Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018

1: Title
This Act is the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018.
2: Commencement
1: Sections 5(1) 6 36 Schedule 2
2: The rest of this Act comes into force on the earlier of the following dates:
a: a date appointed by the Governor-General by Order in Council:
b: 1 April 2019.
3: Principal Act
This Act amends the Reserve Bank of New Zealand Act 1989 principal Act 2018-12-21 Reserve Bank of New Zealand Act 1989 Sections 5(1), 6, and 36 and Schedule 2 come into force on the day after the date of Royal assent. 2019-04-01 Reserve Bank of New Zealand Act 1989 All other provisions. May be brought into force earlier by OIC (see section 2(2)﻿(a)).
1: Main amendments
4: Section 1A amended (Purpose)
Replace section 1A(1)
1: The purpose of this Act is to promote the prosperity and well-being of New Zealanders, and contribute to a sustainable and productive economy, by providing for the Reserve Bank of New Zealand, as the central bank, to be responsible for—
a: formulating and implementing monetary policy directed to the economic objectives set out in subsection (1A), while recognising the Crown’s right to determine economic policy; and
b: promoting the maintenance of a sound and efficient financial system; and
c: issuing bank notes and coins in New Zealand to meet the needs of the public; and
d: carrying out other functions, and exercising powers, specified in this Act.
1A: The economic objectives are—
a: achieving and maintaining stability in the general level of prices over the medium term; and
b: supporting maximum sustainable employment.
5: Section 2 amended (Interpretation)
1: In section 2(1) charter see section 63F clauses 5 to 7 of Schedule 1 code of conduct see section 63J clause 8 of Schedule 1 MPC monetary policy committee section 63A remit see sections 10 and 13, clauses 2 to 4 of Schedule 1, and clause 6 of Schedule 2 remit advice clause 2 of Schedule 2
2: In section 2(1) economic objective section 8(1) section 12 formulating section 8(3)
3: In section 2(1) Deputy Chief Executive Deputy Governor Deputy Governor section 43 or 48B
4: In section 2(1) Governor Governor 48
6: New section 3A inserted (Transitional, savings, and related provisions)
After section 3
3A: Transitional, savings, and related provisions
The transitional, savings, and related provisions set out in Schedule 1
7: Section 5 amended (Reserve Bank of New Zealand)
In section 5(2) and a common seal
8: Sections 8 to 15 replaced
Replace sections 8 to 15
8: 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 MPC must, in acting under this section, have regard to—
a: the efficiency and soundness of the financial system; and
b: any matter provided for in a remit under section 10(3)﻿(d)
3: The function of formulating
9: Function to implement monetary policy
The Bank has the function of implementing monetary policy in accordance with this Act.
10: Remit for MPC
1: The Minister must, after having regard to remit advice, issue a remit for the MPC (the remit
2: The remit must set out operational objectives for carrying out the function of formulating monetary policy.
3: The 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.
4: A matter under subsection (3)
5: The Minister must take all reasonable steps to ensure that a remit is in force at all times (whether the remit is issued by the Minister under this section or clause 3 of Schedule 1 section 12, clause 4 of Schedule 1, or clause 6 of Schedule 2
11: Other matters relating to remit
Part 1 of Schedule 2
12: 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 8
b: 1 or more new objectives in addition to or instead of either or both of the economic objectives specified in section 8
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 8
13: Order must include replacement remit
1: The order under section 12 section 14
2: Section 10(2) to (4)
14: Effect of order on current remit
1: The application of the current remit is suspended while the order under section 12
2: The following applies when the order is revoked:
a: if the term of the current remit has not expired, that remit again comes into force (but may be replaced under clause 6 of Schedule 2
b: if the term of the current remit has expired, a new remit must be issued to come into effect immediately after the revocation of the order (whether under section 10 or clause 6 of Schedule 2
3: In this section, current remit section 12
15: 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 12
2: An extension may only be made before the end of the period to be extended.
15A: Revocation of order
1: An order under section 12
2: If the order is not revoked under subsection (1), the order is revoked on the close of the last day of the period specified in the order or of any extension of that period under section 15
15B: Functions under sections 8 and 9 not affected
1: Nothing in this Act or in any other Act limits or affects the obligation of the MPC or the Bank to carry out the functions under sections 8 and 9 section 12
2: This section applies except as provided in sections 12 to 15A
15C: 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 Governor must ensure that the report is approved by the MPC before it is delivered to the Minister.
3: Every report under this section must—
a: specify the approach by which the MPC intends to achieve the operational objectives:
b: state the MPC’s reasons for adopting that approach:
c: contain all other information required by the charter (if any).
