Deposit Takers Bill

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Hon Grant Robertson

Deposit Takers Bill

Government Bill

162—1

	Explanatory note
1	Title
2	Commencement
	Part 1 Preliminary provisions
3	Purposes
4	Principles to be taken into account under this Act
5	Overview
6	Interpretation
7	Meaning of associated person and holding entity
8	Transitional, savings, and related provisions
9	Act binds the Crown
	Part 2 Licensing of deposit takers
	Subpart 1—Key provisions
10	Deposit taker must be licensed
11	Offence for deposit taker to carry on business without licence
12	Liquidation of deposit taker that carries on business without licence
13	No holding out as licensed
14	Offence for holding out
	Subpart 2—Issue of licences
15	Bank may issue licence
16	Application for licence
17	When licence must be issued
18	Additional criteria for overseas applicants
19	Overseas requirements may be treated as appropriate
20	Consultation requirements
21	Notice of decision
22	Bank must keep register of licensed deposit takers
23	Form and content of register
	Subpart 3—Conditions of licences
24	Bank may impose conditions on licence
25	Bank may modify conditions of licence
	Subpart 4—Fit and proper requirements
26	Licensed deposit taker must obtain Bank’s approval before new director or senior manager is appointed
27	Offence to appoint new director or senior manager without approval
28	Bank’s decision on approval
29	Bank may suspend director or senior manager if approval not obtained
30	Overseas licensed deposit taker must notify Bank if new director or senior manager is appointed
31	Bank may require further fit and proper certificate
32	Deposit taker’s duty on becoming aware of fit and proper concerns
33	Offence to fail to disclose fit and proper concerns
34	Power to remove directors and senior managers
35	Bank may direct that person may not be reappointed
36	Offence to contravene direction
37	Further provisions about power to remove
38	How power to remove is exercised
	Subpart 5—Bank’s approval required for certain changes
	Change of control
39	Person who obtains control over licensed deposit taker must obtain Bank’s approval
40	Overseas licensed deposit taker must notify Bank if person obtains control
	Significant transactions
41	Licensed deposit taker must obtain Bank’s approval before entering into significant transaction
	Amalgamation
42	Licensed deposit taker must obtain Bank’s approval before amalgamation
43	Overseas licensed deposit taker must notify Bank if it amalgamates with another person
	Consequences of failing to get approval
44	Offence to fail to get approval
45	Failure to get approval does not invalidate proposed change
	Process for approval
46	Meaning of proposed change
47	Request for approval
48	Report on proposal
49	Bank must consider whether it would still be satisfied of licensing matters
50	Bank’s decision on approval
51	Offence to contravene condition of approval
52	Requirement for approval is in addition to other requirements
	Subpart 6—Cancellation
53	Cancellation of licence
54	Process for cancelling licence
55	Notice of cancellation
	Subpart 7—Appeals
56	Appeals against licensing and fit and proper decisions
57	Appeals against other decisions of Bank on questions of law only
58	Appeal does not operate as stay
	Part 3 Regulation of deposit takers
	Subpart 1—Credit rating
59	Licensed deposit taker must have current credit rating
60	Offence to fail to have current credit rating
61	Bank may approve rating agencies
62	List of approved rating agencies
63	Bank may review approval
64	Licensed deposit taker must notify Bank of change in rating
65	Licensed deposit taker must notify Bank of credit watch warning
66	Disclosure of credit rating on licensed deposit taker’s Internet site
67	Other advertising of credit ratings
68	Licensed deposit taker must not disclose or advertise credit ratings from non-approved agencies
69	Licensed deposit taker must give public notice of downgrade
70	Bank may grant exemptions from credit rating requirements
71	Restriction on Bank’s exemption power
	Subpart 2—Standards
72	Bank may issue standards
73	Licensed deposit taker must comply with applicable standards
74	Application of standards
	Procedural matters
75	Procedure for issuing standards
76	When procedural requirements do not apply
	Subject matter of standards
77	Governance, incorporation structure, and ownership
78	Capital, liquidity, security interests, and credit ratings
