Source: http://www.legislation.govt.nz/act/public/2019/0046/latest/whole.html
Timestamp: 2019-09-15 16:05:48
Document Index: 558646927

Matched Legal Cases: ['art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art)\n35', 'art 7', 'art 7', 'art 6', 'art 7', 'art\n448', 'art\n44', 'art 6', 'art 6', 'art 1', 'art 1', 'art 2', 'art 7', 'art 3', 'art 8', 'art 3', 'art 8', 'art 8', 'art 3', 'art 8', 'art 6', 'art 2', 'art 1', 'art 1', 'art 2', 'art 1', 'art 4', 'art 1', 'art 5', 'art 1', 'art 6', 'art 1', 'art 2']

Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019 No 46, Public Act – New Zealand Legislation
Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019
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2019 No 46
Amendments relating to derivative margins
Subpart 1—Amendments to Reserve Bank of New Zealand Act 1989
4 Section 122 amended (Moratorium)
5 New sections 122A to 122E inserted
122B Matters relating to possession or control of collateral
122C Bank may reduce or extend stay on exercise of rights to enforce security interest over collateral
122D Matters Bank must be satisfied of under section 122C(3)﻿(b)
122E Publication and status of notice under section 122C
6 Section 134 amended (Sale of property or assets subject to a security)
7 Section 173 amended (Regulations)
Subpart 2—Amendments to Companies Act 1993
10 New section 239ABMA inserted (Enforcement of security interest over collateral for qualifying derivative)
12 Consequential amendment to Insolvency Practitioners Regulation (Amendments) Act 2019
13 Schedule 7 amended
Subpart 3—Amendments to Corporations (Investigation and Management) Act 1989
15 New section 2A inserted (Transitional, savings, and related provisions)
16 Section 42 amended (Moratorium)
17 Section 51 amended (Sale of property or assets subject to a security)
Subpart 4—Amendments to Personal Property Securities Act 1999
20 New section 21A inserted (Transitional, savings, and related provisions)
21A Transitional, savings, and related provisions
21 New section 103B and cross-heading inserted
Subpart 5—Amendments to Property Law Act 2007
24 New section 6A inserted (Transitional, savings, and related provisions)
25 Section 153 amended (Preferential claims)
Subpart 6—Amendments to Receiverships Act 1993
28 New section 3A inserted (Transitional, savings, and related provisions)
29 Section 30 amended (Preferential claims)
30 New Schedule 1AA inserted
31 Consequential amendments to Insolvency Practitioners Regulation (Amendments) Act 2019
Amendments relating to financial benchmarks
33 Section 6 amended (Interpretation)
34 Section 18 amended (Interpretation in this Part)
35 Section 351 amended (Regulations modifying this Part or Part 7 for licensed markets)
36 Section 386 amended (Overview)
37 Section 390 amended (When providers of other market services may be licensed)
38 Section 393 amended (Principles guiding the exercise of FMA powers)
39 Section 396 amended (When licence must be issued)
40 Section 403 amended (When FMA may impose permitted conditions)
41 Section 410 amended (Meaning of material change of circumstances)
42 Section 414 amended (FMA’s powers in case of contravention of market services licensee obligation, material change, etc)
43 New subpart 7A of Part 6 inserted
Subpart 7A—Additional regulation of licences relating to financial benchmarks
448A Application of subpart
448B Additional purposes for licences relating to financial benchmarks
448C FMA’s powers to direct contributor to provide information or data
448D FMA’s powers to direct administration of financial benchmark
448E Duration of direction
448F FMA must follow steps for giving direction
448G FMA may give interim direction pending exercise of power
448H FMA must give notice after giving interim direction
448I General provisions on FMA’s directions
448J Protection for persons in respect of provision of material, information, or data under this subpart
44 Section 449 amended (Part 6 services provisions)
45 Section 451 amended (Meaning of FMC reporting entity)
46 Section 452 amended (Company that issues equity securities not FMC reporting entity if fewer than 50 shareholders)
47 Section 532 amended (Appeals against other decisions of FMA on questions of law only)
48 Section 546 amended (Regulations for purposes of Part 6 (market services))
49 Section 548 amended (Other regulations)
50 Section 550 amended (Procedural requirements for regulations relating to exemptions, exclusions, and definitions)
Transitional, savings, and related provisions for amendments to Reserve Bank of New Zealand Act 1989
Schedule of Corporations (Investigation and Management) Act 1989 replaced
Transitional, savings, and related provisions for amendments to Personal Property Securities Act 1999
Transitional, savings, and related provisions for amendments to Property Law Act 2007
Transitional, savings, and related provisions for amendments to Receiverships Act 1993
This Act is the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019.
