
1: This section applies to the following matters:
a: nominating a person for appointment as the Governor:
b: recommending or giving advice about the removal of the Governor:
c: agreeing the terms and conditions of the Governor:
d: reviewing the performance of the MPC and its members:
e: reviewing the performance of the Governor.
2: The Governor—
a: must not vote or take part in any discussion or decision of the board or any committee relating to the matter; and
b: must not sign on behalf of the board any document relating to the entry into a transaction or the initiation of the matter; and
c: is to be disregarded for the purpose of forming a quorum for that part of a meeting of the board or committee during which a discussion or decision relating to the matter occurs or is made. Delegation
74: Ability to delegate
1: The board may delegate any of the functions or powers of the Bank or the board, either generally or specifically, to any of the following persons by resolution and written notice to the person or persons:
a: a member or members of the board:
b: the Governor:
c: any employee or employees of the Bank:
d: a committee:
e: any other person or persons approved by the Minister:
f: any class of persons comprising any of the persons listed in paragraphs (a) to (e):
g: a subsidiary of the Bank.
2: Subsection (1) does not apply to—
a: any functions or powers of the MPC; or
b: any other functions or powers specified in this Act as not being capable of delegation.
3: The board must not delegate the general power of delegation. 2004 No 115 s 73
75: Powers of delegate
1: A delegate to whom any functions or powers of the Bank or board are delegated—
a: may, unless the delegation provides otherwise, perform the function or exercise the power in the same manner, subject to the same restrictions, and with the same effect as if the delegate were the Bank or the board; and
b: may delegate the function or power only—
i: with the prior written consent of the board; and
ii: subject to the same restrictions, and with the same effect, as if the subdelegate were the delegate.
2: A delegate who purports to perform a function or exercise a power under a delegation—
a: is, in the absence of proof to the contrary, presumed to do so in accordance with the terms of that delegation; and
b: must produce evidence of their authority to do so, if reasonably requested to do so. 2004 No 115 s 74
76: Effect of delegation on Bank or board
No delegation in accordance with this Act—
a: affects or prevents the performance of any function or the exercise of any power by the Bank or the board; or
b: affects the responsibility of the board for the actions of any delegate acting under the delegation; or
c: is affected by any change in the membership of the board or of any committee or class of persons or by any change in the Governor or any employee. 2004 No 115 s 75
77: Revocations of delegations
1: A delegation under section 74
a: resolution of the board and written notice to the delegate; or
b: any other method provided for in the delegation.
2: A delegation under section 75(1)﻿(b) 2004 No 115 s 76 Miscellaneous provisions relating to board
78: Vacancies in membership of board
The powers and functions of the Bank are not affected by any vacancy in the membership of the board. 2004 No 115 s 77
79: Appointment of chairperson, etc, and board procedure
Schedule 2 2004 No 115 s 78
5: Monitor of Bank
80: Appointment and role of monitor
1: The Minister may appoint a department as the monitor of the Bank.
2: The role of the monitor is, in relation to the Bank,—
a: to assist the Minister to carry out the Minister’s role (which is described in section 22
b: to perform or exercise any or all of the following functions or powers:
i: administering appropriations:
ii: administering legislation:
iii: tendering advice to Ministers:
iv: any other functions or powers in this Act or another Act that may, or must, be performed or exercised by the monitor. 2004 No 115 s 27A
81: Minister must set expectations
1: The Minister must give a written notice to the monitor that sets out the Minister’s expectations relating to the monitor carrying out that role.
2: After the first notice is given, a notice must be in force under this section.
6: Governor
82: Governor
1: The Governor of the Bank is—
a: the chief executive of the Bank; and
b: a member of the board (by virtue of holding office as the Governor).
2: The Governor must be appointed by the Governor-General on the recommendation of the Minister.
3: The Governor is not an employee of the Bank.
4: The office of Governor includes—
a: performing and exercising functions and powers delegated by the board ( see sections 74 to 77
b: performing and exercising functions and powers as the chairperson and a member of the MPC ( see clause 35 1989 No 157 s 40
83: Process requirements relating to Minister’s recommendation
1: The Minister may recommend that the Governor-General appoint a person as the Governor only if that person has been nominated by the board.
2: The Minister must consult with representatives of other political parties in Parliament before making the recommendation.
84: Term of appointment of Governor
1: The Governor must be appointed under section 82
2: See section 96
3: If a person ( A section 96 section 82 section 96 1989 No 157 s 42(1)–(1B)
85: Terms and conditions of appointment of Governor
1: The Governor is entitled to receive, from the funds of the Bank, remuneration at a rate and of a kind determined by the Remuneration Authority in accordance with the Remuneration Authority Act 1977
2: The terms and conditions of appointment of the Governor (other than remuneration) must be determined by agreement between the board and the Governor. 1989 No 157 s 42(2)
86: Extension of term of Governor
1: The Minister may extend the Governor’s term of appointment by up to 6 months by written notice to the Governor (with a copy to the board).
2: If the Governor’s term is extended and that person is reappointed for a further term in the same office, the length of the further term must be reduced by the length of the extension.
3: Subsection (2) does not prevent the further term from being extended under subsection (1).
4: The Minister must ensure that the following are notified in the Gazette
a: the fact that the Governor’s term of appointment has been extended; and
b: the period of the extension.
5: This section applies only to a Governor appointed under section 82 1989 No 157 s 45
87: Qualifications of Governor
1: A natural person who is not disqualified by this section may be a Governor of the Bank.
2: The following persons are disqualified from being a Governor:
a: a person who is a director or an employee of a regulated entity:
b: an employee of a subsidiary of the Bank:
c: a person who is an undischarged bankrupt:
d: a person who is prohibited from being a director or promoter of, or being concerned or taking part in the management of, an incorporated or unincorporated body under the Companies Act 1993 Financial Markets Conduct Act 2013 Takeovers Act 1993
e: a person who is subject to a property order under the Protection of Personal and Property Rights Act 1988
f: a person in respect of whom a personal order has been made under that Act that reflects adversely on the person’s—
i: competence to manage their own affairs in relation to their property; or
ii: capacity to make or to communicate decisions relating to any particular aspect or aspects of their personal care and welfare:
g: a person who has been convicted of a crime involving dishonesty as defined in section 2(1)
h: a person who has been convicted within the past 5 years, in a country other than New Zealand, of an offence that is substantially similar to an offence specified in paragraph (g):
i: a person who has been convicted of any other offence punishable by imprisonment for a term of 2 years or more, or who has been sentenced to imprisonment for any other offence, unless that person has obtained a pardon, served the sentence, or otherwise suffered the penalty imposed on the person:
j: a member of Parliament:
k: a person who is a chief executive of a department or an employee of a department.
3: If the Governor becomes aware that they are likely to become disqualified, they must disclose that fact to the board and the Minister as soon as practicable. 1989 No 157 s 46
88: Appointment procedure for Governor
1: The appointment of the Governor must be made by written notice to the appointee (with a copy to the board).
2: The notice must state—
a: the date on which the appointment takes effect, which must not be earlier than the date on which the notice is received; and
b: the term of the appointment.
3: The Minister must ensure that the following are notified in the Gazette
a: the name of the appointee; and
b: the date on which the appointment takes effect; and
c: the term of the appointment. 1989 No 157 s 63N
89: Validity of appointments
1: The appointment of a person as the Governor under section 82 96
2: This section does not apply to a defect in the qualifications for appointment of a Governor. 1989 No 157 s 45A
90: Removal of Governor from office
1: The Governor-General may, at any time for just cause, on the advice of the Minister given after consultation with the Attorney-General, remove the Governor from office.
2: The Minister may give the advice—
a: for a cause referred to in section 92(1)﻿(c) or (f) section 91
b: for any other just cause whether or not the board has made a recommendation under section 91 1989 No 157 s 49
91: Board must advise Minister of just cause and may recommend removal
1: If the board is satisfied that there is just cause for the removal of the Governor, the board—
a: must advise the Minister in writing; and
b: may recommend to the Minister that the Governor be removed from office.
2: The board may act under this section with as little formality and technicality, and as much expedition, as is permitted by—
a: the principles of natural justice; and
b: a proper consideration of the matter.
3: This section does not apply to the causes referred to in section 92(1)﻿(b), (d), and (e) 1989 No 157 s 53(3)
92: Just cause for removal of Governor
1: In sections 90 91 just cause
a: misconduct, inability to perform the functions of office, and neglect of duty (other than in respect of a matter referred to in paragraph (b), (c), or (f)); and
b: breach of any of the collective duties of the board or the individual duties of members (depending on the seriousness of the breach); and
c: failure to adequately perform or exercise the functions or powers that are delegated by the board; and
d: failure to adequately perform or exercise the functions or powers as chairperson of the MPC; and
e: any of the matters set out in clause 25(1)
f: obstructing, hindering, or preventing the board from discharging responsibilities under this Act (for example, by failing to give the board information that is necessary to discharge those responsibilities); and
g: the Governor, while holding office as Governor,—
i: holding any other office of profit; or
ii: engaging in any other occupation for reward; or
iii: having an ownership interest in a regulated entity; or
iv: having an ownership interest in a bank carrying on business outside New Zealand.
2: Subsection (1)﻿(c) and (f) is subject to section 90(2)﻿(a)
3: Subsection (1)﻿(g) does not apply to the extent that the Governor holds the office, engages in the occupation, or has the ownership interest in accordance with the Governor’s terms and conditions of appointment. 1989 No 157 s 49(2)
93: Process for removal of Governor
1: The Minister may advise the removal of the Governor with as little formality and technicality, and as much expedition, as is permitted by—
a: the principles of natural justice; and
b: a proper consideration of the matter.
2: The Minister may have regard to the process undertaken by the board under section 91 2004 No 115 s 41
94: Resignation of Governor
1: The Governor may resign from office by written notice to the Minister (with a copy to the Bank) signed by the Governor.
2: The resignation is effective on receipt by the Minister of the notice or at any later time specified in the notice.
95: When Governor ceases to hold office
1: The Governor ceases to hold office if—
a: the Governor dies; or
b: the Governor becomes disqualified from being a Governor under section 87
c: the Governor is removed from office in accordance with section 90
d: the Governor resigns in accordance with section 94
e: the Governor’s term of office expires, unless the Governor is reappointed for a further term ( see also section 86
f: the board advises the Minister in writing that the person holding office as Governor has been substantially unable to carry out the functions and responsibilities of the Governor due to illness or other incapacity for a total consecutive period of 3 months or more; or
g: the Governor otherwise ceases to hold office in accordance with any legislation.
2: Subsection (1)﻿(f) does not apply if the Minister gives a notice to the Bank that that provision does not apply in the particular circumstances.
96: Minister must make temporary appointment if office of Governor is vacant
1: If the office of Governor becomes vacant, the Minister must, on the recommendation of the board, appoint a person ( A
2: The board must make a recommendation within 28 days after the office of Governor becomes vacant.
3: The Minister may extend A’s term of appointment by up to 3 months by written notice to A (with a copy to the board).
4: A Governor who has ceased to hold office (for example, at the end of the Governor’s term) may not be appointed under subsection (1).
5: A may separately hold a position as an employee of the Bank, but A is not an employee in their capacity as the Governor. 1989 No 157 s 48
7: Monetary policy committee
97: Monetary policy committee continues
1: The monetary policy committee (the MPC
2: The MPC is a committee of the Bank.
3: However, the MPC is not a committee appointed under clause 14 clause 15 1989 No 157 s 63A
98: Functions of MPC
The MPC must—
a: perform the function of formulating monetary policy in accordance with this Act; and
b: perform or exercise any other function, power, or duty conferred on it under this Act. 1989 No 157 s 63B
99: Board must regularly review performance of MPC and members
1: For the purpose of performing or exercising its functions or powers in relation to the MPC, the board must regularly review the performance of the MPC, and each member of the MPC, in discharging responsibilities under this Act.
2: See section 240(1)﻿(m)
3: See also clause 26
100: Membership of MPC
1: The MPC must have not fewer than 5 members and not more than 7 members.
2: The members of the MPC must comprise—
a: the Governor (subject to any vacancy in the office of Governor):
b: 2 or 3 persons who are employees of the Bank (the internal members
c: 2 or 3 persons who are not employees of the Bank (the external members
3: The internal members, together with the Governor, must be a majority of the membership of the MPC (subject to any vacancies in the membership). 1989 No 157 s 63C Charter for MPC
101: Charter for MPC
1: A charter must be in force under this Act ( see clause 7 section 103
2: The purpose of the charter is to provide for the following to the extent that those matters are not otherwise provided for in this Act:
a: requirements to promote transparency and accountability in connection with the performance of the MPC’s functions; and
b: decision-making procedures. 1989 No 157 s 63D
102: Content of charter
1: The charter must include the following:
a: requirements for summary records of the MPC’s meetings under clause 55
b: guidelines or requirements relating to the publication or disclosure by a member of the MPC of any matter relating to the MPC or its functions or powers.
2: The charter may also include—
a: requirements relating to other information that must or may be published by or on behalf of the MPC, including when and how that information must or may be published; and
b: decision-making procedures; and
c: any other matters that—
i: this Act provides are to be or may be dealt with by the charter; or
ii: are otherwise for the purpose set out in section 101
3: The charter must not be inconsistent with anything in this Act. 1989 No 157 s 63E
103: Replacement charter
1: The Minister and the MPC may agree to issue a replacement charter at any time.
2: The Minister and the MPC must consider whether it is necessary or desirable to issue a replacement charter when a new MPC remit is to be issued by the Minister.
3: If a report is provided under section 104
4: A replacement charter takes effect on and from—
a: the date on which it is issued; or
b: a later date specified in the charter.
5: Until a replacement charter is issued, the existing charter continues in force. 1989 No 157 s 63F
104: Consultation about replacement charter
1: This section applies if the Bank is required to act under clauses 2 5
2: The Bank must, before remit advice is given under clause 2
a: whether it is necessary or desirable to issue a replacement charter; and
b: the content of a replacement charter (if any).