4: Every report under this section stands referred, by virtue of this section, to the House of Representatives.
15D: 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 Governor must consult the MPC on a draft of the report under this section and the Governor must consider the comments (if any) of the MPC on the draft.
4: The report under this section must contain the information required by the charter (if any).
5: Every report under this section stands referred, by virtue of this section, to the House of Representatives.
9: Section 19 replaced (Effect of directions on policy targets)
Replace section 19
19: Effect of directions on operational objectives
1: This section applies if the Governor considers that giving effect to a direction under section 17 or 18 (while not being inconsistent with the economic objectives of monetary policy) would be inconsistent with 1 or more operational objectives set out in a remit.
2: The Governor 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 Governor may only give a notice with the approval of the MPC.
4: If a notice is given,—
a: the MPC and the Bank are not required to give effect to the existing operational objectives:
b: the Minister must, within 1 month after the notice is given,—
i: make a recommendation under clause 6 of Schedule 2
ii: give advice under section 12
5: Subsection (4) does not apply if the Minister withdraws the direction.
10: Section 20 replaced (Effect of directions on monetary policy)
Replace section 20
20: Effect of directions on monetary policy
1: If the Governor considers that giving effect to a direction under section 17 or 18 would be inconsistent with the economic objectives of monetary policy, the Governor may, by notice in writing, advise the Minister that the MPC and the Bank do not propose to give effect to the direction.
2: The Governor may only give a notice with the approval of the MPC.
3: If a notice is given, the MPC and the Bank are not required to comply with the direction unless an Order in Council is made under section 12
11: Section 41 amended (Duties of Governor)
1: After section 41(1)
1A: The office of Governor includes performing and exercising functions, powers, and duties as the chairperson and a member of the MPC ( see clause 28 of Schedule 2
2: In section 41(2) the Board or the MPC
12: Section 42 amended (Conditions of employment of Governor)
1: In the heading to section 42 employment appointment
2: Replace section 42(1)
1: The Governor must be appointed under section 40 for a term of 5 years and may be reappointed under that section for 1 further term of up to 5 years.
3: After section 42(1)
1A: See section 48(1)
1B: If a person ( A section 48 section 48
4: In section 42(2) employment appointment
5: In section 42(3) the agreement appointment
13: Sections 43 to 45 replaced
Replace sections 43 to 45
43: Deputy Governor
1: There is a Deputy Governor of the Bank who must be appointed by the Minister on the recommendation of the Board.
2: The Board must consult the Governor before making its recommendation.
3: The Deputy Governor must perform the duties and functions that are determined by the Governor (to the extent that those duties and functions are consistent with the conditions of appointment determined by the Board).
44: Term of appointment and conditions of appointment of Deputy Governor
1: The Deputy Governor must be appointed under section 43
2: See section 48B(1)
3: The conditions of appointment of the Deputy Governor must be determined by the Board after consulting the Minister.
4: The conditions must specify the grounds on which the Board may recommend that the Deputy Governor be removed from office under section 50(2)﻿(b)
45: Extension of term of Governor or Deputy Governor
1: The Minister may extend—
a: the Governor’s term of appointment by up to 6 months by written notice to the Governor (with a copy to the Board):
b: the Deputy Governor’s term of appointment by up to 6 months by written notice to the Deputy Governor (with a copy to the Governor and the Board).
2: If the Governor’s or Deputy 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 or Deputy 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 40 or a Deputy Governor appointed under section 43
45A: Validity of appointments
The appointment of a person as the Governor under section 40 or 48 section 43 or 48B
14: Section 46 amended (Disqualification of Governor and Deputy Governor)
1: In section 46(1) , Deputy Governor, or a Deputy Governor, or Deputy Governor
2: In section 46(1)﻿(b) an employee a director or
3: Replace section 46(1)﻿(e)
e: is an undischarged bankrupt; or
4: After section 46(1)﻿(j)
k: is subject to a property order under the Protection of Personal and Property Rights Act 1988.
5: After section 46(1)
1A: No person may be appointed or reappointed, or continue to hold office, as Deputy Governor, if that person is a member of the Board (except where the Deputy Governor is acting as the Governor).
6: In section 46(2) , the Deputy Governor, or a Deputy Governor, as the case may be, or Deputy Governor
7: After section 46(2)
3: If the Governor or Deputy Governor becomes aware that he or she is likely to become disqualified, he or she must disclose that fact to the Board and the Minister as soon as practicable.