Part 1 comes into force on the day after the date of Royal assent.
One or more orders may be made under subsection (2) bringing different provisions into force on different dates.
Any provision that has not earlier been brought into force comes into force on the expiry of the 12-month period that starts on the date of Royal assent.
Part 1 Amendments relating to derivative margins
This subpart amends the Reserve Bank of New Zealand Act 1989 (the principal Act).
another person (who is not the grantor) on behalf of the enforcing counterparty, under the terms of an arrangement evidenced in writing; and
the rights are exercised after the specified time.
See sections 122A to 122E for definitions and other matters relating to subsection (9A).
For the purposes of sections 122(9A), 122B, 122C, 122D, and 122E,—
possession includes possession within the meaning of section 18 of the Personal Property Securities Act 1999 (subject to section 122B and regulations made under section 173(1)﻿(fc) and (fd))
an earlier or a later time specified by the Bank in a notice issued under section 122C.
For the purposes of section 122(9A)﻿(b),—
The fact that a grantor retains a right of 1 or more of the following kinds does not by itself stop section 122(9A)﻿(b) from being satisfied:
This section and section 122D apply for the purposes of section 122(9A) in respect of a registered bank that is in statutory management (A).
after the default time if the Bank is satisfied of all of the matters set out in section 122D.
The matters referred to in section 122C(3)﻿(b) are that—
publish any notice issued under section 122C on an Internet site maintained by, or on behalf of, the Bank; and
After section 134(6)﻿(c), insert:
After section 134(7), insert:
For the purposes of subsection (6)﻿(d), the security interest is a security interest over accounts receivable, inventory, or both to the extent that the security interest secures payment or performance of an obligation under or in relation to a qualifying derivative and—
another person (who is not the grantor) on behalf of the enforcing counterparty, under the terms of an arrangement evidenced in writing.
Terms and expressions defined in section 122A and used in subsection (8) have in that subsection the same meanings as in that section.
Section 122B applies with all necessary modifications for the purposes of subsection (8)﻿(b) (and those modifications include treating references to section 122(9A)﻿(b) as references to subsection (8)﻿(b) of this section).
After section 173(fa), insert:
prescribing entities and classes of entities for the purposes of the definition of qualifying counterparty in section 122A:
providing for when collateral must or must not be taken to be in the possession or under the control of a person for the purposes of section 122(9A)﻿(b) or any enactment that applies section 122B (and those matters may be specified with reference to different kinds of collateral or any other circumstances):
providing that section 122B(1)﻿(a)﻿(i), (b), or (c) does not apply to specified kinds of collateral or in any other specified circumstances:
In section 173, insert as subsections (2) to (4):
Regulations under subsection (1)﻿(fb) to (fd) must be made on the recommendation of—
the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is responsible for the administration of the Companies Act 1993.
The Ministers may make a recommendation under subsection (2) only if the Ministers have—
had regard to the matters set out in subsection (4); and
consulted the persons (or representatives of the persons) that the Ministers consider will be substantially affected by the regulations, and those persons have had the opportunity to comment to the Ministers.
The Ministers must have regard to the following under subsection (3)﻿(a):
the purposes of this Act, the Companies Act 1993, the Corporations (Investigation and Management) Act 1989, the Personal Property Securities Act 1999, the Property Law Act 2007, and the Receiverships Act 1993:
the effect of the regulations on—
the maintenance of a sound and efficient financial system; and
the creditors of qualifying counterparties; and
the integrity of statutory management, corporate insolvency, and personal property securities law.
Section 122B of the Reserve Bank of New Zealand Act 1989 applies with all necessary modifications for the purposes of subsection (1)﻿(b), and those modifications include—
treating references to section 122(9A)﻿(b) of that Act as references to subsection (1)﻿(b) of this section; and
This section amends the Insolvency Practitioners Regulation (Amendments) Act 2019.
In Schedule 7, after clause 2(1)﻿(b)﻿(i)﻿(C), insert:
is not a security interest referred to in subclause (3A); and
In Schedule 7, clause 2(2), replace “subclause (1)﻿(b)” with “subclauses (1)﻿(b) and (3A)” .