3: The Bank must, when the remit advice is given under clause 2
4: The Bank must, as soon as practicable after the MPC remit is issued, publish a copy of the report on an Internet site maintained by, or on behalf of, the Bank. 1989 No 157 s 63G
105: Publication of charter
The charter must be published on an Internet site maintained by, or on behalf of, the Bank. 1989 No 157 s 63H Code of conduct
106: Code of conduct
1: A code of conduct for the members of the MPC must be approved by the board.
2: The board must ensure that a code is in force at all times.
3: The code may be amended or replaced at any time with the approval of the board, but the board may give its approval only if it is satisfied that the code (as amended or replaced) adequately addresses the matters in section 107
4: The code (or the code as amended or replaced) comes into force on—
a: the date on which the board gives its approval; or
b: a later date specified by the board in the resolution that gives its approval. 1989 No 157 s 63J
107: Content of code
1: The code must provide for minimum standards of conduct that must be demonstrated when acting as a member of the MPC, including—
a: rules for managing and avoiding conflicts of interest; and
b: rules for maintaining the confidentiality of information; and
c: rules to promote active participation and preparation; and
d: any other minimum standards of ethical behaviour.
2: The rules about conflicts of interest may provide for the disclosure of interests, including—
a: defining the nature of interests to be disclosed; and
b: providing for what must be disclosed, to whom disclosure must be made, and how disclosures of interests must be made; and
c: providing for the consequences of non-disclosure; and
d: regulating or prohibiting participation of an interested member in decision making; and
e: providing for the establishment and maintenance of an interests register.
3: The code must not be inconsistent with anything in this Act or the charter. 1989 No 157 s 63K
108: Publication of code
The code of conduct must be published on an Internet site maintained by, or on behalf of, the Bank. 1989 No 157 s 63L Other matters
109: Other matters
Part 2 1989 No 157 s 63M
8: Subsidiaries
110: Acquisition of subsidiaries
1: The Bank must ensure that the Bank acquires or forms a subsidiary only after written notice to the Minister.
2: In this Act, subsidiary sections 5 to 8
3: Despite section 5(3) 2004 No 115 ss 7(1)﻿(c), (1A) 96
111: General duty relating to subsidiaries
The Bank must ensure, to the extent that it is reasonably able to do so, that each of its subsidiaries—
a: does not do anything that the Bank itself does not have the power to do; and
b: acts consistently with the Bank's objectives and current statement of intent (to the extent they relate to the subsidiary); and
c: exercises its powers only for the purpose of performing, or assisting the Bank to perform, the Bank's functions; and
d: does not contravene this Act to the extent that it relates to a subsidiary; and
e: complies with a direction given to the Bank (to the extent that it relates to the subsidiary); and
f: does not pay directors of the subsidiary any compensation or other payment or benefit, on any basis, for ceasing for any reason to hold office; and
g: has a constitution and that the constitution contains a statement to the effect that the entity is a subsidiary of the Bank; and
h: complies with the statutory requirements as to employees that apply to the Bank; and
i: does not have a member of Parliament as a member. 2004 No 115 s 97
112: Duties relating to performance, remuneration of directors, and chief executives
1: The Bank must ensure, to the extent that it is reasonably able to do so, that each of its subsidiaries—
a: performs its functions—
i: efficiently and effectively; and
ii: in a manner consistent with the spirit of service to the public; and
iii: in collaboration with other public entities (within the meaning of that term in the Public Audit Act 2001
b: pays remuneration to directors of the subsidiary only at a rate and of a kind determined by the Bank in accordance with the fees framework or after consulting with the Minister; and
c: complies with the requirements for chief executives set out in subsection (2).
2: The requirements are as follows:
a: a chief executive of a subsidiary must be appointed by its board for a term of not more than 5 years, but may be reappointed:
b: the terms and conditions of employment of a chief executive of a subsidiary must be determined by agreement between its board and the chief executive.
3: A failure to comply with subsection (2) does not invalidate the acts of a chief executive of a subsidiary.
4: If a director of a subsidiary ( A
5: The requirements of this section are additional to those in section 111 2004 No 115 s 98
113: Acquisition of shares or interests in companies, trusts, and partnerships, etc
1: The Bank may do the following only in accordance with subsection (2):
a: acquire shares in a company that gives the Bank substantial influence in or over that company:
b: acquire an interest in any partnership, joint venture, or other association of persons, or an interest in a company other than in its shares:
c: settle, or be or appoint a trustee of, a trust.
2: The Bank may do that thing—
a: after written notice to the Minister; and
b: for the purpose of the Bank carrying out any of its functions, and acting consistently with its objectives, under any Act.
3: Substantial influence
4: This section does not apply if the Bank acquires the subsidiary (in which case section 110 2004 No 115 s 100
114: Relationship with Companies Act 1993 and other Acts
1: Section 178 Official Information Act 1982
2: Section 161(1)﻿(b)
3: In all other respects, both the Companies Act 1993 2004 No 115 s 102
3: Central bank functions
1: Bank to act as central bank
115: Bank to act as central bank
The Bank must act as the central bank for New Zealand. 1989 No 157 s 7
116: Central bank functions
The central bank functions include—
a: formulating (through the MPC) and implementing a monetary policy directed to the economic objectives, while recognising the Crown’s right to determine economic policy ( see subpart 2
b: managing foreign reserves and otherwise dealing in foreign exchange for the purposes of the Bank’s objectives ( see subpart 3
c: doing the following to ensure that bank notes and coins in New Zealand meet the needs of the public ( see subparts 4 5
i: issuing bank notes and coins:
ii: monitoring the distribution of bank notes and coins (and, if the Bank thinks fit, distributing bank notes and coins):
iii: managing the quality of bank notes and coins:
iv: monitoring the impact of technological innovation on the needs of the public for bank notes and coins; and
d: providing liquidity facilities to entities approved by the Bank (on the terms and conditions the Bank thinks fit) in order to do either or both of the following:
i: manage liquidity in the financial system:
ii: protect or promote the stability of the financial system; and
e: providing settlement accounts for persons approved by the Bank; and
f: operating or otherwise participating in payments and settlement systems; and
g: liaising and co-operating with other central banks and relevant international institutions; and
h: carrying out any other central banking activities that are consistent with the Bank’s objectives and the purposes of this Act.
2: Monetary policy
Formulating monetary policy
117: Function to formulate monetary policy through MPC
1: The Bank, acting through the MPC, has the function of formulating a monetary policy directed to the economic objectives of—
a: achieving and maintaining stability in the general level of prices over the medium term; and
b: supporting maximum sustainable employment.
2: The function of formulating 1989 No 157 s 8(1), (3)
118: MPC must formulate monetary policy in manner consistent with economic objectives and MPC remit
The MPC must formulate monetary policy in a manner consistent with—
a: the economic objectives; and
b: the MPC remit. 1989 No 157 Schedule 2 cl 31(1)
119: What MPC must have regard to in formulating monetary policy
1: The MPC must, in acting under section 117
a: the importance of protecting and promoting the stability of New Zealand’s financial system; and
b: any matter provided for in an MPC remit under section 123(2)﻿(d)
2: Subsection (1) is subject to section 125 1989 No 157 s 8(2) Implementing monetary policy
120: Function to implement monetary policy
The Bank has the function of implementing, in accordance with this Act, the monetary policy formulated by the MPC. 1989 No 157 s 9
121: Bank not required to implement monetary policy that is inconsistent with financial responsibility duties
Despite section 120
a: the board’s duty under section 47
b: the Bank’s duty to comply with a direction given under section 208 Remit for MPC
122: Remit for MPC
1: The Minister must take all reasonable steps to ensure that an MPC remit is in force at all times (whether the remit is issued by the Minister under this section or is otherwise in force under this Act).
2: The Minister may issue an MPC remit at any time (whether or not any remit advice has been given). 1989 No 157 s 10(1), (5)
123: Contents of MPC remit
1: The MPC remit must set out operational objectives for carrying out the function of formulating monetary policy.
2: The MPC remit may specify or provide for the operational objectives in any way that the Minister thinks fit, including by specifying or providing for 1 or more of the following matters:
a: a target or targets for an economic objective:
b: a framework for weighting the economic objectives:
c: defining any matters in connection with an economic objective:
d: a requirement for the MPC to have regard to 1 or more matters in connection with seeking to achieve an economic objective.
3: A matter under subsection (2) must not be inconsistent with an economic objective. 1989 No 157 s 10(2)–(4)
124: Other matters relating to MPC remit
Part 1 1989 No 157 s 11 Order providing for different economic objective or objectives
125: Order providing for different economic objective or objectives
1: The Governor-General may, by Order in Council, on the advice of the Minister, direct the MPC to formulate, and the Bank to implement, monetary policy for 1 or more economic objectives for a period not exceeding 12 months that is specified in the order.
2: The economic objective or objectives may be—
a: only 1 of the objectives specified in section 9(1)﻿(a)
b: 1 or more new objectives in addition to or instead of either or both of the economic objectives specified in section 9(1)﻿(a)
3: While the Order in Council is in force,—
a: the MPC must formulate, and the Bank must implement, monetary policy in accordance with the economic objective or objectives specified in the Order in Council; and
b: the MPC and the Bank must disregard either or both of the economic objectives specified in section 9(1)﻿(a)
4: An Order in Council made under this section is secondary legislation ( see Part 3 1989 No 157 s 12 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act.
126: Minister must consider replacing or amending MPC remit
1: The Minister must, before giving advice under section 125(1)
2: The Minister must, before an order under section 125
127: Period may be extended
1: The Governor-General may, by Order in Council, on the advice of the Minister, extend the period specified in an order under section 125
2: An extension may only be made before the end of the period to be extended.
3: An Order in Council made under this section is secondary legislation ( see Part 3 1989 No 157 s 15 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act.
128: Revocation of order at end of period
If an order under section 125 section 127 1989 No 157 s 15A Reports on monetary policy
129: Regular reports on monetary policy
1: The Bank must, at least 4 times a year (or more frequently if required by the charter),—
a: deliver reports on monetary policy to the Minister; and
b: publish a copy of each report on an Internet site maintained by, or on behalf of, the Bank.
2: The Bank must ensure that the report has been approved by the MPC before it is delivered to the Minister.
3: Every report under this section stands referred, by virtue of this section, to the House of Representatives. 1989 No 157 s 15C(1), (2), (4)
130: Contents of reports on monetary policy
Every report under section 129
a: specify the approach by which the MPC intends to achieve the operational objectives; and
b: state the MPC’s reasons for adopting that approach; and
c: contain all other information required by the charter (if any). 1989 No 157 s 15C(3)
131: Longer-term report on formulation and implementation of monetary policy
1: The Bank must review and assess the formulation and implementation of monetary policy at least every 5 years (or more frequently if required by the charter).
2: The Bank must—
a: deliver a report on the review and assessment to the Minister as soon as practicable after the review and assessment is completed; and
b: publish a copy of the report on an Internet site maintained by, or on behalf of, the Bank.
3: The Bank must ensure that the MPC has been consulted on a draft of the report under this section.
4: Every report under this section stands referred, by virtue of this section, to the House of Representatives. 1989 No 157 s 15D(1)–(3), (5)
132: Longer-term report must contain information required by charter
The report under section 131 1989 No 157 s 15D(4)
3: Foreign exchange
Dealing in foreign exchange
133: Dealing in foreign exchange by Bank
1: For the purposes of furthering 1 or more of the Bank’s objectives, the Bank may deal in foreign exchange, on the terms and conditions that it thinks fit,—
a: with any person, including the Crown; and
b: on behalf of any person, including the Crown.
2: This section is subject to section 134 1989 No 157 s 16
134: Power of Minister to direct Bank to deal in foreign exchange within guidelines
1: The Minister may, for the purpose of influencing the exchange rate or exchange rate trends, by notice in writing to the Bank, direct the Bank to deal in foreign exchange within guidelines set out by the Minister in the notice.
2: Section 171 1989 No 157 s 17
135: Minister may defer publication and presentation to House of Representatives
1: The Minister may defer complying with section 174(2) section 134
a: comply with the direction; or
b: otherwise perform or exercise its functions or powers.
2: The Minister must consider whether the Minister continues to be satisfied under subsection (1) at least once in every 12-month period after the direction is given.
3: The Minister must comply with section 174(2)
136: Effect of directions on operational objectives
1: This section applies if the Bank considers that giving effect to a direction under section 134
2: The Bank may, by notice in writing,—
a: advise the Minister that the Bank will, in giving effect to the direction, be unable to give effect to those operational objectives; and
b: request that the operational objectives be amended or replaced.
3: The Bank may only give a notice with the approval of the MPC. 1989 No 157 s 19(1)–(3)
137: Effect of Bank’s notice on duty to give effect to operational objectives
1: If a notice is given under section 136
2: The Minister must, within 1 month after the notice is given under section 136
3: This section does not apply if the Minister withdraws the direction. 1989 No 157 s 19(4), (5)
138: Effect of directions on monetary policy
1: If the Bank considers that giving effect to a direction under section 134
2: The Bank may only give a notice with the approval of the MPC. 1989 No 157 s 20(1), (2)
139: Effect of Bank’s notice on duty to comply with Minister’s direction
If a notice is given under section 138 section 125 1989 No 157 s 20(3) Foreign exchange gains and losses
140: Foreign exchange gains and losses
1: The Bank must pay into a Crown Bank Account any exchange gains (whether realised or unrealised) made by the Bank as a result of dealing in foreign exchange under section 134
2: The Minister must, without further appropriation, pay to the Bank out of a Crown Bank Account the amount of any exchange losses (whether realised or unrealised) incurred by the Bank as a result of dealing in foreign exchange under section 134 1989 No 157 s 21 Foreign reserves management and co-ordination framework
141: Bank must hold and manage foreign reserves in accordance with framework
The Bank must—
a: hold and manage foreign reserves in accordance with a foreign reserves management and co-ordination framework (the framework
b: comply with all the other duties relating to foreign reserves that are specified in the framework (for example, duties relating to the publication of information); and
c: otherwise have regard to the framework when it is performing or exercising its functions or powers in relation to foreign reserves.
142: Purposes of framework
1: The purposes of the framework are to—
a: facilitate the Bank’s ability to—
i: achieve its main objectives in section 9(1)
ii: comply with directions given under section 134
b: recognise both the Crown’s and the Bank’s interests and roles in relation to the management and use of foreign reserves and to provide a mechanism to identify and co-ordinate those interests and roles.