79	Bail-in standards
80	Fit and proper persons
81	Lending and other exposures
82	Classes of lending must be prescribed by regulations
83	Application of lending standards may extend to non-deposit-taking lenders
84	Risk management, business continuity planning, and problem assets
85	Depositor compensation
86	Covered bonds and securitisation
87	Disclosure of information
88	Contingency and recovery plans and facilitating resolution under Part 7
89	Other matters
	Bank’s approval may be required
90	Standards may require Bank’s approval
	Conditions
91	Standards may provide for matters to be specified by conditions
	Subpart 3—Directors’ due diligence duty
92	Duty of directors of licensed deposit takers
93	Meaning of due diligence
94	Prohibition on indemnities or insurance
95	Permitted indemnities for certain liabilities or costs
96	Permitted insurance for certain liability or costs
97	Details of indemnity or insurance must be entered in interests register
	Part 4 Supervision of deposit takers
	Bank to undertake prudential supervision
98	Prudential supervision
	Subpart 1—Bank’s information-gathering power
99	Bank may require person to supply information for purposes of Act
100	Offence to fail to supply information
101	Bank may require report relating to licensed deposit taker or associated person
102	Associated person must supply information
103	Bank may require report to be published
104	Offence to fail to give or publish report
105	Requirement that information be audited or reviewed
106	Offence to fail to obtain audit or review
107	Disclosure of information to Bank by auditors
108	Auditor to inform of intention to disclose
109	Protection of auditor
110	Admissibility of information
	Subpart 2—On-site inspection
111	Purpose
112	Bank may conduct on-site inspection
113	Person may be required to answer questions or give information
114	Offence relating to on-site inspection
	Subpart 3—Reporting duty
115	Licensed deposit taker must monitor compliance
116	Licensed deposit taker must report contraventions
117	Offence to fail to monitor compliance and report contraventions
118	Restriction on use of report
	Subpart 4—Remedial notices and plans
119	Bank may require licensed deposit taker to take action in relation to contravention
120	Bank’s consideration of remedial plan
121	Bank may require amendment of remedial plan
122	Remedial plan may also be amended with Bank’s approval
123	Licensed deposit taker must comply with remedial plan
124	Other provisions relating to remedial notices and plans
125	Offence to contravene remedial notice, fail to give amended remedial plan, or fail to take steps to comply with remedial plan
	Subpart 5—Investigations
126	Bank may appoint investigator
127	Power to obtain information
128	Power to enter and search place
129	Offences in relation to investigations
	Subpart 6—Confidentiality orders
130	Bank may make confidentiality order
131	Disclosure with Bank’s consent
132	Offence to contravene confidentiality order
	Subpart 7—Power to require warning to be disclosed
133	Bank may require its warning to be disclosed
134	Procedural matters relating to order
135	Other provisions relating to order
136	Bank must give notice of orders
137	Offence to fail to comply with order
	Subpart 8—Access to information by overseas supervisor
138	Access to information by overseas supervisor
139	Bank must give notice of authorisation
140	Authorisation may relate to particular customer or client
141	Restriction on authorisation
142	Duties of licensed deposit taker
143	Offence to contravene duties
	Subpart 9—Miscellaneous
144	Privilege against self-incrimination no excuse
145	Admissibility of self-incriminating statements
146	Effect of final decision that exercise of powers under section 99 or 127 unlawful
	Part 5 Enforcement
	Subpart 1—Power to accept undertakings
147	Bank may accept voluntary undertaking
148	When undertaking is enforceable
149	What undertaking may include
150	Undertakings that include payment of money
151	Offence to contravene undertaking
152	Court may enforce undertaking
153	Court must take into account certain matters
154	Proceedings for alleged contravention
155	Licensed deposit taker or other person may withdraw or amend undertaking
	Subpart 2—Pecuniary penalty
	Court may make pecuniary penalty order
156	When court may make pecuniary penalty orders
	Amount of pecuniary penalty
157	Maximum amount of pecuniary penalty
