✨ Financial Regulations
1096 NEW ZEALAND GAZETTE, No. 40 27 FEBRUARY 2008
9
Meaning of credit rating
(1) For the purposes of clauses 2 and 8, credit rating means a credit rating that meets the criteria in subclause (2) and that,—
(a) in the case of a group of closely related counterparties, applies to the entity heading the group of closely related counterparties; or
(b) in the case of an individual counterparty (which are not members of a group of closely related counterparties), applies to the individual counterparty.
(2) The following criteria:
(a) a credit rating that applies to—
(i) the relevant entity’s long term senior unsecured obligations payable in New Zealand, in New Zealand dollars; or
(ii) the relevant entity’s long term senior unsecured foreign currency obligations:(b) a credit rating given by a rating agency that has been approved by the Reserve Bank under section 80 of the Act.
(3) If an entity has 2 or more credit ratings that meet the criteria in subclauses (1) and (2) and those credit ratings are not the same, then the lower credit rating applies.
10
Meaning of investment grade credit rating
For the purposes of this schedule, investment grade credit rating means a credit rating of BBB- or Baa3 or above, or its equivalent.
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Schedule 7
Securitisation, funds management, other fiduciary activities, and marketing and distribution of insurance products
Contents Page
1 Insurance products.......................................................................................1096
2 Banking group’s involvement in securitisation, funds management, other fiduciary activities, and marketing and distribution of insurance products....................................................................................................1096
3 Arrangements to ensure no adverse impacts arising from the activities specified in clause 2........................................................................................1097
4 Amounts represented by activities specified in clause 2(a) and (b)...............1097
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1
Insurance products
In this schedule, insurance products relate to insurance contracts that constitute insurance business.
2
Banking group’s involvement in securitisation, funds management, other fiduciary activities, and marketing and distribution of insurance products
A statement of the nature of the banking group’s involvement in—
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 40
Gazette.govt.nz —
NZ Gazette 2008, No 40
✨ LLM interpretation of page content
💰
Aggregate credit exposure
(continued from previous page)
💰 Finance & RevenueCredit Exposure, Banking Regulations, Financial Disclosure, Risk Management
💰 Definition of credit rating
💰 Finance & RevenueCredit Rating, Financial Regulations, Counterparties, Rating Agency
💰 Definition of investment grade credit rating
💰 Finance & RevenueInvestment Grade, Credit Rating, Financial Standards
💰 Securitisation and fiduciary activities schedule
💰 Finance & RevenueSecuritisation, Funds Management, Fiduciary Activities, Insurance Products