2: The Minister and the Bank must ensure that the framework is consistent with these purposes.
143: Minister and Bank must agree on framework
1: The Minister and the Bank must agree on the framework.
2: The framework must set out the following matters:
a: requirements and arrangements for the Bank’s management and use of foreign reserves for either or both of the purposes referred to in section 142
b: requirements for those foreign reserves (or for different parts of those foreign reserves) to be maintained at a specified level or within specified levels.
3: The framework may include—
a: requirements for the publication of information on the management and use of the foreign reserves and the Bank’s investment performance in relation to those reserves:
b: any other matters that the Minister and the Bank think fit.
4: The Bank must ensure that the MPC has been consulted on a proposed framework before it is agreed to.
144: Form and publication of framework
1: The framework must be in writing, be dated, and be signed by the Minister and by 2 members on behalf of the board.
2: The Bank must publish a copy of the framework or a variation of the framework on an Internet site maintained by, or on behalf of, the Bank as soon as practicable after the framework or variation is signed.
145: Minister and Bank must ensure framework is in force
1: The Minister and the Bank must take all reasonable steps to ensure that a framework is in force at all times.
2: This section applies only after the first framework is agreed and signed ( see clause 13
146: Minister must have regard to framework when issuing direction under section 134
The Minister must have regard to the framework before issuing a direction under section 134
147: Review of framework
1: The Bank and the Treasury—
a: must review the operation of the framework within 5 years after the first framework comes into force and then at subsequent intervals of not more than 5 years; and
b: must review the operation of the framework as soon as practicable after a direction is issued under section 134
c: may review the operation of the framework at any other time.
2: In carrying out the review, the Bank and the Treasury must—
a: consider whether any amendments to the framework are necessary or desirable; and
b: report on the findings to the Minister.
3: The Bank must publish the report on an Internet site maintained by, or on behalf of, the Bank as soon as practicable after giving it to the Minister.
4: If a direction is issued under section 134
a: the Minister and the Bank must take all reasonable steps to agree on any amendments to the framework that are necessary or desirable to ensure that the framework is consistent with the direction; but
b: the Minister may impose amendments on the framework if the Minister is satisfied that—
i: the amendments are necessary or desirable to ensure that the framework is consistent with the direction; and
ii: the Minister has been unable to reach agreement with the Bank on those amendments after having taken all reasonable steps to do so.
5: This section does not prevent the Minister and the Bank from agreeing to amend or replace the framework at any time.
148: Bank must defer publishing information relating to certain directions
1: This section applies if, under section 135 section 174(2)
2: Section 147(3)
3: If the framework is amended under section 147(4) section 144(2)
4: However, this section ceases to apply when the Minister complies with section 174(2)
4: Currency
149: Issue of currency by Bank
1: The Bank has the sole right to issue bank notes and coins in New Zealand.
2: The Bank must determine the denominations, form, design, content, weight, and composition of its bank notes and coins. 1989 No 157 s 25(1), (2)
150: Power of Bank to call in currency
1: The Bank may, by notice in the Gazette
2: The Bank may act under subsection (1) only with the prior consent of the Minister. 1989 No 157 s 26(1)
151: Effect of call-in notice
1: When the notice under section 150
2: However, the Bank continues to be liable to pay any such bank note or coin on presentation at the head office of the Bank.
3: The notice takes effect on the date specified in it. 1989 No 157 s 26(2), (3)
152: Legal tender: bank notes
1: Every bank note issued, or treated as issued, under this Act is legal tender for the amount expressed in the note.
2: The reference to bank notes in this section does not include bank notes that have been called in. 1989 No 157 s 27(1), (3)
153: Legal tender: coins
1: A tender of payment of money, to the extent that it is made in coins issued, or treated as issued, under this Act is legal tender,—
a: in the case of coins of a denomination of $10 or more, for the payment of any amount:
b: in the case of coins of a denomination of $1 or more but less than $10, for the payment of any amount not exceeding $100:
c: in the case of coins of a denomination of 50 cents or more, but less than $1, for the payment of any amount not exceeding $10:
d: in the case of any coins of a denomination of less than 50 cents, for the payment of any amount not exceeding $5.
2: The reference to coins in this section does not include coins that have been called in. 1989 No 157 s 27(2), (3)
154: Defacing bank notes
1: A person must not intentionally deface, disfigure, or mutilate a bank note.
2: Subsection (1) does not apply if the Bank has given its prior consent.
3: A person who is a party to the defacement, disfigurement, or mutilation of a bank note must not intentionally—
a: use the bank note for the tender of any amount; or
b: part with the bank note; or
c: put in circulation the bank note; or
d: demand payment of the bank note; or
e: deposit or offer to deposit the bank note in a bank or licensed NBDT.
4: A person who contravenes this section commits an offence and is liable on conviction to a fine not exceeding $2,000. 1989 No 157 s 28
155: Making or issuing of other bank notes or coins
1: A person must not intentionally make or issue any bank note or coin, other than a bank note or coin issued under this Act.
2: Every person who contravenes this section commits an offence and is liable on conviction,—
a: in the case of an individual, to imprisonment for a term not exceeding 3 years or to a fine not exceeding $200,000 (or both):
b: in the case of a body corporate, to a fine not exceeding $600,000. 1989 No 157 s 29
156: Reproduction or imitation of currency
1: A person must not intentionally—
a: make, design, engrave, print, or reproduce any reproduction or imitation currency; or
b: use, issue, or publish any reproduction or imitation currency.
2: Subsection (1) does not apply if the Bank has given its prior consent.
3: Every person who contravenes this section commits an offence and is liable on conviction,—
a: in the case of an individual, to imprisonment for a term not exceeding 12 months or to a fine not exceeding $20,000 (or both):
b: in the case of a body corporate, to a fine not exceeding $50,000.
4: In this section and section 157 reproduction or imitation currency 1989 No 157 s 30(1), (2)
157: Court may order imitation currency and other things to be destroyed
If a person is convicted of an offence under section 156
a: the reproduction or imitation currency:
b: any copy of the reproduction or imitation currency:
c: any plate, block, die, printer, copy of a computer program, copy of a digital file, and other article or thing used or capable of being used for printing or reproducing the reproduction or imitation currency. 1989 No 157 s 30(3)
158: Time for filing charging document
Despite anything to the contrary in section 25 section 154 156 1989 No 157 s 177(a)
5: Regulating bank note handling machines
159: Interpretation in this subpart
In this subpart,— bank note handling machine
a: automatically does any 1 or more of accepting, counting, sorting, or dispensing bank notes issued by the Bank; and
b: determines, without human assistance, either or both of the following:
i: whether a note handled by the machine is, in fact, a bank note issued by the Bank:
ii: whether a bank note is at least of a minimum quality so as to be fit to be used or to be circulated as currency operator prepare for sale standards
160: Bank may issue standards for bank note handling machines
1: The Bank may issue standards to provide reasonable assurance that a bank note handling machine dispenses a note, or prepares a note for sale to another person, only if that note is—
a: a bank note issued by the Bank; and
b: at least of a minimum quality so as to be fit to be used or to be circulated as currency.
2: A standard issued under this section is secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication The maker must: LA19 ss 73 74(1)﻿(a) cl 14 •	notify it in the Gazette •	publish it on an Internet site maintained by, or on behalf of, the Bank •	make it available for inspection free of charge at the Bank's head office •	make it available for purchase at a reasonable price Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act.
161: Procedure for issuing standards
1: Before issuing a standard (the proposed standard
2: Subsection (1) does not apply to a standard that amends another standard if the Bank is satisfied that the amendment—
a: is only correcting a minor error; or
b: is otherwise of a minor nature only.
162: Content of standards
1: The standards may do 1 or more of the following:
a: specify physical characteristics that define or determine the quality and authenticity of a bank note that a bank note handling machine must be able to recognise:
b: set minimum standards of quality for a bank note that a bank note handling machine may dispense or prepare for sale:
c: set requirements to ensure that a bank note handling machine does not dispense or prepare for sale a note if the machine determines that the note—
i: is not a bank note issued by the Bank; or
ii: does not meet those minimum standards of quality:
d: set requirements for how a bank note handling machine deals with a note referred to in paragraph (c) (which may require, for example, the machine to withhold the note):
e: set a minimum number of sensors for a bank note handling machine:
f: provide that, if specified software or software versions are used, particular standards or parts of standards will be treated as satisfied:
g: provide that, if specified hardware or hardware versions are used, particular standards or parts of standards will be treated as satisfied:
h: specify requirements for—
i: the regular testing of a bank note handling machine to ensure it maintains compliance with the standards; and
ii: testing under section 164
iii: record-keeping relating to that testing:
i: specify any other requirements that a bank note handling machine must comply with in order to provide the reasonable assurance referred to in section 160
2: Standards under subsection (1)﻿(f) and (g) must not require specified software or software versions, or specified hardware or hardware versions, to be used.
3: Different matters may be specified, set, or required in respect of different types of bank note handling machines or other circumstances.
163: Standards do not prevent return to Bank of unfit bank notes
Nothing in the standards prevents any activity that facilitates the return to the Bank of bank notes that are not of a minimum quality so as to be fit to be used or to be circulated as currency.
164: Bank may require operator to test bank note handling machines and to report
The Bank may, by written notice, require an operator to—
a: ensure that all or any of the bank note handling machines that it operates are tested in accordance with the standards for the purpose of verifying that those machines meet the standards; and
b: give a report to the Bank on the testing within the time and in the manner specified by the Bank.
165: Bank may require operator to cease operating machine until operator verifies compliance
1: This section applies if the Bank considers that a bank note handling machine does not, or may not, meet any standards.
2: The Bank may, by written notice, require the operator of the machine to cease to operate the machine until the operator can verify, to the Bank’s satisfaction, that the machine meets the standards.
166: Infringement offence to fail to comply with notice
1: An operator commits an infringement offence if it fails to comply with a notice under section 164 165
2: An operator that commits the infringement offence is liable to—
a: an infringement fee of—
i: $1,000 in the case of an individual; or
ii: $3,000 in any other case; or
b: a fine imposed by a court not exceeding—
i: $3,000 in the case of an individual; or
ii: $9,000 in any other case.
167: Offence of intentionally or recklessly failing to comply with notice to cease operating machine
1: An operator commits an offence if—
a: the operator has intentionally or recklessly failed to comply with a notice under section 165
b: the notice referred to in paragraph (a) was given within 6 months after a previous notice was given to the operator under that section.
2: An operator that commits the offence is liable on conviction to a fine not exceeding—
a: $50,000 in the case of an individual; or
b: $200,000 in any other case.
168: District Court may make orders about bank note handling machines
1: The District Court may, on the application of the Bank, order that 1 or more bank note handling machines be—
a: forfeited to the Crown; or
b: deactivated or destroyed; or
c: otherwise dealt with as the court thinks fit.
2: The District Court may make an order in relation to a bank note handling machine only if the court is satisfied that—
a: the operator of the machine has failed to comply with a notice in relation to the machine under section 165
b: the notice referred to in paragraph (a) was given within 6 months after a previous notice was given to the operator under that section.
3: The District Court must specify in an order under subsection (1)﻿(a) the machines to which the order applies and that the machines—
a: vest in the Crown absolutely; and
b: are in the custody and control of the Official Assignee.
4: The Official Assignee may sell, use, destroy, or otherwise dispose of any bank note handling machines in their custody and control in any manner that they think fit.
6: Financial stability reports
169: Purposes of financial stability report
1: The purposes of a financial stability report are to—
a: provide publicly accessible information about the following matters to promote public awareness and understanding of those matters:
i: the stability of New Zealand’s financial system:
ii: other matters associated with the Bank’s prudential objective; and
b: identify and report on risks to the stability of New Zealand’s financial system; and
c: allow assessments to be made of the effectiveness of the Bank’s use of its powers to—
i: protect and promote the stability of New Zealand’s financial system; and
ii: achieve the prudential objective.
2: In this subpart, prudential objective section 9(3) 1989 No 157 s 162AA(c)
170: Financial stability reports
1: The Bank must, not less than twice in every calendar year,—
a: deliver a financial stability report to the Minister; and
b: publish the report on an Internet site maintained by, or on behalf of, the Bank.
2: A financial stability report must—
a: report on matters relating to—
i: the stability of New Zealand’s financial system; and
ii: other matters associated with the Bank’s prudential objective; and
b: contain the information that is necessary or desirable to allow an assessment to be made of the effectiveness of the Bank’s use of its powers to—
i: protect and promote the stability of New Zealand’s financial system; and
ii: achieve the prudential objective.
3: The Minister must present the report to the House of Representatives as soon as practicable after receiving it. 1989 No 157 s 165A
4: Operation of Reserve Bank
Independence of Bank
171: Safeguarding independence of Bank
1: This Act does not authorise a Minister to direct the Bank, or a member, an employee, or an office holder of the Bank, to require the performance or non-performance of a particular act, or the bringing about of a particular result, in respect of a particular person or persons.
2: This section applies to all ministerial directions given under this Act, including directions under section 172 section 134
3: Nothing in this section limits—
a: section 77
b: any other direction given under any other Act. 2004 No 115 s 113 Whole of government directions
172: Directions to support whole of government approach
1: The Minister of State Services and the Minister of Finance may jointly give the Bank a direction under section 107
2: For that purpose, sections 107 to 111
3: A direction given to the Bank under this section must be treated as being a direction given under this Act (rather than the Crown Entities Act 2004 Government directions to Bank
173: Bank must comply with directions given under statutory power of direction
1: The Bank must, in performing its functions, comply with any direction given to it under a power of direction in this Act or another Act.
2: Comply
3: Subsection (1) applies—
a: subject to sections 138 139
b: except as provided in section 171
c: to a direction given by a Minister, only if it is in writing and signed by a Minister entitled to give the direction. 2004 No 115 s 114
174: Procedure for ministerial directions
1: A Minister who proposes to give a direction to the Bank under this Act or another Act must consult with the Bank before giving the direction to the Bank.
2: As soon as practicable after giving the direction, the Minister must—
a: publish it in the Gazette
b: present a copy of it to the House of Representatives.
3: The direction may be amended or replaced in the same way as it may be given.
