✨ Amendment to Registered Bank Disclosure Statements Order
26 MAY 2014 NEW ZEALAND GAZETTE, No. 54 1533
6 Clause 24 amended
(1) Replace clause 24(2) with:
"(2) Unless subclause (2A) applies, the financial statements referred to in subclause (1) must be prepared in accordance with the requirements of the Financial Reporting Act 2013 and Financial Markets Conduct Act 2013 as if—
(a) every reference in those Acts to a group were a reference to the registered bank’s banking group;
(b) the registered bank and its banking group do not qualify for any exemptions under any differential reporting framework that applies to them;
(c) sections 460 and 461 of the Financial Markets Conduct Act 2013 applied to the registered bank; and
(d) subsection 461(2) of that Act is disregarded."
(2) After clause 24(2) insert:
"(2A) If the Financial Reporting Act 1993 applies to the registered bank, the financial statements referred to in subclause (1) must be prepared in accordance with the requirements of the Financial Reporting Act 1993 as if—
(a) every reference in that Act to a group were a reference to the registered bank’s banking group; and
(b) the registered bank and its banking group do not qualify for any exemptions under any differential reporting framework that applies to them."
7 Clause 2 of Schedule 1 amended
In clause 2(1)(h)(i) of Schedule 1, omit "having regard to any information or explanations that may have been added by the registered bank under sections 11(2) and 14(2) of the Financial Reporting Act 1993,".
M. L. C. WEBSTER, Clerk of the Executive Council
Explanatory note
This note is not part of the Order, but is intended to indicate its general effect.
This Order comes into force on 30 June 2014. It amends the Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks) Order 2014, published in a Supplement to the New Zealand Gazette, 21 February 2014, No. 21, at page 452, to update references to the Financial Reporting Act 1993, which is being repealed. In most cases, the updated version refers either to the Financial Reporting Act 1993 for banks to which that Act still temporarily applies, or to equivalent provisions in the Financial Reporting Act 2013 and the Financial Markets Conduct Act 2013. The reference in Schedule 1 is removed altogether, as there is no equivalent in the new legislation.
This Order is administered by the Reserve Bank of New Zealand
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NZ Gazette 2014, No 54
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Amendment to Registered Bank Disclosure Statements Order
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💰 Finance & Revenue26 May 2014
Banking, Disclosure, Amendment, Financial Reporting, Accounting Standards
- M. L. C. Webster, Clerk of the Executive Council
💰 Explanatory Note on the Order
💰 Finance & RevenueExplanatory Note, Financial Reporting, Amendment, Banking