Pursuant to section 310K of the Companies Act 1993, the Reserve Bank of New Zealand hereby declares the Reserve Bank of New Zealand, in respect of the operation of the Austraclear New Zealand System, to be a recognised clearing house.
The declaration is subject to the following conditions:
1. That the membership of the Austraclear New Zealand System continues to substantially comprise financial institutions.
2. That any multilateral netting agreement that is subject to the rules of the Austraclear New Zealand System relates to transactions that are financial in nature.
3. That the Reserve Bank of New Zealand, in respect of the operation of the Austraclear New Zealand System, complies on an on-going basis with all laws and regulations relating to the operation of the Austraclear New Zealand System.
4. That the Financial Services Group of the Reserve Bank of New Zealand provides information on membership of the Austraclear New Zealand System, the nature of transactions, compliance with relevant laws and regulations, and any other appropriate matters to the Banking System Department of the Reserve Bank of New Zealand as required by the Banking System Department.
Revocation of Declaration of Recognised Clearing House
Pursuant to section 310K of the Companies Act 1993, the Reserve Bank of New Zealand hereby revokes the declaration of Austraclear New Zealand as a recognised clearing house.
DONALD T. BRASH, Governor, Reserve Bank of
New Zealand.