4: A Minister who is entitled to give a direction to the Bank is also entitled to revoke it by notice in writing to the Bank, and, as soon as practicable after doing so, the Minister must publish that notice in the Gazette 2004 No 115 s 115(1)–(3A)
175: When procedural requirements for directions do not apply
1: Section 174 section 172
2: Section 174 section 77
3: Section 174
4: Section 174 section 135 2004 No 115 s 115(4), (5)
176: Review and expiry of all directions given to Bank
1: A ministerial direction given to the Bank under this Act or another Act may specify its expiry date.
2: A direction that does not specify its expiry date must be reviewed by the Minister or Ministers within 5 years after the direction was given.
3: A Minister or Ministers reviewing a direction must, to the extent that they consider it necessary in the circumstances,—
a: consult the Bank; and
b: consult any persons that they consider are representative of the interests of persons likely to be substantially affected by the direction.
4: As soon as practicable after completing the review, the Minister or Ministers must notify the outcome of the review to—
a: the Bank; and
b: persons that were consulted under subsection (3)﻿(b).
5: This section—
a: does not apply to directions under section 77
b: does not apply, in the case of any other directions given under another Act, if the other Act contains a procedure for reviewing directions. 2004 No 115 s 115A Employees
177: Bank must be good employer
The Bank must—
a: operate a personnel policy that complies with the principle of being a good employer; and
b: make that policy (including the equal employment opportunities programme) available to its employees; and
c: ensure its compliance with that policy (including its equal employment opportunities programme) and report in its annual report on the extent of its compliance. 2004 No 115 s 118(1)
178: Meaning of good employer
1: For the purposes of section 177 good employer
a: good and safe working conditions; and
b: an equal employment opportunities programme; and
c: the impartial selection of suitably qualified persons for appointment; and
d: recognition of—
i: the aims and aspirations of Māori; and
ii: the employment requirements of Māori; and
iii: the need for involvement of Māori as employees of the Bank; and
e: opportunities for the enhancement of the abilities of individual employees; and
f: recognition of the aims and aspirations and employment requirements, and the cultural differences, of ethnic or minority groups; and
g: recognition of the employment requirements of women; and
h: recognition of the employment requirements of persons with disabilities.
2: For the purposes of this section, an equal employment opportunities programme 2004 No 115 s 118(2), (3)
179: Application of clauses 12 and 13 of Schedule 8 of Public Service Act 2020
1: The Bank is an employer in the State services for the purposes of clauses 12 13
2: Clauses 12 13 2004 No 115 s 119 Protections from liability
180: Definitions for protections from liability
1: In sections 181 to 188 effect insurance excluded act or omission section 182(1)
a: the Bank’s functions or powers under—
i: this Act; or
ii: the prudential legislation; or
iii: any other legislation that confers or imposes functions or powers on the Bank; and
b: the functions or powers that are conferred or imposed separately on the person by—
i: this Act; or
ii: the prudential legislation; or
iii: any other legislation that confers or imposes functions or powers on the Bank indemnify indemnity
2: In sections 181 to 188
a: a person of a particular kind (for example, an employee) includes a person who was a person of that kind but who is no longer a person of that kind (for example, a former employee):
b: a person referred to in particular provisions includes a person who was a person of the kind referred to in those provisions but who is no longer a person of that kind. 2004 No 115 s 126
181: Protection from liability for Bank
1: The Bank is not liable for any act or omission that is done or omitted to be done in good faith and in the performance or exercise, or intended performance or exercise, of the Bank’s functions or powers under—
a: this Act; or
b: the prudential legislation; or
c: any other legislation that confers or imposes functions or powers on the Bank.
2: Nothing in this section applies in respect of proceedings for—
a: an offence under section 78 78AA(1) 78A(1) 105 105A 105B 105F
b: the offence of conspiring to commit an offence under any of those sections of the Crimes Act 1961
c: the offence of attempting to commit an offence under any of those sections of the Crimes Act 1961
3: This section does not limit any liability that the Bank has in relation to any contract or other enforceable obligation entered into by the Bank ( see section 191
182: Protection for certain persons
1: This section applies to the following persons:
a: a member of the board; and
b: a member of the MPC; and
c: the Governor; and
d: a member of a committee; and
e: an employee of the Bank; and
f: an investigator appointed under any provision of the prudential legislation; and
g: a statutory manager appointed under any provision of the prudential legislation.
2: A person to whom this section applies is not liable for any excluded act or omission.
3: Nothing in subsection (2) applies in respect of proceedings for—
a: an offence under section 78 78AA(1) 78A(1) 105 105A 105B 105F section 270 289
b: the offence of conspiring to commit an offence referred to in paragraph (a); or
c: the offence of attempting to commit an offence referred to in paragraph (a).
4: This section does not apply to the liability of a member of the board to the Bank ( see section 184
5: This section is subject to sections 165 to 168
183: Protections from liabilities of Bank
A person referred to in section 182(1)﻿(a) to (e) 2004 No 115 s 120
184: Liability of member of board to Bank
A member of the board is not liable, in respect of an excluded act or omission, to the Bank, unless it is also a breach of an individual duty under any of sections 50 to 54 2004 No 115 s 121(1)﻿(a)
185: Protections do not affect other actions
Nothing in section 182 184
a: the making of an order under section 59
b: the right of any person to apply, in accordance with the law, for judicial review. 2004 No 115 s 121(3)
186: Indemnities in relation to act or omission
The Bank may only indemnify a person referred to in section 182(1)﻿(a) to (f) 2004 No 115 s 122
187: Insurance for liability
1: The Bank may effect insurance cover for a person referred to in section 182(1)﻿(a) to (f)
a: in bad faith; or
b: not in the performance or exercise, or intended performance or exercise, of the relevant functions or powers.
2: The relevant functions or powers
a: the Bank’s functions or powers under—
i: this Act; or
ii: the prudential legislation; or
iii: any other legislation that confers or imposes functions or powers on the Bank; or
b: the functions or powers that are conferred or imposed separately on the person by—
i: this Act; or
ii: the prudential legislation; or
iii: any other legislation that confers or imposes functions or powers on the Bank. 2004 No 115 s 123
188: Breach of indemnity and insurance limits
1: A person referred to in section 182(1)﻿(a) to (f)
2: The Bank may recover the amount as a debt due in a court of competent jurisdiction. 2004 No 115 s 125
189: Crown indemnities in relation to statutory management
The Crown indemnifies—
a: each statutory manager appointed under any prudential legislation for any liability that arises from any act or omission that is done or omitted to be done in good faith and in the performance or exercise, or intended performance or exercise, of the statutory manager’s functions or powers; and
b: the Bank for any liability that arises from any act or omission that is done or omitted to be done in good faith and in the performance or exercise, or intended performance or exercise, of the Bank’s functions or powers in connection with statutory management under any prudential legislation or any other legislation. 1989 No 157 s 179A(1) and (2)﻿(a)
190: Other provisions relating to Crown indemnities
1: Any money paid by the Crown under an indemnity under section 189
2: The indemnities conferred by section 189
3: Within 12 sitting days of the making of any payment under this section, the Minister must present to the House of Representatives a report that contains details of the circumstances giving rise to the liability of the Crown, the amount of the payment, the person to whom the payment was made, and any other relevant matters. 1989 No 157 s 179A(3) to (5) Dealings with third parties
191: Method of contracting
1: A contract or other enforceable obligation may be entered into by the Bank as provided in this section.
2: An obligation that, if entered into by an individual, is required to be by deed may be entered into on behalf of the Bank in writing, signed under the name of the Bank,—
a: by 2 or more of its members; or
b: by 1 or more attorneys appointed by the Bank under section 192(1)
3: An obligation that, if entered into by an individual, is required to be in writing may be entered into on behalf of the Bank in writing by a person acting under the Bank's express or implied authority.
4: An obligation that, if entered into by an individual, is not required to be in writing may be entered into on behalf of the Bank in writing or orally by a person acting under the Bank’s express or implied authority.
5: This section applies to a contract or other obligation—
a: whether or not that obligation was entered into in New Zealand; and
b: whether or not the law governing that obligation is the law of New Zealand. 2004 No 115 s 127
192: Attorneys
1: The Bank may, by an instrument in writing executed in accordance with section 191(2)﻿(a)
2: An act of the attorney in accordance with the instrument binds the Bank. 2004 No 115 s 129
193: Address for service
The address for service in New Zealand of the Bank is the address of the head office of the Bank. 2004 No 115 s 130 Review of Bank’s operations and performance
194: Review of Bank’s operations and performance
1: The Minister may review the operations and performance of the Bank at any time.
2: This section does not limit powers of review in the Public Service Act 2020 Public Audit Act 2001
3: Before a Minister undertakes a review under this section, the Minister must—
a: consult with the Bank on the purpose and nature of the review; and
b: consider any submissions made by the Bank on the proposed review. 2004 No 115 s 132(1)–(3)
195: Bank must co-operate with review
The Bank must take all reasonable steps to co-operate with the review. 2004 No 115 s 132(4) Power to request information from Bank
196: Power to request information about operations and performance
The board of the Bank must supply to the Minister any information relating to the operations and performance of the Bank or any of its subsidiaries that the Minister requests. 2004 No 115 s 133(1)
197: Power to request information about reporting and financial obligations
The board of the Bank must supply to the Minister of Finance any information requested by the Minister in connection with the exercise of the Minister of Finance’s powers under Part 5 2004 No 115 s 133(2)
198: Power to request information about assessing capability and performance of State services
1: The Minister of State Services may request the Bank to supply information under section 133(2A) to (2C)
2: For that purpose, section 133(2A) to (2C) 2004 No 115 s 133(2A)–(2C)
199: Good reasons for refusing to supply requested information
1: A request for information under any of sections 196 197 198
a: the withholding of the information is necessary to protect the privacy of a person (whether or not a natural person or a deceased person); or
b: the supply of the information would materially limit the ability of the Bank to perform its functions in relation to a particular matter.
2: The reason in subsection (1)﻿(a) or (b) applies only if it is not outweighed by the relevant Minister’s need to have the information in order to discharge the relevant Minister’s ministerial duties.
3: The information cannot be withheld other than for the reasons in subsection (1), and cannot be withheld at all if it could not properly be withheld under the Official Information Act 1982
4: In particular, the information cannot be withheld under section 269
5: If the Bank withholds information for a reason in subsection (1), the Bank must give to the relevant Minister a written statement that explains why the information is being withheld. 2004 No 115 s 134 Miscellaneous
200: Members, Governor, office holders, and employees are officials
1: This section applies to members of the board, members of the MPC, the Governor, and office holders and employees of the Bank or of a wholly-owned subsidiary of the Bank.
2: In this section, individuals working for the Bank as contractors or secondees in relation to a function, duty, or power of the Bank are to be treated as if they are employees.
3: This section also applies to a person who was formerly a person described in subsection (1) or (2) in respect of any acts or omissions or decisions made—
a: while that person was a person described in subsection (1) or (2); and
b: after the commencement of this subsection.
4: A person to whom this section applies is an official for the purposes of sections 105 105A
5: This section does not limit the meaning of official in section 99 2004 No 115 s 135
201: Evidence
1: In any proceeding under this Act or any other legislation, a copy of a decision of the Bank certified by the chairperson of the board (the chairperson
2: A certificate signed by the chairperson to the following effect is, in the absence of proof to the contrary, sufficient evidence of the matters stated in it in any proceeding under this Act or any other legislation:
a: any approval or consent required under this Act or any other legislation has or has not been given by the Bank, or is or is not for the time being in force; or
b: any document has been signed by, or on behalf of, the Bank, the board, or the chairperson.
3: A certificate purporting to have been signed by the chairperson must, in the absence of proof to the contrary, be treated for all purposes to have been duly signed by the chairperson. 1989 No 157 s 178
202: Policy advice
1: On request by the Minister, the Bank must provide advice to the Minister on any matter that is connected with the functions of the Bank.
2: The Bank may also provide advice to the Minister, at any time, on any matters or subjects within the responsibility of the Bank. 1989 No 157 s 33
5: Financial and accountability matters
1: Financial policy remit
203: Financial policy remit
1: The Minister must, after consulting the Bank, issue a financial policy remit.
2: See section 49
3: The Minister must take all reasonable steps to ensure that a financial policy remit is in force at all times.
204: Contents of financial policy remit
1: The financial policy remit may specify or provide for matters that the Minister considers are desirable for the Bank to have regard to in relation to 1 or more of the following:
a: achieving the financial stability objective:
b: acting in a way that furthers the objectives or purposes of the prudential legislation:
c: performing the Bank’s function under section 10(1)﻿(b)
2: A matter under subsection (1) must not be inconsistent with any of the following:
a: the financial stability objective:
b: the objectives or purposes of the prudential legislation:
c: any other provision of this Act or the prudential legislation.
205: Form, publication, and presentation of financial policy remit
1: The financial policy remit must be in writing and signed by the Minister.
2: The Bank must publish the financial policy remit on an Internet site maintained by, or on behalf of, the Bank.
3: The Minister must, as soon as practicable after a financial policy remit is issued,—
a: notify the issue of the remit in the Gazette
b: present a copy of the remit to the House of Representatives.
206: Review of financial policy remit
1: The Treasury must, within 5 years after the commencement of this section and then at subsequent intervals of not more than 5 years,—
a: review the operation of the financial policy remit; and
b: consider whether any amendments to the financial policy remit are necessary or desirable; and
c: report on its findings to the Minister.
2: As soon as practicable after receiving a report, the Minister must present a copy of the report to the House of Representatives.
3: This section does not prevent the Minister from amending or replacing the financial policy remit at any time.
207: Safeguarding independence of Bank
This subpart does not authorise the Minister to require the performance or non-performance of a particular act by the Bank, the Governor, or any employee or office holder of the Bank, or the bringing about of a particular result, in respect of a particular person. 1989 No 157 s 68B(5)
2: Direction relating to Bank’s minimum level of capital and financial risk management
208: Power of Minister to direct Bank relating to minimum level of capital and financial risk management
1: The Minister may direct the Bank to do either or both of the following:
a: take all reasonable steps to maintain a minimum level of capital specified by the Minister:
b: have regard to the expectations referred to in subsection (2)﻿(c).