In Schedule 7, after clause 2(3), insert:
For the purposes of subclause (1)﻿(b)﻿(i)﻿(D), the security interest is a security interest over accounts receivable, inventory, or both to the extent that that security interest secures payment or performance of an obligation under or in relation to a qualifying derivative and—
before enforcement of the interest, the collateral is transferred or otherwise dealt with so as to be in the possession or under the control of—
another person (who is not the company that granted the security interest) on behalf of the enforcing counterparty, under the terms of an arrangement evidenced in writing.
Terms and expressions defined in section 122A of the Reserve Bank of New Zealand Act 1989 and used in subclause (3A) have in that subclause the same meanings as in that section.
Section 122B of the Reserve Bank of New Zealand Act 1989 applies with all necessary modifications for the purposes of subclause (3A)﻿(b) (and those modifications include treating references to section 122(9A)﻿(b) of that Act as references to subclause (3A)﻿(b) of this clause and treating references to the grantor as references to the company that granted the security interest).
This subpart amends the Corporations (Investigation and Management) Act 1989 (the principal Act).
After section 42(9), insert:
After section 51(2)﻿(b)﻿(i)﻿(A), insert:
Replace section 51(2)﻿(b)﻿(ii) with:
After section 51(6)﻿(c), insert:
After section 51(7), insert:
Replace the Schedule with the Schedule 1 set out in Schedule 3 of this Act.
Section 73 is consequentially repealed.
This subpart amends the Personal Property Securities Act 1999 (the principal Act).
Before section 22, insert:
Section 122B of the Reserve Bank of New Zealand Act 1989 applies with all necessary modifications for the purposes of this section (and those modifications include treating references to section 122(9A)﻿(b) of that Act as references to subsection (1)﻿(b) of this section and treating references to the grantor as references to the debtor that granted the security interest).
This subpart amends the Property Law Act 2007 (the principal Act).
After section 153(1)﻿(a)﻿(iii), insert:
is not a security interest referred to in subsection (7); and
Replace section 153(2)﻿(b) with:
secondly, to the payment of amounts secured by—
any perfected purchase money security interest over the accounts receivable or inventory concerned, or any perfected security interest arising from a transfer of accounts receivable for new value over the accounts receivable concerned, to the extent that it has priority over the mortgagee’s mortgage and, in the case of the application of income, so far as payment is then due; or
any security interest referred to in subsection (7) that is over the accounts receivable or inventory concerned:
After section 153(6), insert:
For the purposes of subsections (1)﻿(a)﻿(iv) and (2)﻿(b)﻿(ii), the security interest is a security interest over accounts receivable, inventory, or both to the extent that the security interest secures payment or performance of an obligation under or in relation to a qualifying derivative and—
before enforcement of the security interest, the collateral is transferred or otherwise dealt with so as to be in the possession or under the control of—
another person (who is not the person who granted the security interest) on behalf of the enforcing counterparty, under the terms of an arrangement evidenced in writing.
Terms and expressions defined in section 122A of the Reserve Bank of New Zealand Act 1989 and used in subsection (7) have in that subsection the same meanings as in that section.
Section 122B of the Reserve Bank of New Zealand Act 1989 applies with all necessary modifications for the purposes of subsection (7)﻿(b) (and those modifications include treating references to section 122(9A)﻿(b) of that Act as references to subsection (7)﻿(b) of this section and treating references to the grantor as references to the person who granted the security interest).
Insert the Schedule 1AA set out in Schedule 5 of this Act as the first schedule to appear after the last section of the principal Act.
This subpart amends the Receiverships Act 1993 (the principal Act).
After section 30(1)﻿(c), insert:
is not a security interest referred to in subsection (6).
After section 30(2)﻿(b)﻿(ii), insert:
a security interest referred to in subsection (6) that is over all or any of those assets; and
After section 30(5), insert:
For the purposes of subsections (1)﻿(d) and (2)﻿(b)﻿(iii), the security interest is a security interest over accounts receivable, inventory, or both to the extent that the security interest secures payment or performance of an obligation under or in relation to a qualifying derivative and—
Terms and expressions defined in section 122A of the Reserve Bank of New Zealand Act 1989 and used in subsection (6) have in that subsection the same meanings as in that section.