15: Section 47 amended (Incapacity of Governor and Deputy Chief Executive)
1: In the heading to section 47 Deputy Chief Executive Deputy Governor
2: In section 47(1) and (4) or the Non-bank Deposit Takers Act 2013 , the Insurance (Prudential Supervision) Act 2010,
3: In section 47(1), (2), and (5)﻿(a) Deputy Chief Executive Deputy Governor
16: Section 48 replaced (Vacancy in office of Governor)
Replace section 48
48: Vacancy in office of Governor
1: If the office of Governor becomes vacant, the Minister must, on the recommendation of the Board, appoint any of the following as Governor for a period not exceeding 6 months:
a: a director of the Bank:
b: an officer of the Bank:
c: any other person.
2: The circumstances in which the office becomes vacant include where 1 or more persons have been acting as Governor under section 47 for a total consecutive period of 3 months (unless the Minister gives a notice to the Bank that this subsection does not apply in the particular circumstances).
3: A Governor who has vacated office (for example, at the end of the Governor’s term) may not be appointed under subsection (1).
4: If a Deputy Governor ( D
a: is suspended during the period in which D is the Governor; and
b: is resumed at the end of that period (unless D is appointed as Governor under section 40); and
c: ends when that term would otherwise have ended under this Act.
48A: Deputy Governor may act pending appointment
1: Pending the appointment of a person as Governor under section 48
2: The Deputy Governor, so long as that person acts as Governor under this section,—
a: has all the duties, responsibilities, and functions of the Governor under this Act and may exercise all the powers of the Governor under this Act; and
b: must be treated as being a director of the Bank.
48B: Vacancy in office of Deputy Governor
1: If the office of Deputy Governor becomes vacant, the Minister must, on the recommendation of the Board, appoint any person (other than a director of the Bank) as Deputy Governor for a period not exceeding 6 months.
2: The Deputy Governor who has vacated office (for example, at the end of the Deputy Governor’s term) may not be appointed under subsection (1).
17: Section 49 amended (Removal of Governor from office)
1: In section 49(2)﻿(a) functions (other than functions performed by the MPC)
2: After section 49(2)﻿(b)
ba: that any of the matters set out in clause 19(2)﻿(a) to (e) of Schedule 2
3: Replace section 49(2)﻿(c)
c: that the Governor has obstructed, hindered, or prevented the Board or the MPC from discharging responsibilities under this Act (for example, by failing to give the Board or the MPC information that is necessary to discharge those responsibilities); or
4: Repeal section 49(2)﻿(d) to (f)
5: In section 49(2)﻿(h) , except as provided in his or her conditions of employment,
6: In section 49(2)﻿(h)﻿(iii) and (iv) an interest an ownership interest
7: Replace section 49(2)﻿(i)
i: that the Governor is unable to carry out the responsibilities of office, or has been guilty of serious neglect of duty, or has been guilty of misconduct.
8: In section 49(3) 53(3) or (5)
18: Section 50 amended (Removal of Deputy Governor from office by Order in Council)
1: In section 50(1) or a Deputy Governor
2: In section 50(2) the Deputy Governor
3: Replace section 50(2)﻿(b)
a: the Deputy Governor has not adequately discharged the responsibilities of office; or
b: the Board has recommended the removal on 1 or more of the grounds specified in the Deputy Governor’s conditions of appointment under section 44(4)
4: Replace section 50(2)﻿(c)
c: the Deputy Governor has obstructed, hindered, or prevented the Governor, the MPC, or the Board from discharging responsibilities under this Act; or
5: After section 50(2)﻿(c)
ca: any of the matters set out in clause 19(2)﻿(a) to (e) of Schedule 2
6: In section 50(2)﻿(d) except as provided in his or her conditions of employment, the Deputy Governor
7: In section 50(2)﻿(d)﻿(iii) and (iv) an interest an ownership interest
8: After section 50(2)﻿(d)
e: the Deputy Governor is unable to carry out the responsibilities of office, or has been guilty of serious neglect of duty, or has been guilty of misconduct.
9: Replace section 50(3)
3: The Minister may tender advice under this section whether or not the Board has made a recommendation under section 53(4) or (5)
19: Section 51 amended (Delegation)
1: In section 51(1) and (3) Deputy Chief Executive Deputy Governor
2: Replace section 51(2)
2: The Governor may, at any time, delegate any of the Governor’s functions and powers to any other officer of the Bank.