2: The direction may do 1 or more of the following:
a: define capital:
b: specify other matters relating to the calculation of the minimum capital required:
c: set out the Minister’s expectations as to the Bank’s financial risk management.
3: Funding agreements and annual dividend
Funding agreements
209: Funding agreements
1: The Minister and the Bank may enter into a funding agreement that specifies the amounts that may be paid or applied in meeting the expenditure incurred by the Bank in each financial year in performing or exercising its functions or powers under this Act or any other legislation.
2: The Minister and the Bank must take all reasonable steps to ensure that there is a funding agreement applying for every financial year and each funding agreement must apply to a period that comprises 5 consecutive financial years.
3: A funding agreement comes into effect when signed under section 210
4: The Minister and the Bank may by agreement—
a: vary the provisions of a funding agreement; or
b: terminate a funding agreement and enter into a new funding agreement.
5: In this section and section 210 expenditure
a: includes all expenditure (whether operating or capital) that is incurred by the Bank and that will be reported in its financial statements for that year; but
b: does not include—
i: interest expenditure incurred by the Bank (for example, interest paid by the Bank in relation to settlement accounts and borrowings); or
ii: foreign exchange losses; or
iii: losses (or provision for losses) on financial instruments or revaluation of financial instruments; or
iv: any payments made to the Crown under section 140
v: the cost of inventories; or
vi: the cost of purchasing or acquiring financial assets; or
vii: the cost of purchasing or acquiring any ownership interest in an entity; or
viii: any expenditure agreed by the Minister and the Bank to be exempt expenditure. 1989 No 157 s 159
210: Contents of funding agreements
1: A funding agreement must—
a: be in writing, be dated, and be signed by the Minister and by 2 members on behalf of the board; and
b: provide for the Bank’s expenditure for each of the 5 consecutive financial years to which it applies; and
c: provide for the Bank’s total expenditure over that period of 5 consecutive financial years; and
d: separately provide for capital expenditure and operating expenditure; and
e: provide for the items that may, in accordance with generally accepted accounting practice, properly be taken into account in determining the operating and capital expenditure applicable to the Bank’s functions or powers; and
f: be accompanied by a budget for the Bank’s expenditure over the 5 consecutive financial years to which the agreement applies, which must contain sufficient detail to determine the main expenditure classes the Bank proposes to undertake.
2: A funding agreement may provide for—
a: funding for items of expenditure that may be required to extend beyond the 5 consecutive financial years to which the agreement applies:
b: the extent, if any, to which any material change in the Bank’s operating environment will require the level or levels of expenditure to be redetermined between the Bank and the Minister:
c: any other matters that the Bank and the Minister think fit (not being matters that are inconsistent with this section).
3: The budget under subsection (1)﻿(f) is not part of the funding agreement. 1989 No 157 s 160
211: Funding agreements to be published and presented to House of Representatives
1: The Bank must publish a copy of a funding agreement or a variation of a funding agreement on an Internet site maintained by, or on behalf of, the Bank as soon as practicable after the agreement or variation is entered into.
2: The Minister must present a copy of a funding agreement or a variation of a funding agreement to the House of Representatives within 12 sitting days after the agreement or variation is entered into.
3: The funding agreement or variation of a funding agreement must be accompanied by the latest budget under section 210(1)﻿(f) 1989 No 157 s 161
212: Expenditure where there is no current funding agreement
If, despite section 209(2) year A Annual dividend
213: Determination of annual dividend
1: The Bank must, as soon as practicable after the end of each financial year, recommend to the Minister the amount appropriately payable by the Bank to the Crown as an annual dividend for the financial year.
2: The Bank must determine the amount it recommends to the Minister in accordance with the principles set out in the statement of financial risk management.
3: The Minister must determine the amount that the Bank must pay to the Crown as an annual dividend for the financial year having regard to—
a: the recommendation of the Bank; and
b: the principles set out in the statement of financial risk management; and
c: any other relevant matters. 1989 No 157 s 162(1)–(3)
214: Bank must publish matters relating to annual dividend
The Bank must publish in its annual report—
a: the amount it recommends to the Minister under section 213
b: the determination made by the Minister under that section. 1989 No 157 s 162(4)
4: Reporting obligations
215: Interpretation for subpart
1: In this subpart, unless the context otherwise requires,— Bank group
a: the Bank; and
b: its subsidiaries; and
c: any entity that is its subsidiary for the purpose of any financial reporting standard that applies to the Bank under generally accepted accounting practice class of outputs class section 2(1) generally accepted accounting practice section 8 Minister section 5(1) next Budget day Public Finance Act 1989 outputs pre-Budget period
a: the period of 3 months ending when the Minister of Finance next delivers a Budget under the Public Finance Act 1989
b: if the Minister of Finance gives less than 3 months' notice of the next Budget day, the period commencing on the day on which the Minister of Finance gives that notice and ending when the Minister of Finance delivers the Budget reportable class of outputs
a: that the Bank proposes to supply in the financial year; and
b: that is not exempted for that financial year under section 231 working day section 2(1)
2: Any term or expression that is defined in the Public Finance Act 1989 2004 No 115 s 136 Planning: statement of intent
216: Purpose of statement of intent
The purpose of a statement of intent is to promote the public accountability of the Bank by—
a: enabling the Crown to participate in the process of setting the Bank’s strategic intentions and medium-term undertakings:
b: setting out for the House of Representatives those intentions and undertakings:
c: providing a base against which the Bank’s actual performance can later be assessed. 2004 No 115 s 138
217: Obligation to prepare statement of intent
1: The Bank must provide to the Minister a statement of intent for the Bank that complies with this section and section 220
2: A statement of intent must relate to the forthcoming financial year and at least the following 3 financial years.
3: The Bank must provide a statement of intent at least once in every 3-year period. 2004 No 115 s 139
218: Minister may require Bank to prepare new statement of intent at any time
1: The Minister may, if the Minister considers it necessary or desirable, require the Bank to provide a new statement of intent at any time.
2: A statement of intent provided under this section must comply with sections 217 220
3: Despite section 217(2) 2004 No 115 s 139A
219: Minister may grant extension of time for requirement to provide statement of intent
1: If the Bank is likely to have a significant change in the nature or scope of its functions, the Minister may grant the Bank an extension, of up to 1 year, of the period specified in section 217(3)
2: However, the Minister must not grant an extension unless the Minister is satisfied that the extension will enable the Bank to improve the quality of the statement of intent that it provides.
3: If the Minister grants an extension,—
a: the Minister must, as soon as practicable after granting the extension, notify the Bank of the extension and the Minister’s reasons for granting it; and
b: the Bank must, as soon as practicable after receiving the notice, publish the notice, and the Minister’s reasons for granting the extension, on an Internet site maintained by, or on behalf of, the Bank; and
c: the Bank must include, in the next annual report that it provides to the Minister under section 239(1) 2004 No 115 s 139B
220: Content of statement of intent
1: A statement of intent must, for the period to which it relates, set out the strategic objectives that the Bank intends to achieve or contribute to ( strategic intentions
2: A statement of intent must also, for the period to which it relates,—
a: explain the nature and scope of the Bank’s functions and intended operations:
b: explain how the Bank intends to manage its functions and operations to meet its strategic intentions:
c: explain how the Bank has had regard to the financial policy remit in preparing the statement of intent:
d: explain how the Bank proposes to manage its organisational health and capability:
e: explain how the Bank proposes to assess its performance:
f: set out and explain any other matters—
i: that are reasonably necessary to achieve an understanding of the Bank's strategic intentions and capability:
ii: that the Bank is required to include in its statement of intent under this Act or another Act.
3: A statement of intent—
a: must be in writing, be dated, and be signed on behalf of the board by 2 members; and
b: is a final statement of intent when it has been signed in accordance with paragraph (a). 2004 No 115 s 141
221: Application and term of statement of intent
A statement of intent is in force—
a: from the later of—
i: the date on which the final statement of intent is provided to the Minister; and
ii: the first day of the period to which the statement of intent relates; and
b: until a new statement of intent is in force in relation to the Bank (despite the end of any financial year to which the statement relates); and
c: with any amendments that are made as described in section 224 2004 No 115 s 144
222: Ministerial involvement in statement of intent
The Minister may participate in determining the content of statements of intent as follows:
a: the Minister may agree with the Bank that information additional to that required by section 220
b: the Minister may, by written notice to the Bank, specify the particular form in which any information in the statement of intent must be disclosed:
c: the Minister may make comments on a draft statement of intent under section 223 section 224 2004 No 115 s 145
223: Process for providing statement of intent to Minister
1: The Bank must provide a statement of intent to the Minister.
2: The process that must be followed in providing a statement of intent is as follows:
a: the Bank must provide a draft statement of intent to the Minister—
i: not later than 2 months before the start of the first financial year to which the statement of intent relates; or
ii: if the Minister has requested the statement of intent under section 218
b: the Minister must provide to the Bank any comments that they may have on the draft not later than 15 working days after receiving it; and
c: the Bank must consider the comments (if any) on the draft and provide the final statement of intent to the Minister—
i: as soon as practicable after receiving the comments (if any) but before the start of the first financial year to which the statement of intent relates; or
ii: if the Minister has requested the statement of intent under section 218
A: as soon as practicable, but not later than 25 working days, after receiving the comments; or
B: if the Minister does not provide comments within the period specified in paragraph (b), not later than 25 working days after the end of that period. 2004 No 115 s 146
224: Amendments to final statement of intent by Bank
1: The Bank may amend its final statement of intent.
2: The Bank must amend its statement of intent if—
a: the information contained in the statement of intent is false or misleading in a material particular; or
b: the intentions and undertakings in the statement of intent are significantly altered or affected by—
i: a direction given to the Bank by a Minister; or
ii: a direction under section 172
iii: any change to the financial policy remit; or
iv: any change in the law; or
v: any other change in the Bank’s operating environment.
3: The Bank must make the amendment required under subsection (2) as soon as practicable after the Bank becomes aware of the facts that give rise to the obligation to amend under this section.
4: The Bank may, instead of amending its final statement of intent, provide to the Minister under section 223 sections 217 220 2004 No 115 s 148(1)–(3), (7)
225: Process for amendments to statement of intent
1: The following process applies to an amendment under section 224
a: the Bank must provide a draft amendment to the Minister; and
b: the Minister must provide to the Bank any comments that they may have no later than 15 working days after receiving the draft; and
c: the Bank must consider the comments (if any) and must provide the final amendment to the Minister as soon as practicable.
2: An amendment under section 224
a: must be in writing, be dated, and be signed on behalf of the board by 2 members; and
b: is a final amendment when it has been signed in accordance with paragraph (a).
3: A final amendment is in force from the date on which it is provided to the Minister. 2004 No 115 s 148(4)–(6)
226: Obligation to publish and present statement of intent
1: The Bank must, as soon as practicable after providing a final statement of intent to the Minister, publish the statement of intent on an Internet site maintained by, or on behalf of, the Bank.
2: However, if a final statement of intent relates to a period commencing on or after the next Budget day, the Minister may require the Bank not to publish the statement in the pre-Budget period.
3: The Minister must present a copy of the final statement of intent to the House of Representatives—
a: in the same document as the Bank’s annual report for the financial year before the first full financial year to which the statement of intent relates ( see section 239
b: in any other document presented on or before the date on which the annual report described in paragraph (a) is presented. 2004 No 115 s 149
227: Obligation to publish and present amendments to statement of intent
1: As soon as practicable after an amendment to a statement of intent is finalised under section 225
a: the Bank must publish the amendment on an Internet site maintained by, or on behalf of, the Bank; and
b: the Minister must present a copy of the amendment to the House of Representatives.
2: However,—
a: if the amendment will come into force on or after the next Budget day, the Minister—
i: may require the Bank not to publish the amendment in the pre-Budget period; and
ii: need not present the amendment to the House of Representatives in that period; and
b: the Bank must not publish an amendment to a statement of intent before publishing the statement of intent under section 226
c: the Minister must not present a copy of an amendment to a statement of intent to the House of Representatives before presenting a copy of the statement of intent to the House of Representatives under section 226
d: if Parliament is not in session, subsection (1)﻿(b) does not apply, but the Minister must present a copy of the amendment to the House of Representatives as soon as possible after the commencement of the next session of Parliament. 2004 No 115 s 149A Planning: statement of performance expectations
228: Purpose of statement of performance expectations
The purpose of a statement of performance expectations for the Bank is to—
a: enable the Minister to participate in the process of setting annual performance expectations; and
b: enable the House of Representatives to be informed of those expectations; and
c: provide a base against which actual performance can be assessed. 2004 No 115 s 149B
229: Obligation to prepare statement of performance expectations
Before the start of each financial year, the Bank must prepare a statement of performance expectations for that financial year that complies with section 230 2004 No 115 s 149C
230: Content of statement of performance expectations
1: Each statement of performance expectations must, in relation to the Bank and a financial year,—
a: identify each reportable class of outputs for the financial year; and
b: identify each exemption granted under section 231(1)﻿(a)
c: state whether the Bank proposes to supply any class of outputs in the financial year that is not a reportable class of outputs; and
d: contain a forecast statement of comprehensive revenue and expense that complies with section 232
2: For each reportable class of outputs, the statement of performance expectations must—
a: include a concise explanation of what the class of outputs is intended to achieve; and
b: identify the expected revenue and proposed expenses for the class of outputs; and
c: include a concise explanation of how the performance of the class of outputs will be assessed.
3: A statement of performance expectations—
a: must be in writing, be dated, and be signed on behalf of the board by 2 members; and
b: is a final statement of performance expectations when it has been signed in accordance with paragraph (a). 2004 No 115 s 149E
231: Exemption for certain outputs
1: The Minister of Finance may exempt, for 1 or more financial years or until further notice, 1 or more classes of outputs from—
a: any statement of performance expectations required under section 229
b: any statement of performance required under section 240(1)﻿(b)
2: The Minister of Finance must not exempt a class of outputs from a statement of performance expectations or a statement of performance unless the Minister is satisfied that—
a: the class of outputs is not material to the statement; or
b: the class of outputs will be adequately reported on to the House of Representatives by a Minister, a department, or another public entity; or
c: for any other reason, the exemption does not unreasonably compromise accountability for the performance of the Bank. 2004 No 115 s 149F
232: Forecast statement of comprehensive revenue and expense
1: Each statement of performance expectations, in relation to the Bank and a financial year, must contain a forecast statement of comprehensive revenue and expense for the financial year.