158	Considerations for court
	Defences
159	Defences for person that contravenes prudential obligation
160	Defence for person that is involved in contravention
	Bank’s costs
161	Court must order that recovery from pecuniary penalty be applied to Bank’s actual costs
	Procedural rules
162	Rules of civil procedure and civil standard of proof apply
163	Limitation
	Relationship between proceedings and orders
164	Only 1 pecuniary penalty order may be made for same conduct
165	No pecuniary penalty and criminal penalty for same conduct
166	Relationship between concurrent pecuniary penalty proceeding and criminal proceeding
	Subpart 3—Infringement offences
167	Infringement offences
168	When infringement notice may be issued
169	Revocation of infringement notice before payment made
170	What infringement notice must contain
171	How infringement notice may be served
172	Payment of infringement fees
173	Reminder notices
	Subpart 4—False or misleading declarations, representations, and other information
174	False or misleading declarations, representations, or other information
175	Liability of directors if licensed deposit taker or associated person commits offence
	Subpart 5—Ban ordered by District Court
176	Power to ban certain persons from participating in deposit-taking business
177	Type of order
178	Other provisions relating to order
179	Offence to contravene banning order
180	Effect of appeal
181	Appeal to High Court
	Subpart 6—Miscellaneous
	Attribution of liability
182	State of mind of directors, employees, or agents attributed to body corporate or other principal
183	Conduct of directors, employees, or agents attributed to body corporate or other principal
	Miscellaneous
184	General defence for offences
185	Time for filing charging document for certain offences
186	Jurisdiction of courts in New Zealand
187	Orders to secure compliance
188	General provisions as to court’s orders
	Part 6 Depositor compensation scheme
	Subpart 1—Preliminary provisions
189	Additional purpose of this Part
190	Interpretation in this Part
191	Meaning of protected deposit and related terms
192	Licensed deposit taker must publish list of protected deposits
193	When Bank may issue specified event notice
194	Bank’s function under this Part
	Subpart 2—Depositor Compensation Fund
195	Depositor Compensation Fund established
196	Fund owned and managed on behalf of Crown
197	What fund consists of
198	Payments out of fund
199	Bank may apportion expenditure
200	Investments
	Subpart 3—Entitlement to compensation
	Entitlement rules
201	General entitlement rule
202	Calculation of entitlement
203	Protected deposit held by or on behalf of 2 or more persons jointly
204	Protected deposit held by or on behalf of 2 or more persons other than jointly
205	District Court may make order about shares
206	Partnerships
207	Bare trustees and providers of relevant arrangement not entitled to compensation
208	Entitlement rule for deposits held on trust
209	Protected deposit held under different trusts
210	Trustee that is ineligible in own personal capacity does not prevent compensation being payable in relation to trust
	Entitlements subject to regulations
211	Regulations may provide for calculation of amount of person’s protected deposits or share of protected deposits
212	Regulations may take into account transactions that have not been processed at quantification time
213	Regulations may take into account funds that are withdrawn or available to eligible investors during resolution
214	Regulations may impose conditions
	Other matters relating to calculation of entitlement
215	Liabilities owed to licensed deposit taker must be disregarded
216	Bank may rely on licensed deposit taker’s records and information from eligible investors and other persons
217	Bank may determine interest accrued
	Payment of entitlements
218	Payment of entitlements
219	Bank not required to pay compensation if cannot act with reasonable certainty
220	Bank may establish account on behalf of eligible investor
221	Persons may disclose information to Bank to facilitate payment of compensation
222	Bank may disclose information to facilitate payment of compensation
223	Restrictions on entitlement to compensation under scheme
224	Protected deposit subject to security interest
225	Recovery of compensation paid in excess or in error under scheme
	Subpart 4—Bank or subsidiary assumes eligible investor’s rights
226	Bank’s right of subrogation
