17 NOVEMBER NEW ZEALAND GAZETTE

(c) a summary of any regulations, legislation or other restrictions of a legally enforceable nature which may Materially inhibit the legal ability of the bodies corporate referred to in paragraphs (a) and (b) of this subclause, to provide Material financial support to the Registered Bank.

7. Credit Ratings—(1) The General Short Form Disclosure Statement shall state whether the Registered Bank has a credit rating applicable to its long term senior unsecured obligations payable in New Zealand, in New Zealand dollars.

(2) For each credit rating required to be disclosed pursuant to subclause (1) of this clause the General Short Form Disclosure Statement shall state:

(a) the name of the person who gave the credit rating;

(b) the current rating and all qualifications to that rating;

(c) any changes made to the rating in the two years preceding the Off Quarter Balance Date and the date on which any such change occurred; and

(d) descriptions or explanations of all the steps in the applicable rating scales.

8. Guarantee Arrangements—(1) The General Short Form Disclosure Statement shall state whether the Material obligations of the Registered Bank, or of any member of the Banking Group which is an Issuer, are guaranteed.

(2) Where a person guarantees any Material obligations of the Registered Bank, or of any member of the Banking Group which is an Issuer, the General Short Form Disclosure Statement shall state:

(a) the name and Address for Service of the guarantor;

(b) whether the guarantor is a member of the Banking Group;

(c) the nature of the obligations which are guaranteed, including a description sufficient to identify them;

(d) whether there are any limits on the amount of the obligations guaranteed and, if so, a brief summary of the nature of those limits;

(e) whether there are any Material conditions applicable to the guarantee other than non-performance by the principal obligor and, if so, a brief summary of those conditions;

(f) whether there are any Material legislative or regulatory restrictions which would have the effect of subordinating the claims under the guarantee of any of the creditors of the Registered Bank or Banking Group on the assets of the guarantor, to other claims on the guarantor, in a winding up of that guarantor. If so, the General Short Form Disclosure Statement shall also state:

(i) the legislation or regulations involved and the nature of the impairment of the rights of the creditors which they create;

(ii) the amount of the liabilities which are so affected;

(g) (i) the amount of the net tangible assets of the guarantor as shown in the most recent publicly available audited financial statements, together with any qualifications in the auditor’s report on those financial statements that reflect on the statement of those assets in the financial statements; or

(ii) where the guarantor is a Bank, the guarantor’s most recent publicly disclosed Capital expressed as an amount and as a percentage of risk weighted exposures, and the date to which that measure of Capital relates;

(h) the information required to be disclosed pursuant to clause 7 of this Order as though the reference to a Registered Bank were a reference to the guarantor;

(i) that a copy of that part of the Registered Bank’s most recent Supplemental Disclosure Statement, which contains a copy of the full guarantee contract, will be provided at no charge, immediately to any person requesting a copy where the request is made at the Registered Bank’s head office and within five Working Days where the request is made at any branch or agency of the Registered Bank, unless the content of the Supplemental Disclosure Statement is contained in the General Short Form Disclosure Statement.

9. Conditions of Registration—The General Short Form Disclosure Statement shall either:

(a) state that a copy of that part of the Registered Bank’s most recent Supplemental Disclosure Statement, which contains a copy of the Conditions of Registration applicable as at the date of the Short Form Disclosure Statement, will be provided at no charge, immediately to any person requesting a copy where the request is made at the Registered Bank’s head office and within five Working Days where the request is made at any branch or agency of the Registered Bank; or

(b) contain a copy of the Conditions of Registration applicable as at the date of the Short Form Disclosure Statement.

Part IV

Financial and Supplementary Disclosures to be Contained in General Short Form Disclosure Statement

10. Content of Financial and Supplementary Disclosures—The General Short Form Disclosure Statement shall contain short form financial statements and supplementary information for the Banking Group which include, where Material, the information prescribed by the Schedules to this Order.

11. The Directors’ Statement—The General Short Form Disclosure Statement shall contain a statement by the Directors as to whether, after due enquiry by them, at the date of the Short Form Disclosure Statement, the Directors believe:

(a) the Short Form Disclosure Statement contains all the information that is required by this Order;

(b) the Registered Bank complies with the Conditions of Registration;

(c) Credit Exposures to Connected Persons (if any) are not contrary to the interests of the Banking Group;

(d) the Registered Bank has systems in place to monitor and control adequately the Banking Group’s Material risks, including Credit Risk, concentration of Credit Risk, Interest Rate Risk, Currency Risk, Equity Risk, liquidity risk and other business risks, and whether those systems are being properly applied; and

(e) the Short Form Disclosure Statement is not false or misleading as at the date on which the Short Form Disclosure Statement is signed.

12. Auditor’s Report—Where the General Short Form Disclosure Statement has been subject to audit or review by an external auditor, the General Short Form Disclosure Statement shall state the nature and scope of that audit or review and contain a copy of the auditor’s report.