Section 122B of the Reserve Bank of New Zealand Act 1989 applies with all necessary modifications for the purposes of subsection (6)﻿(b) (and those modifications include treating references to section 122(9A)﻿(b) of that Act as references to subsection (6)﻿(b) of this section and treating references to the grantor as references to the company that granted the security interest).
Insert the Schedule 1AA set out in Schedule 6 of this Act as the first schedule to appear after the last section of the principal Act.
In the heading to section 61, replace “sections 3A and” with “section” .
In section 61, replace “sections are inserted after section 3” with “section is inserted after section 3A” .
In section 61, repeal new section 3A.
Replace section 76 with:
In Schedule 3, repeal the new Schedule 1AA heading.
Part 2 Amendments relating to financial benchmarks
In section 6(1), definition of market service, after paragraph (f), insert:
acting as an administrator of a financial benchmark
administrator of a financial benchmark means a person that controls the generation and operation of a financial benchmark, including administering and applying the rules or procedures by which a financial benchmark is generated
contributor, in relation to a financial benchmark, has the meaning set out in section 448C(4)
financial benchmark has the meaning set out subsections (6) and (7)
After section 6(5), insert:
In this Act, a financial benchmark is a price, estimate, rate, index, or value that is—
referenced or otherwise used for purposes that include 1 or more of the following:
calculating the interest, or other amounts, payable under financial products or other securities:
calculating the price at which a financial product or other security may be traded, redeemed, or dealt in:
calculating the value of a financial product or other security:
measuring the performance of a financial product or other security; and
made available to users (whether or not for a fee); and
generated periodically from 1 or more—
transactions, instruments, currencies, prices, estimates, rates (including an interest rate or exchange rate), indices, values, financial products or other securities; or
other interests or property (whether tangible or intangible).
A financial benchmark does not include any price, estimate, rate, index, or value that is excluded (whether by class or in a particular case) by the regulations.
In section 18, definition of financial product, replace paragraph (b) with:
includes, for the purposes of any provision of this Part or section 464,—
any class or classes of financial product (within the meaning of section 5 of the Financial Advisers Act 2008) declared by the regulations to be a financial product for the purposes of that provision; and
any security of a kind referred to in section 6(6)﻿(c) (being a security that is used to generate a financial benchmark)
In section 351(1)﻿(ab), replace “451(d)” with “451(1)﻿(d)” .
After section 386(1)﻿(g), insert:
subpart 7A provides for additional purposes relating to licences to act as an administrator of a financial benchmark, and additional powers in respect of licensees, authorised bodies, or contributors to financial benchmarks:
Replace section 390(1) with:
In addition, a person may hold a market services licence—
to act as a provider of prescribed intermediary services (for example, a person-to-person lending intermediary or a crowd funding intermediary if prescribed by regulations); or
to act as an administrator of a financial benchmark.
Replace section 393(a) with:
exercising the power must be necessary or desirable in order to promote 1 or more of the following:
either or both of the main purposes specified in section 3:
any of the additional purposes specified in section 4:
in the case of a market services licence to act as an administrator of a financial benchmark, either or both of the additional purposes specified in section 448B; and
After section 396(f), insert:
in the case of an application for a licence to act as an administrator of a financial benchmark, the issue of a licence is necessary or desirable in order to promote either or both of the additional purposes set out in section 448B.
In section 403(2), replace “subsection (3)” with “subsections (3) to (5)” .
After section 403(3), insert:
In the case of a licence to act as an administrator of a financial benchmark, a condition referred to in subsection (1) may also impose conditions to achieve the purposes set out in section 448B (for example, to ensure that the benchmark complies with applicable international requirements).
In section 410(b), replace “(f)” with “(g)” .
In section 414(3)﻿(b), replace “(f)” with “(g)” .
After section 448, insert:
This subpart applies to market services licences to act as an administrator of a financial benchmark.
In relation to market services licences to act as an administrator of a financial benchmark, this Part has the purposes (in addition to those set out in sections 3 and 4) of—
ensuring the accuracy, integrity, and reliability of financial benchmarks, and providing for their continued availability, to support the purposes set out in sections 3 and 4; and
promoting the recognition of New Zealand financial benchmarks in overseas jurisdictions by ensuring that—
those benchmarks comply with applicable international requirements; and
an administrator of a financial benchmark is subject to effective regulation when generating and operating those benchmarks; and
those benchmarks may be referenced or otherwise used in international instruments.