227	Bank may apportion compensation to determine respective rights and remedies
228	Subpart does not limit or affect other rights or remedies
	Subpart 5—Use of fund to support resolution
229	Bank may use fund to support resolution
230	Bank must calculate maximum amount
231	Maximum amount based on net amount of compensation payable in hypothetical liquidation
232	Bank may apply fund money in manner it thinks fit
	Independent review
233	Review of assessment
	Subpart 6—Levies for depositor compensation scheme
234	Licensed deposit takers must pay levy for scheme
235	Certain deposit takers not required to pay levy
236	Interest on unpaid levy
237	Levy regulations
238	Minister must also have regard to other levy principles
239	Minister must also have regard to statement of funding approach and Bank’s advice
240	Bank must give advice about levy regulations
241	Process for developing Bank’s advice
242	Bank must publish levy advice
243	Effect of failure to comply
	Subpart 7—Statement of funding approach
244	Minister must publish statement of funding approach
245	Minister must consult Bank and seek views of public
246	Contents of statement
	Subpart 8—Deficiency in fund
247	Deficiency in fund
	Subpart 9—Accountability
248	Financial statements of fund
249	Statement of responsibility
250	Auditor-General is auditor of fund
251	Audit of financial statements
252	Board must ensure that proper accounting records are kept
253	Financial information about fund consolidated into Bank’s financial statements only if required by financial reporting standards
	Subpart 10—Miscellaneous provisions
254	Liquidator must give reasonable assistance to Bank
	No holding out that product is protected deposit
255	Offence to hold out that product is protected deposit
	Part 7 Crisis management and resolution
	Subpart 1—Preliminary provisions
256	Additional purposes of this Part
	Subpart 2—Planning and statement of approach
	Resolution plan for each licensed deposit taker
257	Bank must prepare and maintain orderly resolution plan for each licensed deposit taker
	Bank’s statement of approach to resolution
258	Bank must publish statement of approach to resolution
259	Content of statement of approach
260	Review of statement of approach
	Failure to comply does not affect validity of actions
261	Failure to comply with subpart does not affect validity of Bank’s actions
	Subpart 3—Bank may give directions, approve sales, and replace directors
	Bank may give directions
262	Bank may give directions to licensed deposit taker
263	Bank may give directions to associated person
264	Scope of directions
265	Direction must be in writing and state grounds
	Bank may approve sale or disposition
266	Bank may approve sale or disposition
	Bank may remove, replace, or appoint director
267	Power to remove, replace, or appoint director of licensed deposit taker
268	How Bank exercises power to remove, replace, or appoint director
	Disclosure of direction or notice
269	Prohibition on disclosing or publishing direction or notice
270	Offence to contravene prohibition
	Subpart 4—Resolution of licensed deposit takers and associated persons
271	Resolution of licensed deposit takers and associated persons
272	Resolution of subsidiaries
273	Resolution for overseas persons
274	Date on which, and time at which, resolution starts
275	Questions about whether transactions are before or after resolution
276	Limitation on application of provisions to covered bond and certain other securitisation SPVs
277	Grounds on which licensed deposit taker may be declared to be in resolution
278	Grounds on which associated person may be declared to be in resolution
279	End of resolution
280	Application of resolution provisions to other persons in resolution
	Subpart 5—Moratorium and restriction on resolution trigger
281	Moratorium
282	Period of moratorium
283	Bank must publish notice on Internet site
284	Restriction on resolution trigger
285	Person may commence or continue proceeding with leave
286	Bank may waive application of moratorium and restriction on resolution trigger
287	Moratorium and restriction on resolution trigger do not affect existence or priority of security interest
288	Moratorium does not limit or prevent obligations incurred or rights granted after deposit taker enters resolution
289	Moratorium and restriction on resolution trigger do not limit or affect certain rights under netting agreement or rights under rules of designated FMI
