918 NEW ZEALAND GAZETTE, No. 35 11 FEBRUARY 2005

(2) The General Short Form Disclosure Statement or the Supplemental Disclosure Statement, as applicable, shall state the
date as from which the Conditions of Registration published in accordance with subclause (1) of this clause apply.

9. Credit Ratings—If the Registered Bank is required, by a notice given to it under section 80 of the Act, to obtain or
   maintain a rating of its creditworthiness or financial condition by a person nominated or approved by the Reserve Bank, with
   respect to each rating obtained or maintained by the Registered Bank that complies with the notice given under section 80, the
   General Short Form Disclosure Statement shall state:

(a) the name of the person who gave the rating;
(b) the type of rating;
(c) the current rating and all qualifications to that rating;
(d) 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;
(e) descriptions or explanations of all steps in the applicable rating scales.

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 the information
    prescribed by the Schedules to this Order.

10A. Insurance Business—The General Short Form Disclosure Statement shall state whether the Banking Group conducts
any Insurance Business, and if so, contain the following information:

(1) a description of the nature of each class of that Insurance Business;
(2) the aggregate amount of Insurance Business, where the amount so disclosed is calculated in accordance with the
Registered Bank’s Conditions of Registration;
(3) comparatives for the previous corresponding period for the information required to be disclosed pursuant to
subclause 10A (2).

11. 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.

12. The Directors’ Statement—The General Short Form Disclosure Statement shall contain:

(1) a statement by the Directors as to whether, each Director believes, after due enquiry, that:

(a) the Short Form Disclosure Statement contains all the information that is required by this Order;
(b) the Short Form Disclosure Statement is not false or misleading;

as at the date on which the Short Form Disclosure Statement is signed; and

(2) a statement by the Directors as to whether each Director believes, after due enquiry, that:

(a) the Registered Bank has complied with the Conditions of Registration;
(b) Credit Exposures to Connected Persons (if any) were not contrary to the interests of the Banking Group; and
(c) the Registered Bank had 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 that those systems were being properly applied;

over the First Quarter Accounting Period or Third Quarter Accounting Period.

Part V

Supplemental Disclosure Statement

13. General Matters—(1) Subject to subclause (2) of this clause, the Supplemental Disclosure Statement shall state only the
    information specified in clauses 14, 15 and 16 of this Order.

(2) If a Supplemental Disclosure Statement would be false or misleading as a result of stating the information specified in
subclause (1) of this clause, information and explanations that will make the Supplemental Disclosure Statement not false or
misleading shall also be stated.

14. Guarantors—(1) Where a General Short Form Disclosure Statement states that a person guarantees any Material
    obligations of the Registered Bank, and subclause (2) of this clause does not apply, the Supplemental Disclosure Statement
    shall contain a copy of the full guarantee contract and the most recent financial statements and group financial statements of
    the guarantor, together with a copy of the audit report (if any) relating to those statements, unless this information is already
    contained within the General Short Form Disclosure Statement.\n
    (2) Where a General Short Form Disclosure Statement states that a person or persons have entered into any Material cross
    guaranteeing arrangements with the Registered Bank, the Supplemental Disclosure Statement shall contain a copy of the full
    guarantee contract if:

    (a) there is a single contract which sets out the rights and obligations of all the cross guarantors; or
    (b) there is a standard contract which is representative of the rights and obligations of each of the cross guarantors;

    unless this information is already contained within the General Short Form Disclosure Statement.

15. Conditions of Registration—The Supplemental Disclosure Statement shall contain a copy of the Conditions of
    Registration which are applicable as at the date on which the signing of the Short Form Disclosure Statement, for or on behalf
    of all Directors is completed, and state the date as from which such Conditions of Registration apply, unless this information is
    already contained within the General Short Form Disclosure Statement.

16. Bilateral Netting Agreements—Where a General Short Form Disclosure Statement states that a Registered Bank has
    calculated its aggregate Credit Exposure to Connected Persons on a net basis, the Supplemental Disclosure Statement shall