This section does not limit section 3 or 4.
The FMA may exercise a power under subsection (2) if it is satisfied that—
a contributor has ceased or is likely to cease providing or making available information or data relevant to the generation or operation of the financial benchmark specified in a licence; and
it is necessary or desirable in order to promote any of the purposes set out in section 448B.
The FMA may, by written notice and otherwise in the prescribed manner, give a direction to a contributor requiring the contributor to provide information or data to a licensee, an authorised body, or another entity, where the provision of that information or data is necessary or desirable for the generation or operation of the financial benchmark specified in a licence.
A direction may (without limitation) specify either or both of the following:
requirements relating to the manner and form in which the information or data must be provided:
the entity to which the information or data must be provided.
In this subpart, contributor means a person whose activities have previously resulted in information or data being provided or made available to a licensee or an authorised body for the generation or operation of the financial benchmark specified in a licence (regardless of whether the information or data is provided or made available directly or indirectly to the licensee or authorised body).
Subsection (4) applies regardless of where a contributor is resident, is incorporated, or carries on business.
The contributor must comply with the direction (see subpart 3 of Part 8, which provides for civil liability for a contravention of this section).
a licensee or an authorised body has ceased or is likely to cease generating or operating a financial benchmark specified in a licence; and
The FMA may, by written notice and otherwise in the prescribed manner, give a direction to a licensee or an authorised body—
to continue to generate or operate the financial benchmark in a particular way; or
to transfer or cease the generation or operation of the financial benchmark in a particular way.
A direction may (without limitation) specify 1 or more requirements relating to the following:
changes to the rules or procedures by which the financial benchmark is generated:
changes to the documents under which the financial benchmark is generated or operated (for example, any compliance documents required by a condition of the licence):
the orderly transfer of the generation or operation of the financial benchmark to another person:
the orderly cessation of the generation or operation of the financial benchmark:
the provision of material (including information, data, computer software, instructions, methodologies, formulas, or algorithms) to another person, where the provision of that material is necessary or desirable for the generation, operation, or transfer of that financial benchmark.
The licensee or authorised body must—
give the FMA all reasonable assistance to facilitate the continued generation and operation of the financial benchmark (or the orderly cessation of the financial benchmark); and
comply with the direction.
See subpart 3 of Part 8, which provides for civil liability for a contravention of this section.
A direction under section 448C or 448D must specify the period (not exceeding 12 months) during which the contributor, licensee, or authorised body must comply with the direction.
The FMA may, by written notice, extend the period referred to in subsection (1) by a further period of not more than 12 months.
Sections 475 to 477 apply to a direction under section 448C or 448D as if the direction were an order under Part 8.
The FMA may give an interim direction (an interim direction) of the kind referred to in section 448C or 448D that is in force for the period referred to in subsection (2) if—
the FMA is considering, at any time, whether it may exercise a power under section 448C or 448D; and
the FMA considers that making an interim direction is necessary or desirable in the public interest.
An interim direction is in force from the time at which it is given until the close of—
the date that is 15 working days after the day on which it is given; or
a later date specified by the FMA by notice to the person to whom the interim direction relates.
For the purposes of subsection (2)﻿(b),—
the FMA may specify a later date if the FMA is of the opinion that it is not reasonably practicable for it to complete its consideration as referred to in subsection (1)﻿(a) within the 15-working-day period referred to in subsection (2)﻿(a); and
the later date must be a date that is no more than 30 working days after the day on which the interim direction is given.
The FMA—
may act under subsection (1) or (2)﻿(b) without giving the person to whom the interim direction relates an opportunity to make submissions to, or be heard before, the FMA in respect of the matter; but
must, after acting under subsection (1) or (2)﻿(b), give that person or that person’s representative an opportunity to make written submissions and to be heard on the matter.
The person to whom the interim direction relates must comply with the direction (see subpart 3 of Part 8, which provides for civil liability for a contravention of this section).
If the FMA gives an interim direction, the FMA—
must, as soon as is reasonably practicable, give written notice to the person to whom the interim direction relates of—
the terms and conditions of the interim direction; and
the reasons for the interim direction; and
in the case of an interim direction to a contributor, must also give the written notice referred to in paragraph (a) to the relevant licensee in respect of the financial benchmark; and
may also make the direction available on its Internet site; and
may also give notice to any other person of those matters.