290	Moratorium does not limit or prevent certain things in relation to derivatives, etc
291	Restriction on resolution trigger does not limit or prevent certain things in relation to derivatives, etc, after stay
292	Bank may reduce or extend stay
293	Matters Bank must be satisfied of when reducing or extending stay
294	Publication of notice
	Subpart 6—Conduct of resolution
	Bank must act as resolution authority
295	Bank is resolution authority
296	Function of resolution authority
297	Bank must supervise resolution manager
298	Bank must regularly report to Minister on conduct of resolution
	Resolution manager has management and control of deposit taker
299	Management of licensed deposit taker vests in resolution manager
300	Directors, managers, and other persons may act only with resolution manager’s permission
	Resolution manager’s general powers
301	Resolution manager’s general powers
302	Resolution manager has powers of deposit taker and of its shareholders, members, and board
303	Resolution manager may carry on business of licensed deposit taker
304	Resolution manager may pay creditors and compromise claims
	Resolution manager’s miscellaneous powers
305	Resolution manager may offer and issue deposit taker’s financial products
306	Resolution manager may disclaim onerous property
307	Resolution manager may trace property improperly disposed of
308	Order may not deprive good-faith purchaser for value
309	Resolution manager may change balance date
	Bank may investigate affairs of licensed deposit taker
310	Bank’s investigation powers
	Bank may form body corporate to acquire New Zealand business
311	Bank may form body corporate to acquire New Zealand business
312	Vesting does not affect deposit taker’s obligations or place it in breach
313	Body corporate is also subject to resolution
314	Vesting of property or rights subject to security interest
315	Proof of vesting
	Bank may dispose of business undertaking or property, rights, or liabilities
316	Bank’s disposal power
317	Bank may dispose of business undertaking, etc, to bridge institution or asset management vehicle
318	Body corporate is also subject to resolution
319	Consents not required under other legislation or agreement, and transactions do not constitute breach
320	Bank may sell, transfer, or dispose of property despite security interest
321	When proceeds of sale of licensed deposit taker’s property must be paid to holder of security interest
322	When property continues to be subject to security interest
323	When proceeds of sale of shares or property of new body corporate must be paid to holder of security interest
324	Kind of security interest referred to in various sections
325	Proof of transactions
326	Provisions applying where liabilities included in sale
	Bank may suspend payment of money owing
327	Bank may suspend payment of money owing
328	Bank may not suspend or cancel obligation incurred after deposit taker enters resolution
329	Bank may not suspend payment of amount included in netted balance
	Regulations may confer additional powers
330	Bank’s or resolution manager’s powers under regulations
	Court may give directions
331	Court may give directions
	Relationship between resolution and other legislation and processes
332	Application of certain provisions of Companies Act 1993
333	Application of other Acts
334	Bank, resolution manager, and other persons are not directors under any legislation
335	Prior insolvency process must cease
336	Continuation of resolution if restored
	Auditors
337	Appointment of auditors
338	Existing auditor ceases to hold office
339	Bank may remove auditor from office
340	Auditor’s fees
341	Auditor’s rights
	Offences
342	Offence to remove property
343	Offence to destroy, alter, or conceal records
	Expenses
344	Expenses of resolution
	Subsidiaries
345	Rules relating to subsidiaries do not apply
	Subpart 7—Minister may give directions
346	When this subpart applies
347	Minister may direct Bank relating to exercise of resolution power
348	Procedural requirements
	Subpart 8—Resolution manager
	Key duties
349	Resolution manager must act to further purposes of this Part
350	Resolution manager must comply with directions of Bank
351	Resolution manager must consult and have regard to Bank advice
352	Resolution manager must regularly report as required by Bank
353	Resolution manager must report annually on conduct of resolution
	Appointment of resolution manager