2: The forecast statement of comprehensive revenue and expense must—
a: be prepared in accordance with generally accepted accounting practice; and
b: include—
i: a statement of all significant assumptions underlying the statement; and
ii: any additional information and explanations needed to fairly reflect the forecast financial operations of the Bank; and
c: be prepared in a manner that allows for a comparison with actual revenues and output expenses.
3: Nothing in this Act requires a statement of performance expectations to contain any financial statements other than a forecast statement of comprehensive revenue and expense. 2004 No 115 s 149G
233: Ministerial involvement in statement of performance expectations
1: The Minister may participate in determining the contents of statements of performance expectations as follows:
a: the Minister may agree with the Bank that information additional to that required by section 230
b: the Minister may, by written notice to the Bank, specify the particular form in which any information in the statement of performance expectations must be disclosed:
c: the Minister may make comments on a draft statement of performance expectations under section 234 section 235
2: The Minister may require a statement of performance expectations to contain any information about how the performance of a class of reportable outputs will be assessed. 2004 No 115 s 149H
234: Process for providing statement of performance expectations to Minister
1: The Bank must provide a statement of performance expectations to the Minister.
2: The process that must be followed in providing a statement of performance expectations is as follows:
a: the Bank must provide a draft statement of performance expectations to the Minister not later than 2 months before the start of the financial year to which the statement of performance expectations relates; and
b: the Minister must provide to the Bank any comments that they may have on the draft not later than 15 working days after receiving it; and
c: the Bank must consider the comments (if any) on the draft and provide the final statement of performance expectations to the Minister as soon as practicable after receiving the comments (if any), but before the start of the financial year to which the statement of performance expectations relates. 2004 No 115 s 149I
235: Amendments to final statement of performance expectations by Bank
1: The Bank may amend its final statement of performance expectations at any time.
2: The Bank must amend its final statement of performance expectations if—
a: the information contained in the final statement of performance expectations is false or misleading in a material particular; or
b: the intentions and undertakings in the final statement of performance expectations are significantly altered or affected by—
i: a direction given to the Bank by a Minister; or
ii: a direction under section 172
iii: any change to the financial policy remit; or
iv: any change in the law; or
v: any other change in the Bank’s operating environment.
3: The Bank must make an amendment required under subsection (2) as soon as practicable after the Bank becomes aware of the facts that give rise to the obligation to amend under this section. 2004 No 115 s 149K(1)–(3)
236: Process for amendments to statement of performance expectations
1: The Bank must amend its statement of performance expectations in accordance with the following process:
a: the Bank must provide a draft amendment to the Minister; and
b: the Minister must provide to the Bank any comments that the Minister may have not later than 15 working days after receiving the draft; and
c: the Bank must consider the comments (if any) and provide the final amendment to the Minister as soon as practicable.
2: An amendment under this section—
a: must be in writing, be dated, and be signed on behalf of the board by 2 members; and
b: is a final amendment when it has been signed in accordance with paragraph (a). 2004 No 115 s 149K(4), (5)
237: Obligation to publish and present statement of performance expectations
1: The Bank must, as soon as practicable after providing a final statement of performance expectations to the Minister, publish the statement on an Internet site maintained by, or on behalf of, the Bank.
2: However, if the final statement of performance expectations relates to a period commencing on or after the next Budget day, the Minister may require the Bank not to publish the statement in the pre-Budget period.
3: The Minister must present a copy of the final statement of performance expectations to the House of Representatives—
a: in the same document as the Bank’s annual report for the previous financial year ( see section 239
b: in any other document presented on or before the date on which the annual report described in paragraph (a) is presented. 2004 No 115 s 149L
238: Obligation to publish and present amendments to statement of performance expectations
1: As soon as practicable after an amendment to a final statement of performance expectations is finalised under section 236
a: the Bank must publish the amendment on an Internet site maintained by, or on behalf of, the Bank; and
b: the Minister must present a copy of the amendment to the House of Representatives.
2: However,—
a: if the amendment will come into force on or after the next Budget day, the Minister—
i: may require the Bank not to publish the amendment in the pre-Budget period; and
ii: need not present the amendment to the House of Representatives in that period; and
b: the Bank must not publish an amendment to a statement of performance expectations before publishing the statement of performance expectations under section 237
c: the Minister must not present a copy of an amendment to a statement of performance expectations to the House of Representatives before presenting a copy of the statement of performance expectations to the House of Representatives under section 237
d: if Parliament is not in session, subsection (1)﻿(b) does not apply, but the Minister must present a copy of the amendment to the House of Representatives as soon as possible after the commencement of the next session of Parliament. 2004 No 115 s 149M Reporting: annual report
239: Obligation to prepare, present, and publish annual report
1: The Bank must provide to the Minister an annual report on the affairs of the Bank within 3 months after the end of each financial year.
2: The Minister must present the Bank’s annual report to the House of Representatives within 5 working days after the Minister receives the annual report or, if Parliament is not in session, as soon as possible after the commencement of the next session of Parliament.
3: The Bank must publish its annual report as soon as practicable after it has been presented to the House of Representatives, but in any case not later than 10 working days after the annual report is received by the Minister, in a manner consistent with any instructions given under section 259 2004 No 115 s 150
240: Form and content of annual report
1: An annual report must contain the following information and reports in respect of the financial year to which it relates:
a: information on operations that complies with subsection (2); and
b: a statement of performance in accordance with section 243
c: the annual financial statements for the Bank in accordance with section 244
d: a statement of responsibility in accordance with section 246
e: the audit report in accordance with section 247
f: the current statement of financial risk management in accordance with section 251
g: any new direction given to the Bank by a Minister in writing under this Act or any other legislation during that financial year, as well as other such directions that remain current (subject to section 241
h: information on compliance with its obligation to be a good employer (including its equal employment opportunities programme); and
i: information required by section 242
j: information required by section 17(3)
k: information required by section 68
l: information about how the board has complied with section 49
m: a statement as to whether, in the board’s opinion, the MPC and the members of the MPC have adequately discharged their respective responsibilities during the financial year ( see section 99
n: a description of how the board has assessed the matter under paragraph (m); and
o: any matters that relate to or affect the Bank’s operations that the Bank is otherwise required, or has undertaken, or wishes to report on in its annual report.
2: The annual report must provide the information that is necessary to enable an informed assessment to be made of the Bank’s operations and performance for that financial year, including an assessment of the Bank’s progress in relation to its strategic intentions as set out in the most recent statement of intent.
3: An annual report must be in writing, be dated, and be signed on behalf of the board by 2 members. 1989 No 157 s 53A(1A) s 15
241: Bank must defer including information in annual report about certain directions
1: This section applies if, under section 135 section 174(2)
2: The Bank must not include information in its annual report under section 240(1)﻿(g)
3: However, after the Minister complies with section 174(2)
242: Disclosure of remuneration and of details of indemnities and insurance cover
1: The annual report must include, in respect of the Bank,—
a: for each member of the board (other than the Governor), the total value of the remuneration paid or payable to the member in their capacity as a member of the board from the Bank during that financial year; and
b: for the Governor, the total value of the remuneration paid or payable to the Governor from the Bank during that financial year; and
c: for each external member of the MPC, the total value of the remuneration paid or payable to the member in their capacity as an external member from the Bank during that financial year; and
d: for each committee member who is not a board member or an employee, the total value of the remuneration paid or payable to the member in their capacity as a committee member from the Bank during that financial year; and
e: the number of employees to whom, during the financial year, remuneration was paid or payable in their capacity as employees, the total value of which is or exceeds $100,000 per annum, and the number of those employees in brackets of $10,000; and
f: the total value of any compensation or other benefits paid or payable to persons who ceased to be the Governor, a committee member, or an employee during the financial year in relation to that cessation and the number of persons to whom all or part of that total was paid or payable; and
g: details of any indemnity provided by the Bank during the financial year to any member of the board, the Governor, any member of the MPC, any committee member, or any employee; and
h: details of any insurance cover effected by the Bank during the financial year in respect of the liability or costs of any member of the board, the Governor, any member of the MPC, any committee member, or any employee.
2: Despite section 248
3: In subsection (1)﻿(a) to (e), remuneration
4: In subsection (1), a reference to a person of a particular kind (for example, an employee) includes a person who was a person of that kind but who is no longer a person of that kind (for example, a former employee). 2004 No 115 s 152
243: Form and content of statement of performance
A statement of performance must, in relation to the Bank and a financial year,—
a: be prepared in accordance with generally accepted accounting practice; and
b: describe each reportable class of outputs for the financial year; and
c: include, for each reportable class of outputs identified in the Bank’s statement of performance expectations for the financial year,—
i: the standards of delivery performance achieved by the Bank, as compared with the forecast standards included in the Bank’s statement of performance expectations for the financial year; and
ii: the actual revenue earned and output expenses incurred, as compared with the expected revenues and proposed output expenses included in the Bank’s statement of performance expectations for the financial year. 2004 No 115 s 153
244: Annual financial statements
1: As soon as practicable after the end of each financial year, the Bank must prepare financial statements in relation to the Bank for that financial year.
2: The financial statements must—
a: comply with generally accepted accounting practice; and
b: include any other information or explanations needed to fairly reflect the financial operations and financial position; and
c: include the forecast statement of comprehensive revenue and expense prepared at the start of the financial year, for comparison with the actual financial statements.
3: The financial statements must show separately—
a: any payments made by the Bank under section 140(1)
b: any payments made by the Minister to the Bank under section 140(2) 2004 No 115 s 154
245: Information about each class of excluded expenditure
1: The Bank must ensure that information about the expenditure referred to in section 209(5)﻿(b)
2: The information must specify the amount expended for each of subparagraphs (i) to (viii) of section 209(5)﻿(b)
246: Statement of responsibility
The statement of responsibility must—
a: contain a statement of the signatories’ responsibility for the preparation of the financial statements and statement of performance and for the judgments in them; and
b: contain a statement of the signatories’ responsibility for establishing and maintaining a system of internal control designed to provide reasonable assurance as to the integrity and reliability of financial reporting; and
c: contain a statement that, in the opinion of the signatories, the financial statements and statement of performance for the financial year fairly reflect the financial position and operations of the Bank; and
d: be dated and signed on behalf of the board by 2 members. 2004 No 115 s 155
247: Audit report
1: The Bank must forward to the Auditor-General the following statements and information:
a: the Bank’s annual financial statements and statement of performance (if applicable):
b: all other information that the Auditor-General has agreed, or is required, to audit.
2: The statements and information must be forwarded under subsection (1) before the end of the second month following the end of the financial year to which the statements relate.
3: The Bank must also forward to the Auditor-General the Bank’s annual report in a timely manner to enable the Auditor-General to review that report before providing the audit report required under subsection (4).
4: The Auditor-General must—
a: audit the statements and information referred to in subsection (1); and
b: provide an audit report on those statements and that information to the Bank within 30 days after receiving them. 2004 No 115 s 156 Application of this subpart to Bank group
248: Application of this subpart to Bank group
1: This section and section 249
2: This subpart—
a: must be read as if it required a statement or report to include consolidated information in respect of the Bank group, rather than information in respect of the Bank only; and
b: otherwise applies with any necessary modifications.
3: In this section,— relevant time
a: the end of the period to which the statement or report relates; or
b: if the statement or report relates to a period that includes a future period, the time when the statement or report is provided to the Minister statement or report
a: statement of intent ( see section 217
b: statement of performance expectations ( see section 229
c: forecast statement of comprehensive revenue and expense ( see section 232
d: annual report ( see section 239
e: statement of performance ( see section 243
f: annual financial statements ( see section 244 subsidiary section 215(1) 2004 No 115 s 156A
249: Minister of Finance may require additional reporting
1: Despite section 248 specified entity
2: A notice must specify—
a: which statements and reports are required; and
b: the financial years or other period (which may be until further notice) for which each statement or report is required.
3: Before issuing a notice, the Minister of Finance must—
a: consider the operations and functions of the specified entity; and
b: be satisfied that each statement or report is necessary or desirable to enhance public accountability of the specified entity.
4: If a specified entity is required under this section to prepare a statement or report, this subpart applies with any necessary modifications. 2004 No 115 s 156B
5: Other accountability statements and reports
Financial risk management
250: Purposes of statement of financial risk management
The purposes of the statement of financial risk management are to—
a: report on matters relating to the board’s duty to ensure that the Bank operates in a financially responsible manner ( see section 47
b: report on the Bank’s management of financial risks; and
c: ensure the accountability of the Bank for its management of those risks; and
d: provide for principles for determining the Bank’s annual dividend; and
e: facilitate the role of the monitor.
251: Obligation to prepare statement of financial risk management
1: The Bank must—
a: prepare and keep up to date a statement of financial risk management; and
b: publish a copy of the current statement on an Internet site maintained by, or on behalf of, the Bank.
2: A statement under this section must—
a: set out—
i: the board’s approach to complying with its duty under section 47
ii: information about how the board has complied with that duty during the most recently completed financial year; and
b: set out the Bank’s approach to financial risk management, including—
i: its approach to complying with any direction given under section 208
ii: all other information that is necessary to allow an assessment of how the Bank manages financial risks that may impact on its ability to perform its functions; and
c: set out information about how the Bank has complied with any direction given under section 208
d: identify the significant financial risks that—
i: the Bank was exposed to at any time during the most recently completed financial year (including identifying the impact of those risks on the Bank’s statement of financial position for that financial year); and
ii: the Bank is currently exposed to; and
iii: the Bank expects it will be exposed to over the medium term; and
e: include a statement of principles—
i: in accordance with which the Bank will make a recommendation under section 213
ii: that the Minister must have regard to under that section; and
f: contain all other information reasonably required by the Minister.
