✨ Banking Regulation Order
30 AUGUST 2013
NEW ZEALAND GAZETTE, No. 121
3383
Explanatory note
This note is not part of the order, but is intended to indicate its general
effect.
The operative provisions of this Order come into force on
30 September 2013 except for subclause 19(4) of Schedule 2, which
comes into force on 1 October 2013.
This Order replaces the Registered Bank Disclosure Statements
(Overseas Incorporated Registered Banks) Order 2013.
The main purpose of this Order is to validate the legal effect of the
current versions of material incorporated by reference, in reliance on
section 81AA and in accordance with Schedule 3 of the Reserve Bank
of New Zealand Act 1989.
The Order also removes references to a document no longer in use and
clarifies the scope of statements required of directors and New Zealand
chief executive officers (“attestations”).
The scope for attestations has been clarified and slightly reduced for
banking groups that include both a branch bank (i.e. a branch of an
overseas incorporated bank registered as a bank in New Zealand) and a
local bank (i.e. a New Zealand incorporated registered bank). The
changes remove an overlap between the attestations required for
branch banks and those required for local banks. They now only
require full year disclosure statements (rather than statements for every
quarter) to include certain details relating to whether or not the branch
bank or other members of its banking group had the systems to monitor
and control the material risks of what are defined as relevant members
of the banking group.
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This Order in Council is administered in the Reserve Bank of New Zealand.
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NZ Gazette 2013, No 121
✨ LLM interpretation of page content
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Risk management policies for registered banks
(continued from previous page)
💰 Finance & RevenueRisk management, Banking group, Internal audit, Parental disclosures, Capital adequacy