3: In section 51(4) A Deputy Governor who is not the Deputy Chief Executive and any Any other
20: Section 53 amended (Duties of Board)
1: Replace section 53(1)﻿(a)﻿(i)
i: its functions under sections 8 and 9 section 12
2: Replace section 53(1)﻿(c) and (d)
c: keep under constant review the performance of the Deputy Governor in discharging the responsibilities of that office:
d: keep under constant review the performance of the MPC, and each member of the MPC, in discharging responsibilities under this Act:
3: In section 53(3)﻿(a) functions (other than functions performed by the MPC)
4: Replace section 53(3)﻿(c) and (d)
c: that the Governor has obstructed, hindered, or prevented the Board or the MPC from discharging responsibilities under this Act (for example, by failing to give the Board or the MPC information that is necessary to discharge those responsibilities); or
5: In section 53(3)﻿(f) , except as provided in his or her conditions of employment
6: In section 53(3)﻿(f)﻿(iii) and (iv) an interest an ownership interest
7: After section 53(3)
4: The Board must advise the Minister in writing and may recommend to the Minister that the Deputy Governor be removed from office if the Board is satisfied—
a: that the Deputy Governor has not adequately discharged the responsibilities of that office; or
b: that 1 or more of the grounds specified in the Deputy Governor’s conditions of appointment under section 44(4)
c: that the Deputy Governor has obstructed, hindered, or prevented the Governor, the MPC, or the Board from discharging responsibilities under this Act; or
d: that the Deputy Governor has, while holding office as Deputy Governor,—
i: held any other office of profit; or
ii: engaged in any other occupation for reward; or
iii: had an ownership interest in a registered bank or a licensed NBDT as defined in the Non-bank Deposit Takers Act 2013 or a licensed insurer; or
iv: had an ownership interest in a bank carrying on business outside New Zealand; or
e: that the Deputy Governor is unable to carry out the responsibilities of office, or has been guilty of serious neglect of duty, or has been guilty of misconduct.
5: The Board must advise the Minister in writing, and may recommend that the Governor, Deputy Governor, or any other member of the MPC be removed from  office,  if  the  Board  is  satisfied  of  any  matter  referred  to  in clause 19(2)﻿(a) to (e) of Schedule 2
6: The Board may act under subsections (3) to (5)
a: the principles of natural justice; and
b: a proper consideration of the matter.
21: Section 53A amended (Board must prepare annual report)
After section 53A(1)
1A: The report must—
a: include a statement as to whether, in the Board’s opinion, the MPC, the Governor, the Deputy Governor, and the other members of the MPC have adequately discharged their respective responsibilities during the financial year; and
b: describe how the Board has assessed the matter under paragraph (a)
1B: The statement must address (without limitation) whether, in the Board’s opinion, the MPC has formulated monetary policy consistent with the operational objectives set out in a remit over the financial year.
22: New sections 53B and 53C inserted
After section 53A
53B: Board must supply reports or other information to Minister
1: The Board must supply to the Minister any reports or other information relating to the performance of its duties that the Minister requests.
2: The reports or information must be supplied at the time and in the manner reasonably required by the Minister.
53C: Bank must supply reports or information to Board
1: The Bank must supply to the Board any reports or other information requested by the Board that is reasonably necessary to facilitate the performance of the Board’s duties.
2: The reports or information must be supplied at the time and in the manner reasonably required by the Board.
23: Section 54 amended (Membership of Board)
In section 54(5) 48 48A
24: Section 58 amended (Disqualification of non-executive directors)
1: In section 58 No person shall be appointed, or reappointed, to the office of non-executive director of the Bank, or hold that office, if that person— No person may be appointed or reappointed, or continue to hold, the office of non-executive director of the Bank if that person—
2: In section 58(b) an employee a director or
3: Replace section 58(c)
c: is a member of the MPC; or
ca: is subject to a property order under the Protection of Personal and Property Rights Act 1988; or
cb: is an undischarged bankrupt; or
25: Section 59 amended (Removal from office of non-executive directors)
Replace section 59(2)﻿(c)
c: has obstructed, hindered, or prevented—
i: the Governor from discharging the responsibilities of the Governor under this Act; or
ii: the MPC from discharging the responsibilities of the MPC under this Act.
26: Section 59A replaced (Chairperson of Board)
Replace section 59A
59A: Chairperson and deputy chairperson of Board
1: The Minister must appoint—
a: a non-executive director of the Bank to be chairperson of the Board; and
b: another non-executive director of the Bank to be deputy chairperson of the Board.
2: A chairperson or deputy chairperson holds that office for a term determined by the Minister unless that person—
a: resigns from that office; or
b: is removed from that office, at any time, by the Minister; or
c: ceases to be a non-executive director.
3: A chairperson or deputy chairperson whose term of office has expired—
a: is eligible for reappointment so long as that person continues to be a non-executive director; and
b: continues to hold that office until a successor is appointed.
