28 AUGUST NEW ZEALAND GAZETTE 3087

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. Guarantee Arrangements—(1) The General Short Form Disclosure Statement shall state whether the Material obligations of the Registered Bank are guaranteed.

(2) Where a person guarantees any Material obligations of the Registered Bank, and subclause (3) of this clause does not apply, 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 in the guarantor’s country of incorporation which would have the effect of subordinating the claims under the guarantee of any of the creditors of the Registered Bank 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 most recent publicly disclosed Capital of the guarantor group, 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 9 of this Order as though the reference to a Registered Bank were a reference to the guarantor, the reference to New Zealand were a reference to the country of incorporation of the guarantor and the reference to New Zealand dollars were a reference to the currency of the country of incorporation of the guarantor; and

(i) that a copy of the Registered Bank’s most recent Supplemental Disclosure Statement, which contains a copy of the full guarantee contract, will be provided immediately at no charge to any person requesting a copy where the request is made at the Registered Bank’s head office;

(ii) specifying the categories of places where a copy 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 to any person within 5 Working Days of a request for a copy having been made;

unless the content of the Supplemental Disclosure Statement is contained in the General Short Form Disclosure Statement.

(3) Where a person or persons have entered into any Material cross guaranteeing arrangements with the Registered Bank, the General Short Form Disclosure Statement shall:

(a) describe the guaranteeing group and the nature of the cross-guaranteeing arrangements;

(b) state the information required to be disclosed pursuant to clauses 7(2)(d) to (f) of those clauses applied to the guarantees of the obligations of the Registered Bank, as well as to the guarantees the Registered Bank has given in respect of the first mentioned person’s or persons’ obligations;

(c) if there is a single contract which sets out the rights and obligations of all the cross guarantors; or if there is a standard contract which is representative of the rights and obligations of each of the cross guarantors, a statement:

(i) that a copy of the Registered Bank’s most recent Supplemental Disclosure Statement, which contains a copy of the full guarantee contract, will be provided immediately at no charge to any person requesting a copy where the request is made at the Registered Bank’s head office;

(ii) specifying the categories of places where a copy 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 to any person within 5 Working Days of a request for a copy having been made;

unless the content of the Supplemental Disclosure Statement is contained in the General Short Form Disclosure Statement.

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

(a) state that a copy 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 immediately at no charge to any person requesting a copy where the request is made at the Registered Bank’s head office; and

(b) specify the categories of places where a copy 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 to any person within 5 Working Days of a request for a copy having been made; or

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

9. 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.