354	Bank may appoint resolution manager
355	Bank may appoint itself as resolution manager
356	Bank holds office as resolution manager if no other person holds office
357	How this Part applies if Bank holds office as resolution manager
358	How 2 or more resolution managers may act
359	Bank may terminate appointment of resolution manager
360	Resolution manager may resign
361	Bank may appoint replacement
362	Resolution manager continues in office
363	Licensed deposit taker continues to be in resolution
	Subpart 9—No creditor or shareholder worse off
364	Interpretation in this subpart
365	Eligibility for compensation under this subpart
	Valuer’s role
366	Minister must appoint valuer
367	Functions of valuer
368	Valuer must act in manner prescribed by regulations
369	Valuer must prepare list of pre-resolution creditors and shareholders
	How valuer must determine compensation
370	Valuer must determine compensation by reference to difference between liquidation value and resolution value
371	Liquidation value
372	Resolution value
373	Discount rate
	Valuer’s report
374	Valuer’s draft report
375	Valuer must give draft report to Minister and Bank
376	Minister or Bank may require valuer to reconsider
377	Valuer must finalise and publish report
	Compensation notice and payments
378	Valuer must send compensation notice
379	Bank must make available public information if compensation notice cannot be sent
380	Bank must manage and administer payments of compensation
381	Bank must pay in accordance with regulations
382	Crown must provide money necessary to pay compensation
383	Transfer of entitlement by assignment or operation of law
	Valuer’s information-gathering power
384	Valuer may require person to supply information for purposes of this subpart
385	Offence to fail to supply information
386	Person required to give information has same privileges as witnesses in court
387	Use of information and confidentiality
	Appeals
388	Appeal against valuer’s decision on question of law
389	Time for bringing appeal
390	Appeals to Court of Appeal
391	No limit on judicial review
	Appointment of valuer
392	Who may be appointed as valuer
393	Application of this subpart to joint valuers
394	Appointment notice must be published
395	Minister may terminate appointment of valuer
396	Valuer may resign
397	Valuer continues in office
398	Valuer’s costs, charges, and expenses
399	Valuer’s duties in relation to records
	Subpart 10—Covered bonds
	Interpretation relating to covered bonds
400	Interpretation
401	Meaning of covered bond SPV
402	Meaning of issuer
	Main duties of issuer
403	Issuer may issue covered bond only under registered programme
	Registration of covered bond programmes
404	Register of registered covered bond programmes
405	When programme must remain or be removed from register
406	Other matters relating to registration
407	Application for registration of covered bond programme
408	Determination of application for registration of covered bond programme
409	Bank must approve or decline application
410	Bank must give notice of approval
411	Bank must give notice of proposal to decline application
412	Bank and issuer may agree to modify time limits
	Ongoing duties of issuer
413	Requirements relating to registered covered bond programmes
414	Bank may require corrective action
415	Offence to fail to take corrective action
	Cover pool monitor
416	Cover pool monitor
417	Cover pool monitor must perform certain services under contract
	Resolution or statutory management, etc, of issuer
418	Limitation on application of resolution, statutory management, etc, provisions to covered bond SPV
	Subpart 11—Bank may apply to put deposit takers and associated persons into liquidation
419	Liquidation of licensed deposit takers and associated persons
420	When court may appoint liquidator
	Subpart 12—Miscellaneous
421	Licensed deposit taker not entitled to be informed about exercise of powers under this Part
	Part 8 Miscellaneous
	Subpart 1—Use of words bank, banker, and banking
	Limit on use of restricted words in name or title
422	Limit on use of restricted words in name or title
423	Offence to contravene limit on use of restricted words
424	When restriction does not apply
425	Bank may authorise particular persons to use restricted words in name or title
426	Bank may authorise class of persons to use restricted words in name or title
427	Authorisation extends to Registrar of Companies, etc
