3116

NEW ZEALAND GAZETTE

No. 126

(b) the revised terms of the facility are not comparable with the terms of new facilities with comparable risks; and

(c) the yield on the asset following restructuring is equal to, or greater than, the average cost of funds of the Registered Bank or a member of the Banking Group, or that a loss is not otherwise expected to be incurred.

‘Short Form Disclosure Statement’, in relation to a Registered Bank, means a document Published by that Registered Bank under sections 81 or 83 of the Act which shall comprise a General Short Form Disclosure Statement, Key Information Summary and Supplemental Disclosure Statement.

‘Specific Provision’ has the same meaning as in FRS-33, as amended from time to time.

‘Subsidiary’ means a subsidiary within the meaning of sections 5 to 8 of the Companies Act 1993.

‘Substantial Security Holder’ means a person who has a Relevant Interest in 5 percent or more of the Voting Securities of which the Registered Bank is the issuer.

‘Supplemental Disclosure Statement’ means that part of a Short Form Disclosure Statement which contains the information prescribed in Part V of this Order.

‘Third Quarter Accounting Period’ means:

(a) the first nine month period of an Accounting Period; and

(b) where an Accounting Period will be 15 months, the first 12 month period of an Accounting Period.

‘Tier One Capital’ in relation to an Overseas Bank or Overseas Banking Group, means the amount of tier one capital held by the Overseas Bank or Overseas Banking Group determined in accordance with the requirements of the authority having the power to impose minimum capital requirements on that Overseas Bank or Overseas Banking Group in its country of domicile.

‘Ultimate Holding Company’ means the body corporate which is the Registered Bank’s holding company (as that term is defined in section 5 of the Companies Act 1993) and which is not itself a Subsidiary of another body corporate and which is not a Bank.

‘Ultimate Parent Bank’ means any Bank which is the Registered Bank’s holding company (as that term is defined in section 5 of the Companies Act 1993) and which is not itself a Subsidiary of another Bank.

‘Voting Security’ has the same meaning as in section 2 of the Securities Amendment Act 1988.

‘Working Day’ means a day of the week on which the Registered Bank’s head office is open for business.

3. Form, Frequency and Distribution of Short Form Disclosure Statement—(1) Subject to the Act, every Registered Bank shall Publish, after each Off Quarter Balance Date, a Short Form Disclosure Statement which shall:

(a) contain the information that is prescribed in Part II to Part V of this Order; and

(b) comply with the Act.

(2) The Short Form Disclosure Statement shall be Published:

(a) not later than two months after each Off Quarter Balance Date;

(b) where the Registered Bank has not previously Published a Disclosure Statement in terms of the Registered Bank Disclosure Statement (Full and Half-Year—Overseas Incorporated Banks) Order 1998, not later than three months after each Off Quarter Balance Date; or

(c) where a General Short Form Disclosure Statement is subject to review or audit by an external auditor, and provided that the extent of review or audit is not less than that which is required in respect of a Disclosure Statement in terms of the Registered Bank Disclosure Statement (Full and Half-Year—Overseas Incorporated Registered Banks) Order 1998, not later than three months after each Off Quarter Balance Date.

(3) Short Form Disclosure Statements shall be Published in the following manner:

(a) every Registered Bank shall prominently display the Registered Bank’s most recent Key Information Summary at the Registered Bank’s head office, every branch of the Registered Bank, and every Premises of an agency of the Registered Bank primarily engaged in the business of the Registered Bank;

(b) every Registered Bank shall provide to any person a copy of its most recent Key Information Summary immediately upon request and at no charge;

(c) where a Registered Bank publishes information on an internet web site which includes any information directed primarily at its New Zealand customers or potential customers, the Registered Bank shall make available or display a copy of its most recent Key Information Summary on that internet web site;

(d) every Registered Bank shall notify each of its customers holding a Direct Banking Account of the availability of its most recent Key Information Summary, as soon as is practicable after the publication of that Key Information Summary, and shall state that the Key Information Summary is available immediately upon request and at no charge;

(e) every Registered Bank shall provide a copy of its most recent General Short Form Disclosure Statement 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 of the Registered Bank, any other Premises of the Registered Bank, or any Premises of an agency of the Registered Bank primarily engaged in the business of the Registered Bank;

(f) every Registered Bank shall provide a copy of its most recent Supplemental Disclosure Statement, or such part of it as is requested, 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 of the Registered Bank, any other Premises of the Registered Bank, or any Premises of an agency of the Registered Bank primarily engaged in the business of the Registered Bank, unless the content of a Supplemental Disclosure Statement is included in the General Short Form Disclosure Statement; and

(g) every Registered Bank shall deliver a copy of its most recent Short Form Disclosure Statement to the Reserve Bank on the Publication Date.

4. General Provisions Relating to Content of Short Form Disclosure Statement—

(1) (a) In addition to the information which is required by this Order, a Short Form Disclosure Statement:

(i) shall contain such other information as in the opinion of the Directors it is necessary or desirable to include so as to ensure that any information contained in the Short Form Disclosure Statement is