3: The principles under subsection (2)﻿(e) must be as agreed by the Minister and the Bank under section 252
252: Minister and Bank must take reasonable steps to agree on annual dividend principles
The Minister and the Bank must take all reasonable steps to agree on the principles under section 251(2)﻿(e) Statements of prudential policy
253: Purposes of statements of prudential policy
The purposes of statements of prudential policy are to—
a: provide transparency about how the Bank acts, or proposes to act, when performing the function under section 10(1)﻿(b)
b: promote public awareness and understanding of the Bank’s activities and operations under the prudential legislation.
254: Obligation to prepare statements of prudential policy
1: The Bank must—
a: prepare and keep up to date 1 or more statements of prudential policy; and
b: publish a copy of the current statements on an Internet site maintained by, or on behalf of, the Bank.
2: The statements under this section must—
a: outline in general terms the Bank’s policies about how the Bank acts, or proposes to act, when performing the function under section 10(1)﻿(b)
b: contain all other information reasonably required by the Minister. Assessment of regulatory impacts of policies
255: Assessment of regulatory impacts of policies
1: The Bank must—
a: assess the expected regulatory impacts of any policy that it intends to adopt under the prudential legislation (a proposed policy
b: assess the regulatory impacts of the policies adopted and applied under that legislation at intervals appropriate to the nature of the policy being assessed; and
c: give reports on the assessments to the Minister.
2: Subsection (1) does not apply to any policy that is of a minor or technical nature.
3: The Bank may provide reports on the assessments of regulatory impacts to the Minister—
a: as part of another document or other report required by this Part; or
b: as a stand-alone report prepared following a request by the Minister or on the Bank’s own initiative. 1989 No 157 s 162AB(1)–(3)
256: Content of assessment of proposed policy
An assessment of the expected regulatory impacts of any proposed policy must include—
a: an outline of the problem or issue that the policy is intended to address:
b: the objectives of the policy:
c: an evaluation of the costs and benefits of the policy:
d: an evaluation of alternative means of achieving the objectives of the policy:
e: a statement of the Bank’s proposed approach to monitoring and evaluating the effectiveness of the policy:
f: a statement that explains how the board has had regard to the financial policy remit in preparing the proposed policy:
g: a description of any consultation or other engagement the Bank has had with interested persons in relation to the policy and an explanation of how the Bank has had regard to any views expressed.
257: Bank must publish report on assessment of regulatory impacts
1: The Bank must publish every report on the assessment of regulatory impacts on an Internet site maintained by, or on behalf of, the Bank.
2: However, the Bank may omit information from any report published if it is satisfied on reasonable grounds that it is proper to omit the information on the ground of commercial confidentiality.
3: The publication of an accountability document that includes a report on the assessments of regulatory impacts satisfies the obligation in subsection (1). 1989 No 157 s 162AB(4)–(6)
6: Accounting records
258: Board must ensure that proper accounting records are kept
1: The board of the Bank must cause accounting records to be kept that—
a: correctly record and explain the transactions of the Bank; and
b: will at any time enable the financial position of the Bank to be determined with reasonable accuracy; and
c: will enable the members of the board to ensure that the financial statements of the Bank comply with section 244
d: will enable the financial statements of the Bank to be readily and properly audited.
2: The accounting records must be in written form or in a manner in which they are easily accessible and convertible into written form. 2004 No 115 s 168(1), (2)
7: Miscellaneous
259: Minister of Finance instructions
1: The Minister of Finance may issue instructions to the Bank that—
a: prescribe minimum requirements concerning the Bank’s annual report, statement of intent, or statement of performance expectations:
b: prescribe the non-financial reporting standards that the Bank must apply and the form in which the Bank must provide the information that is required to be presented to the House of Representatives by or under this Act.
2: For the purposes of subsection (1), the Minister of Finance may issue instructions that apply any instructions issued under section 174
3: The instructions must be consistent, in the opinion of the Minister, with generally accepted accounting practice and any reporting standard imposed by or under any other Act, to the extent that those matters are relevant to the instructions.
4: Instructions issued under this section are secondary legislation ( see Part 3 2004 No 115 s 174 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication The maker must: LA19 ss 73 74(1)﻿(a) cl 14 •	notify it in the Gazette •	publish it on the Internet Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act.
260: Consultation with House of Representatives on reporting standards
1: The Minister must prepare and submit to the Speaker of the House of Representatives a draft of any instruction proposed to be issued under section 259(1)﻿(b)
2: The Speaker must present the draft instruction to the House of Representatives as soon as is reasonably practicable.
3: The Minister, after considering any comments of the Speaker or any committee of the House of Representatives that considered the draft instruction, may amend the draft instruction as the Minister thinks fit.
4: The Minister must, as soon as practicable after issuing an instruction, present it to the House of Representatives. 2004 No 115 s 175
6: Miscellaneous provisions
1: Information-gathering power
261: Interpretation for this subpart
1: In this subpart, unless the context otherwise requires,— associated provider relevant person
a: a provider:
b: a person that is associated with a provider:
c: a person who was previously a provider or a person that was associated with a provider relevant service
a: a financial service within the meaning of section 5
b: without limiting paragraph (a), a service of processing payments on behalf of other persons, including—
i: administering interchange services or electronic payment systems; or
ii: providing or making available hardware, software, or other technology to support interchange services or electronic payment systems; or
c: a service of transporting, storing, or distributing bank notes or coins voting product section 6(1)
2: In this subpart, unless the context otherwise requires, a person ( A associated B
a: B is A's holding entity or subsidiary; or
b: more than half of the voting products of A, other than voting products that carry no right to participate beyond a specified amount in a distribution of either profits or capital, are held by B and persons that are associated with B (whether directly or indirectly, but other than in a fiduciary capacity); or
c: more than half of the voting products of each of A and B, other than voting products that carry no right to participate beyond a specified amount in a distribution of either profits or capital, are held by members of the other (whether directly or indirectly, but other than in a fiduciary capacity); or
d: the businesses of A and B have been so carried on that the separate business of each person, or a substantial part of it, is not readily identifiable; or
e: there is another person with which both A and B are associated.
3: In subsection (2), a person is another person’s holding entity Bank’s information-gathering power
262: Bank may require relevant person to supply information for central banking and financial system oversight functions
1: If the Bank considers it necessary or desirable for the purposes of performing or exercising its functions or powers under section 10(1)﻿(a), (c), or (d) Part 3
2: The information must be supplied—
a: for the periods, and in the manner and form (including consolidated form), that may be specified in the notice; and
b: in respect of a provider of a relevant service; and
c: in respect of relevant services provided in New Zealand or elsewhere and whether as principal, broker, agent, or intermediary; and
d: within the period, and otherwise in the manner, that is specified in the notice. 1989 No 157 s 36
263: Information about particular customer, client, or natural person not required
1: A relevant person is not required to supply information under section 262
a: a particular customer or client; or
b: a particular natural person (unless the natural person is itself a relevant person).
2: If a relevant person is required to supply information under section 262 section 22 1989 No 157 s 36(5)
264: Person required to supply information has same privileges as witnesses in court
A person who is required to supply information under section 262 Offences relating to information-gathering power
265: Infringement offence to fail to supply information
1: A relevant person commits an infringement offence if it fails to comply with section 262
2: A relevant person that commits the infringement offence is liable to—
a: an infringement fee of—
i: $1,000 in the case of an individual; or
ii: $3,000 in any other case; or
b: a fine imposed by a court not exceeding—
i: $3,000 in the case of an individual; or
ii: $9,000 in any other case. 1989 No 157 s 37(a)
266: Offence of intentionally or recklessly failing to comply with notice to supply information
1: A relevant person commits an offence if the person—
a: intentionally or recklessly fails to comply with section 262
b: supplies any information under section 262
2: A relevant person that commits the offence is liable on conviction to a fine not exceeding—
a: $50,000 in the case of an individual; or
b: $200,000 in any other case. 1989 No 157 s 37(b) Requirement that information be reviewed
267: Requirement that information be reviewed
1: This section applies if—
a: information is supplied by a relevant person under section 262
b: the Bank has reasonable grounds to believe that the information is inadequate or inaccurate.
2: The Bank may, by written notice, require the relevant person to—
a: obtain a review of the information; and
b: give the results of the review to the Bank.
3: The review must be carried out—
a: by a suitably qualified independent person approved by the Bank; and
b: in the manner specified by the Bank in the notice.
4: The results of the review must be given to the Bank within the period, and otherwise in the manner, that is specified in the notice. 1989 No 157 s 38(1)
268: Offence of failing to comply with review requirements
1: A relevant person commits an offence if the person, without reasonable excuse, fails to comply with section 267
2: A relevant person that commits the offence is liable on conviction to a fine not exceeding—
a: $50,000 in the case of an individual; or
b: $200,000 in any other case. 1989 No 157 s 38(2) Confidentiality
269: Publication or disclosure of information by Bank
1: This section applies to the following:
a: information provided to the Bank under this subpart:
b: information derived from or based on information referred to in paragraph (a).
2: The Bank may publish or disclose any information to which this section applies only if—
a: the information is available to the public under an Act (other than the Official Information Act 1982
b: the information is in a statistical or summary form; or
c: the publication or disclosure is for the purposes of, or in connection with, the performance or exercise of any function or power conferred or imposed on the Bank by this Act or any other legislation; or
d: the publication or disclosure is made under subpart 3
e: the publication or disclosure is to a person who the Bank is satisfied has a proper interest in receiving the information; or
f: the publication or disclosure is with the consent of the person who supplied the information or to whom the information relates.
3: The Bank may not publish or disclose information under subsection (2)﻿(e) unless satisfied that satisfactory provision exists to protect the confidentiality of the information.
4: A member, the Governor, any other office holder of the Bank, or any employee of the Bank must not publish or disclose any information to which this section applies except for the purposes of, or in connection with, the performance or exercise of any function or power under this Act or any other legislation.
5: Nothing in any legislation, other than this Act or the Official Information Act 1982
6: The Bank may make information to which this section applies available under the Official Information Act 1982
7: Nothing in this section limits or prevents the provision of information to the Government Statistician for the production of official statistics or research under the Data and Statistics Act 2022 Section 269(7) inserted 1 September 2022 section 107(1) Data and Statistics Act 2022
270: Offence of unauthorised publication or disclosure
A member, the Governor, any other office holder of the Bank, or any employee of the Bank who intentionally publishes or discloses information in contravention of section 269
271: Conditions relating to publication or disclosure of information
1: The Bank may, by written notice to a person to whom any information is disclosed under section 269(2)﻿(c), (e), or (f)
2: Conditions imposed may include, without limitation, conditions relating to—
a: maintaining the confidentiality of anything provided:
b: the storing of, the use of, or access to anything provided:
c: the copying, returning, or disposing of copies of documents provided.
272: Restrictions on further publication or disclosure of information
1: If information is disclosed to a person under section 269(2)﻿(c)
a: for the purposes of, or in connection with, functions or powers referred to in section 269(2)﻿(c)
b: in accordance with any conditions imposed by the Bank.
2: If information is published or disclosed to a person under section 269(2)﻿(e)
a: is authorised by the Bank and is in accordance with any conditions imposed by the Bank; or
b: is for the purposes of, or in connection with, the functions or powers of a person under any legislation.
3: If information is published or disclosed to a person under section 269(2)﻿(f)
273: Offence of unauthorised publication, disclosure, or use
A person who intentionally publishes, discloses, or uses information in contravention of section 272
a: $50,000 in the case of an individual; or
b: $200,000 in any other case. Privacy Act 2020
274: Subpart does not limit Privacy Act 2020
Nothing in this subpart limits the Privacy Act 2020
2: Provisions relating to infringement offences
275: Proceedings for infringement offences
1: A person who is alleged to have committed an infringement offence may—
a: be proceeded against by the filing of a charging document under section 14
b: be issued with an infringement notice under section 276
2: Proceedings commenced in the way described in subsection (1)﻿(a) do not require the leave of a District Court Judge or Registrar under section 21(1)﻿(a)
3: See section 21
276: When infringement notice may be issued
The Bank may issue an infringement notice to a person if the Bank believes on reasonable grounds that the person is committing, or has committed, an infringement offence.
277: Revocation of infringement notice before payment made
1: The Bank may revoke an infringement notice before—
a: the infringement fee is paid; or
b: an order for payment of a fine is made or deemed to be made by a court under section 21
2: The Bank must take reasonable steps to ensure that the person to whom the notice was issued is made aware of the revocation of the notice.
3: The revocation of an infringement notice before the infringement fee is paid is not a bar to any further action as described in section 275(1)﻿(a) or (b)
278: What infringement notice must contain
An infringement notice must be in the form prescribed in the regulations and must contain the following particulars:
a: details of the alleged infringement offence that fairly inform a person of the time, place, and nature of the alleged offence:
b: the amount of the infringement fee:
c: the address of the Bank:
d: how the infringement fee may be paid:
e: the time within which the infringement fee must be paid:
f: a summary of the provisions of section 21(10)
g: a statement that the person served with the notice has a right to request a hearing:
h: a statement of what will happen if the person served with the notice neither pays the infringement fee nor requests a hearing:
i: any other matters prescribed in the regulations.
279: How infringement notice may be served
1: An infringement notice may be served on the person who the Bank believes is committing or has committed the infringement offence by—
a: delivering it to the person or, if the person refuses to accept it, bringing it to the person’s notice; or
b: leaving it for the person at the person’s last known place of residence with another person who appears to be of or over the age of 14 years; or
c: leaving it for the person at the person’s place of business or work with another person; or
d: sending it to the person by prepaid post addressed to the person’s last known place of residence or place of business or work; or
e: sending it to an electronic address of the person in any case where the person does not have a known place of residence or business in New Zealand.
2: Unless the contrary is shown,—
a: an infringement notice (or a copy of it) sent by prepaid post to a person under subsection (1) is to be treated as having been served on that person on the fifth working day after the date on which it was posted:
b: an infringement notice sent to a valid electronic address is to be treated as having been served at the time the electronic communication first enters an information system that is outside the control of the Bank.
280: Payment of infringement fees
All infringement fees paid in respect of infringement offences must be paid into a Crown Bank Account.
281: Reminder notices
A reminder notice must be in the form prescribed in the regulations, and must include the same particulars, or substantially the same particulars, as the infringement notice.