428	Bank’s policies for giving authorisation
429	Conditions
430	Application of Companies Act 1993
	Limit on use of restricted words in advertisement
431	Limit on use of restricted words in advertisement
432	Offence to contravene advertising limit
	Bank may require change of name, etc
433	Power to require change of name, etc
434	Offence to contravene requirement to change name, etc
	Subpart 2—Trans-Tasman co-operation
435	Interpretation in this subpart
436	Trans-Tasman co-operation
437	Bank’s duty to consult
438	Failure to comply with subpart does not affect validity of Bank’s actions
	Subpart 3—Confidentiality
439	Disclosure of information by Bank
440	Relationship with other Acts
441	Offence to make unauthorised disclosure
442	Conditions relating to disclosure of information
443	Restrictions on further disclosure of information
444	Offence for unauthorised disclosure or use
	Subpart 4—Bank’s power to specify how things are done
445	When subpart applies
446	Bank may require particular persons to comply with specified requirements
447	Bank may require class of persons to comply with requirements
448	Requirements that may be specified
449	Bank may also require further information
450	Bank may refuse to act if requirements not complied with
	Subpart 5—Regulations
451	General regulations
452	Regulations relating to depositor compensation scheme
453	Regulations prescribing classes of persons that are not eligible investors
454	Regulations prescribing matters relating to protected deposits
455	Regulations providing for licensed deposit takers that do not issue protected deposits
456	Bank must give advice about regulations providing for licensed deposit takers that do not issue protected deposits
457	Regulations providing for temporary high balance limits
458	Bank must give advice about regulations for temporary high balance limits
459	Regulations providing for calculation of amount of person’s protected deposits or share of protected deposits
460	Regulations providing for transactions that have not been processed
461	Regulations providing for taking into account funds that are withdrawn or available to eligible investors during resolution
	Subpart 6—Levy for Crown to recover cost of public support of deposit taker in financial distress or other difficulties
462	Licensed deposit takers must pay levy to allow Crown to recover cost of public support
463	Bank or prescribed person collects levy on behalf of Crown
464	Interest on unpaid levy
465	Levy regulations
466	Process matters for recommendation
467	Consultation about proposed levy regulations
468	Effect of failure to comply
	Subpart 7—Other miscellaneous provisions
469	How notices, directions, and other documents must be given
470	When certain notices, directions, or documents treated as given
471	Meaning of deposit taker
	Part 9 Repeals and amendments to other Acts
	Repeals
472	Repeals
	Amendments to Reserve Bank of New Zealand Act 2021
473	Principal Act
474	Section 10 amended (Bank’s functions)
475	Section 74 amended (Ability to delegate)
476	Section 182 amended (Protection for certain persons)
477	Section 189 amended (Crown indemnities in relation to statutory management)
478	New section 190A and cross-heading inserted
		Qualified privilege protection
	190A	Bank’s warnings, reports, guidelines, or comments protected by qualified privilege
479	Section 240 amended (Form and content of annual report)
	Amendments to Financial Markets Conduct Act 2013
480	Principal Act
481	Section 6 amended (Interpretation)
482	Section 22 amended (False or misleading representations)
483	Schedule 1 amended
	Amendments to Public Finance Act 1989
484	Principal Act
485	Section 8 amended (Appropriation limited by amount)
486	New sections 25B and 25C inserted
	25B	When Minister may exercise certain powers in connection with financial institution in serious financial difficulties
	25C	Expenses or capital expenditure in connection with financial institution in serious financial difficulties
487	Section 27 amended (Annual financial statements of Government)
	Amendments to Insurance (Prudential Supervision) Act 2010
488	Principal Act
489	Section 8 amended (Meaning of carrying on insurance business in New Zealand)
	Consequential amendments
490	Consequential amendments
	Schedule 1 Transitional, savings, and related provisions
	Schedule 2 Deposit takers
	Schedule 3 Consequential amendments

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