The FMA may give a direction under this subpart on the terms and conditions that the FMA thinks fit.
The FMA may vary a direction in the same way as it may give the direction under this subpart.
The FMA may revoke a direction or suspend a direction on the terms and conditions it thinks fit.
No civil or criminal proceedings may be brought against a person by reason of the person having provided material, information, or data in good faith and in accordance with a direction under this subpart.
After section 449(4)﻿(k), insert:
section 448C, 448D, or 448G (directions to a contributor or an administrator of a financial benchmark):
In section 451(b), after “scheme” , insert “or a person referred to in subsection (2)” .
In section 451, insert as subsection (2):
Despite subsection (1)﻿(b), a person who holds a licence under Part 6 is not an FMC reporting entity if—
the licence only covers acting as an administrator of a financial benchmark; and
the person is not a person referred to in subsection (1)﻿(a) or (c) to (k).
In section 452(1), replace “451(a)” with “451(1)﻿(a)” .
After section 532(f), insert:
a decision under section 448C, 448D, or 448G (directions to a contributor or an administrator of a financial benchmark):
in the case of a licence to act as an administrator of a financial benchmark, conditions of a kind described in section 403(5):
After section 548(1)﻿(d)﻿(vii), insert:
excluding (whether by class or in a particular case) a price, estimate, rate, index, or value from being a financial benchmark for the purposes of section 6(7):
In section 548(2), replace “and (v)” with “(v), and (viii)” .
In section 550(2)﻿(f), replace “and (v)” with “(v), and (viii)” .
In Schedule 4, clause 20(2A), replace “451(a)” with “451(1)﻿(a)” .
Amend the enactments specified in Schedule 7 as indicated in that schedule.
Schedule 1 Transitional, savings, and related provisions for amendments to Reserve Bank of New Zealand Act 1989
Part 2 Provision relating to Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019
13 Provision relating to enforcing security interest over collateral for qualifying derivative
The amendments made by subpart 1 of Part 1 of the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019 apply to—
5 Provision relating to enforcing security interest over collateral for qualifying derivative
The amendments made by subpart 2 of Part 1 of the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019 apply to—
Schedule 3 Schedule of Corporations (Investigation and Management) Act 1989 replaced
Schedule 4 Transitional, savings, and related provisions for amendments to Personal Property Securities Act 1999
1 Provision relating to security interest over collateral for qualifying derivative
The amendments made by subpart 4 of Part 1 of the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019 apply to—
Schedule 5 Transitional, savings, and related provisions for amendments to Property Law Act 2007
The amendments made by subpart 5 of Part 1 of the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019 apply to—
Schedule 6 Transitional, savings, and related provisions for amendments to Receiverships Act 1993
The amendments made by subpart 6 of Part 1 of the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019 apply to—
In section 48P(6), definition of financial product, replace paragraph (b) with:
includes, in relation to any provision of sections 9 to 13,—
any class or classes of financial advice product declared by regulations made under section 548(1)﻿(a) of that Act to be a financial product for the purposes of the provision of Part 2 of that Act that corresponds to that provision of this Act; and
any security of a kind referred to in section 6(6)﻿(c) of that Act (being a security that is used to generate a financial benchmark)
Financial Services Legislation Amendment Act 2019 (2019 No 8)
In section 9, replace “paragraph (b)” with “paragraph (b)﻿(i)” .
19 Section 393 amended (Principles guiding the exercise of FMA powers)
After section 393(a)﻿(iii), insert:
in the case of financial advice services, the additional purpose in section 431B; and
In section 26, new section 410(b), replace “396(a) to (f)” with “396(a) to (g)” .
In section 27, new section 414(3)﻿(b), replace “396(a) to (f)” with “396(a) to (g)” .
Repeal section 33(1).
Replace section 33(2) with:
In section 451(2)﻿(a), after “financial benchmark” , insert “or a financial advice service (or both)” .
Repeal section 59(4).
In section 63(4), after new section 5(1)﻿(ib)﻿(v), insert:
acting as an administrator of a financial benchmark:
Introduction (Bill 115–1)
Reported from Finance and Expenditure Committee (Bill 115–2)
Committee of the whole House (Bill 115–3)
This Act is administered by the Ministry of Business, Innovation, and Employment and the Reserve Bank of New Zealand.