4: A vacancy in the office of chairperson or deputy chairperson must be filled as soon as practicable in the manner set out in subsection (1)
27: Section 60 amended (Meetings of Board)
Replace section 60(5)
5: If a vote is tied, the following has a casting vote:
a: the chairperson:
b: the deputy chairperson or other director presiding at the meeting in accordance with section 60C.
28: Section 60C amended (Who presides at meetings of Board)
Replace section 60C(2) and (3)
2: The deputy chairperson must be the chairperson for the meeting if—
a: the chairperson is not present; or
b: there is no chairperson; or
c: the chairperson is present, but is unwilling or unable to preside.
3: Despite subsection (2), another non-executive director appointed by the other non-executive directors must be the chairperson for the meeting instead of the deputy chairperson if—
a: the deputy chairperson is not present; or
b: there is no deputy chairperson; or
c: the deputy chairperson is present, but is unwilling or unable to preside.
4: The deputy chairperson or that non-executive director has and may exercise and perform all the powers, duties, and functions of the chairperson for the purposes of that meeting.
29: New sections 63A to 63N and cross-headings inserted
After section 63 Monetary policy committee
63A: Establishment of monetary policy committee
1: The monetary policy committee ( MPC
2: The MPC is a committee of the Bank.
63B: 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.
63C: Membership of MPC
1: The MPC must have not fewer than 5 members and not more than 7 members.
2: The members must comprise—
a: the Governor:
b: the Deputy Governor:
c: 1 or 2 persons who are employees or officers of the Bank (the internal members
d: 2 or 3 persons who are not employees or officers of the Bank (the external members
3: The internal members, together with the Governor and the Deputy Governor, must be a majority of the membership of the MPC (subject to any vacancies in the membership).
63D: Charter
1: A charter must be in force under this Act ( see clauses 5 to 7 of Schedule 1 and section 63F
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.
63E: Content of charter
1: The charter must include the following:
a: requirements for summary records of the MPC’s meetings under clause 46 of Schedule 2
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, powers, or duties.
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 63D
3: The charter must not be inconsistent with anything in this Act.
63F: 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 remit is to be issued by the Minister.
3: If a report is provided under section 63G
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.
63G: Consultation about replacement charter
1: This section applies if the Bank is required to act under clauses 2 and 3 of Schedule 2
2: The Bank must, before remit advice is given under clause 2 of Schedule 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 Governor must, when the remit advice is given under clause 2 of Schedule 2
4: The Bank must, as soon as practicable after the remit is issued, publish a copy of the report on an Internet site maintained by, or on behalf of, the Bank.
63H: Publication of charter
The charter must be published on an Internet site maintained by, or on behalf of, the Bank.
63I: Status of charter
1: A charter issued under section 63F clause 6 of Schedule 1
2: However, an Order in Council under clause 7 of Schedule 1
63J: 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 63K
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.
63K: 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 is 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.
63L: Publication and status of code
1: The code of conduct must be published on an Internet site maintained by, or on behalf of, the Bank.
2: The code is neither a legislative instrument nor a disallowable instrument for the purposes of the Legislation Act 2012 and does not have to be presented to the House of Representatives under section 41 of that Act.
63M: Other matters
The provisions set out in Part 2 of Schedule 2 Appointment procedure
63N: Appointment procedure
1: This section applies to the appointment of any of the following:
a: the Governor:
b: the Deputy Governor:
c: an internal or external member of the MPC.
2: The appointment of the person must be made by written notice to the appointee (with a copy to the Board and, except in the case of subsection (1)﻿(a)
3: 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; and
c: the conditions of appointment.
4: 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.
30: Section 159 amended (Funding agreements)
In section 159(1)﻿(a) (except sections 16, 32, 34, and 35) (except section 16)
31: Section 162B amended (Content of statement of intent)
1: In section 162B(1)﻿(d) Bank (whether acting itself or through the MPC)
2: In section 162B(2) Deputy Chief Executive Deputy Governor
32: Section 163 amended (Annual reports and accounts)
In section 163(2)﻿(d) any policy statements published under section 15 any reports published under section 15C or 15D
33: Section 165 amended (Management statements)
In section 165(1) Deputy Chief Executive Deputy Governor
34: Section 178 amended (Evidence)
Replace section 178(1)
1: A copy of a decision of the Bank or the MPC certified by the Governor to be correct is, in the absence of proof to the contrary, sufficient evidence of the decision in any proceeding.
2: Repeals and schedules
35: Repeals
The provisions set out in Schedule 1
36: Schedule 1 replaced
Replace Schedule 1 Schedule 2
37: Schedule 2 replaced
Replace Schedule 2 Schedule 3