3: Information sharing
282: Sharing of information with certain law enforcement or regulatory agencies
1: The Bank may provide to a person or an agency specified in subsection (2) any information that the Bank—
a: holds in relation to the performance or exercise of the Bank’s functions or powers under this Act or any other legislation; and
b: considers may—
i: assist the person or agency to perform or exercise the person’s functions or powers under any legislation; or
ii: assist any department, a chief executive of a department, or a Minister to perform or exercise any of their functions, responsibilities, or powers (whether or not under any legislation); or
iii: assist the agency (or a Minister) to administer any legislation; or
iv: assist an overseas person or agency to perform or exercise the overseas person’s or agency’s functions, responsibilities, or powers (whether or not under foreign law); or
v: assist an overseas person or agency (or an overseas Minister) to administer any foreign law.
2: The persons or agencies are any of the following:
a: a law enforcement or regulatory agency:
b: overseas central banks:
c: Australian financial authorities prescribed under section 68A of the Banking (Prudential Supervision) Act 1989:
d: other overseas bodies that perform functions that correspond with, or are similar to, any of those conferred on the Bank.
3: However, the Bank may provide information to an overseas person or agency under this section only if the Bank is satisfied that appropriate protections are or will be in place for the purpose of maintaining the confidentiality of anything provided (in particular, information that is personal information within the meaning of the Privacy Act 2020
4: The Bank may use any information provided to it by any person or agency referred to in subsection (2) in the Bank's performance or exercise of its functions or powers under this Act or any other legislation.
5: This section applies despite anything to the contrary in any contract, deed, or document.
6: This section does not limit any provision of this Act or any other legislation that allows the Bank to use or disclose information.
283: Conditions that may be imposed on providing information under this subpart
1: The Bank may impose any conditions in relation to providing information under this subpart.
2: The Bank must, in considering what conditions to impose, have regard to whether conditions are necessary or desirable in order to protect the privacy of any individual.
3: The conditions may include, without limitation, conditions relating to—
a: maintaining the confidentiality of anything provided (in particular, information that is personal information within the meaning of the Privacy Act 2020
b: the storing of, the use of, or access to anything provided:
c: the copying, returning, or disposing of copies of documents provided:
d: payment of the costs incurred by the Bank in providing any information under this subpart.
284: Restriction on publication, disclosure, or use
If information is provided to a person or an agency under this subpart, the person or agency may publish, disclose, or use the information only if the publication, disclosure, or use—
a: is authorised by the Bank and is in accordance with any conditions imposed by the Bank; or
b: is for the purposes of, or in connection with, the functions or powers of a person under any legislation.
4: Council of Financial Regulators
285: Council of Financial Regulators
This section continues the Council of Financial Regulators (the council
286: Function of council
The function of the council is to facilitate co-operation and co-ordination between members of the council to support effective and responsive regulation of the financial system in New Zealand.
287: Chairpersons of council
1: The chairpersons of the council are the Bank and the Financial Markets Authority.
2: The Bank and the Financial Markets Authority may agree that one of them is to carry out the chairperson’s functions in relation to a matter or class of matters.
288: Members of council
1: The council consists of—
a: the Bank; and
b: the Financial Markets Authority; and
c: the Treasury; and
d: the department that, with the authority of the Prime Minister, is responsible for the administration of the Financial Markets Conduct Act 2013; and
e: any other department, entity, or agency that joins the council with the agreement of a chairperson of the council.
2: A department, an entity, or an agency referred to in subsection (1)﻿(e) may—
a: resign as a member of the council; or
b: by written notice, be removed for any reason as a member of the council by a chairperson of the council; or
c: be a member of the council for a term specified by a chairperson of the council (subject to paragraphs (a) and (b)).
5: General offences
289: Offences
1: A person commits an offence if the person knowingly—
a: refuses or fails to produce any information that is in the person’s possession or under the person’s control in relation to the management, performance, or operations of the Bank when required to do so under this Act; or
b: resists or obstructs any Minister acting in the discharge of that Minister’s functions or in the exercise of that Minister’s powers under this Act; or
c: resists or obstructs the monitor acting in the discharge of the monitor’s functions or in the exercise of the monitor’s powers under this Act; or
d: represents directly or indirectly that the person holds any authority under this Act knowing that the person does not hold that authority.
2: A person commits an offence if the person makes any statement or declaration, or gives any information or certificate, required by or under this Act knowing it to be false or misleading. 2004 No 115 s 171
290: Penalties for offences
1: Every person who commits an offence against section 289(1)
a: in the case of an individual, to a fine not exceeding $2,000; or
b: in any other case, to a fine not exceeding $5,000.
2: Every person who commits an offence against section 289(2)
a: in the case of an individual, to imprisonment for a term not exceeding 12 months or a fine not exceeding $5,000 (or both); or
b: in any other case, to a fine not exceeding $15,000. 2004 No 115 s 172
6: Regulations
291: General regulations
1: The Governor-General may, by Order in Council, on the recommendation of the Minister, make regulations for all or any of the following purposes:
a: prescribing persons or agencies for the purposes of paragraph (m) of the definition of law enforcement or regulatory agency in section 5(1)
b: prescribing information to be included in infringement notices and reminder notices and the form of notices:
c: providing for any other matters contemplated by this Act, necessary for its administration, or necessary for giving it full effect.
2: The Minister must consult the Bank before making a recommendation under this section.
3: Regulations made under this section are secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act.
292: Regulations relating to fees, charges, and costs
1: The Governor-General may, by Order in Council, on the recommendation of the Minister, make regulations for all or any of the following purposes:
a: requiring the payment to the Bank of fees and charges—
i: in connection with the performance or exercise by the Bank of any function, power, or duty under this Act, the prudential legislation, or any other legislation:
ii: on an application or a request to the Bank to perform or exercise any function, power, or duty under this Act, the prudential legislation, or any other legislation:
b: prescribing the amounts of those fees and charges or the manner in which those fees and charges are to be calculated:
c: authorising the Bank to require payment of any costs incurred by the Bank in connection with any matter referred to in paragraph (a)﻿(i) or (ii).
2: The Minister must consult the Bank before making a recommendation under this section.
3: The regulations may authorise the Bank to refund or waive, in whole or in part and on any conditions as may be prescribed, payment of any fee, charge, or cost payable in relation to any person or class of persons.
4: If the regulations authorise the Bank to grant a refund or waiver to a class of persons,—
a: the instrument granting the refund or waiver is secondary legislation ( see Part 3
b: the regulations must contain a statement to that effect.
5: The Bank may refuse to perform or exercise a function, power, or duty until the prescribed fee, charge, or cost is paid.
6: Any fee, charge, or cost payable to the Bank is recoverable by the Bank in any court of competent jurisdiction as a debt due to the Bank.
7: Regulations made under this section are secondary legislation ( see Part 3 2011 No 5 s 67 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation referred to in subsection (7). Legislation Act 2019 requirements for secondary legislation referred to in subsection (7) Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation referred to in subsection (4)﻿(a). Legislation Act 2019 requirements for secondary legislation referred to in subsection (4)﻿(a) Publication See the relevant publication, presentation, and disallowance table in the secondary legislation referred to in subsection (7) LA19 ss 73 74 cl 14 Presentation The Minister must present it to the House of Representatives, unless a transitional exemption applies under Schedule 1 LA19 s 114 cl 32 Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act.
293: Regulated entities must pay levy to Bank
1: Every person that is included in a prescribed class of regulated entities must pay to the Bank, or a prescribed person on behalf of the Bank, a levy prescribed by the regulations made under section 294
2: If a person is in 2 or more classes of regulated entity in respect of which different levies have been prescribed, the person must pay each of those levies (unless the regulations provide otherwise).
3: The amount of any unpaid levy is recoverable in any court of competent jurisdiction as a debt due to the Bank. 2011 No 5 s 68(1), (2), (7), (9)
294: Levy regulations
1: The Governor-General may, by Order in Council, on the recommendation of the Minister, make regulations providing for the levies.
2: Before making a recommendation under this section, the Minister must—
a: consult the Bank; and
b: comply with section 296
3: Levies must be prescribed on the basis that the following costs should be met fully out of the levies:
a: a portion of the costs of the Bank in performing or exercising its functions or powers under prudential legislation, where the size of the portion to be met by levies under this Act is determined by the Minister; and
b: the costs of collecting the levy money.
4: The regulations may—
a: specify the class or classes of regulated entities that are required to pay a levy:
b: specify the amount of levies, or the method of calculating or ascertaining the amount of levies:
c: include in levies, or provide for the inclusion in levies of, any shortfall in recovering the actual costs:
d: refund, or provide for refunds of, any over-recovery of the actual costs:
e: provide for the payment and collection of levies:
f: provide different levies for different classes of regulated entities:
g: specify the financial year or part financial year to which a levy applies, and apply that levy to that financial year or part financial year and each subsequent financial year until the levy is revoked or replaced:
h: require payment of a levy for a financial year or part financial year, irrespective of the fact that the regulations may be made after that financial year has commenced:
i: provide for waivers or refunds of the whole or any part of a levy for any case or class of cases.
5: Regulations made under this section are secondary legislation ( see Part 3 2011 No 5 s 68(3), (4), (6) The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act.
295: Other provisions relating to levy regulations
1: Levies may be prescribed on the basis that any actual cost that could have been, but has not been, recovered as a levy shortfall for a year may be recovered (along with any financing charge) over any period of up to 5 years.
2: A levy for a financial year that starts after the Bank begins to carry out any additional function under any prudential legislation may recover the costs of performing that additional function, irrespective of the fact that the regulations may be made and come into effect after the start of the financial year.
3: The Bank, or any other person prescribed for the purposes of this subsection, must ensure that each levy payment is separately accounted for. 2011 No 5 s 68(5), (8), (10)
296: Consultation about proposed levy regulations
1: The Minister must, before making a recommendation under section 294
a: the persons or organisations that the Minister considers are able to represent the views of those regulated entities that are liable to pay a levy under section 293
b: any other representatives of persons who the Minister believes are significantly affected by a levy.
2: The consultation must include consultation relating to—
a: the portion of the costs referred to in section 294(3)﻿(a)
b: the amount of levies or method of calculating or ascertaining the amount of levies.
3: The Bank may carry out the consultation on the Minister’s behalf if the Minister and the Bank agree to the Bank acting under this subsection.
4: A failure to comply with this section does not affect the validity of any regulations made under section 294 2011 No 5 s 69
7: Amendments to other legislation
297: Title of Reserve Bank of New Zealand Act 1989 changed
Section 298 Reserve Bank of New Zealand Act 1989 OIC LI 2022/145 2022-07-01 Reserve Bank of New Zealand Act 1989 Remaining provisions brought into force
298: Section 1 amended (Short Title and commencement)
1: In the heading to section 1 Short
2: In section 1(1) may be cited as the Reserve Bank of New Zealand is the Banking (Prudential Supervision)
299: Other amendments to Reserve Bank of New Zealand Act 1989
1: Amend the Reserve Bank of New Zealand Act 1989 Part 1
2: Repeal the provisions of the Reserve Bank of New Zealand Act 1989 Part 2 OIC LI 2022/145 2022-07-01 Reserve Bank of New Zealand Act 1989 Remaining provisions brought into force
300: Other legislation amended
1: Amend the Acts specified in Part 3
2: Amend the secondary legislation specified in Part 4 2022-07-01 Anti-Money Laundering and Countering Financing of Terrorism Act 2009 Biosecurity Act 1993 Burial and Cremation Act 1964 Chartered Professional Engineers of New Zealand Act 2002 Child Support Act 1991 Community Trusts Act 1999 Companies Act 1993 Compensation for Live Organ Donors Act 2016 Construction Contracts Act 2002 Corporations (Investigation and Management) Act 1989 Crown Entities Act 2004 Customs and Excise Act 2018 Electoral Act 1993 Evidence Act 2006 Financial Markets Authority Act 2011 Financial Markets Conduct Act 2013 Financial Market Infrastructures Act 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Fisheries Act 1996 Gambling Act 2003 Income Tax Act 2007 Infrastructure Funding and Financing Act 2020 Insolvency Act 2006 Insolvency (Cross-border) Act 2006 Insurance Intermediaries Act 1994 Insurance (Prudential Supervision) Act 2010 International Finance Agreements Act 1961 KiwiSaver Act 2006 Lawyers and Conveyancers Act 2006 Legal Services Act 2011 Legislation Act 2019 Limitation Act 2010 Māori Television Service (Te Aratuku Whakaata Irirangi Māori) Act 2003 Masterton Trust Lands Act 2003 Non-bank Deposit Takers Act 2013 Ombudsmen Act 1975 Overseas Investment Act 2005 Personal Property Securities Act 1999 Pork Industry Board Act 1997 Primary Products Marketing Act 1953 Prisoners’ and Victims’ Claims Act 2005 Property Law Act 2007 Public and Community Housing Management Act 1992 Public Audit Act 2001 Public Finance Act 1989 Receiverships Act 1993 Registered Architects Act 2005 Remuneration Authority Act 1977 Search and Surveillance Act 2012 Social Security Act 2018 State-Owned Enterprises Act 1986 Summary Proceedings Act 1957 Tax Administration Act 1994 Wages Protection Act 1983 Or at an earlier date by OIC (see s 2(2) and (3)). 2022-07-01 Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2018 Commodity Levies (Meat) Order 2015 Companies Act 1993 Liquidation Regulations 1994 Credit Contracts and Consumer Finance Regulations 2004 Customs Import Prohibition (Coins and Bank Notes) Order 2019 Deer Industry New Zealand Regulations 2004 Electronic Identity Verification Regulations 2013 Financial Markets Authority (Levies) Regulations 2012 Financial Markets Conduct Regulations 2014 Insolvency (Personal Insolvency) Regulations 2007 Lawyers and Conveyancers Act (Trust Account) Regulations 2008 Non-bank Deposit Takers (Declared-out Entities) Regulations 2015 Reserve Bank of New Zealand (Australian Financial Authorities) Regulations 2006 Reserve Bank of New Zealand (Designated Settlement System—NZClear) Order 2012 Reserve Bank of New Zealand (Designated Settlement Systems) Order 2004 Reserve Bank of New Zealand (Registration and Supervision of Banks) Regulations 2008 Social Security Regulations 2018 Or at an earlier date by OIC (see s 2(2) and (3)).