Banking (Prudential Supervision) Act (Overseas Banks) Class Authorisation Amendment Notice 2024
Under section 65(1)(b) of the Banking (Prudential Supervision) Act 1989, the Reserve Bank of New Zealand gives the following notice.
This notice is the Banking (Prudential Supervision) Act (Overseas Banks) Class Authorisation Amendment Notice 2024.
This notice comes into force on 22 September 2024.
This notice amends the Reserve Bank of New Zealand (Overseas Banks) Class Authorisation Notice 2019 (26 August 2019) New Zealand Gazette, 26 August 2019, Notice No. 2019-au3999.
In clause 1, replace “Reserve Bank of New Zealand Act” with “Banking (Prudential Supervision) Act”.
In clause 4, replace “Act means the Reserve Bank of New Zealand Act 1989” with “Act means the Banking (Prudential Supervision) Act 1989”.
Replace clause 14 with:
14. Revocation
The class authorisations in clauses 5 to 12 are revoked on the close of 31 December 2026.
The Reserve Bank of New Zealand (Overseas Banks) Class Authorisation Amendment Notice 2020 (21 September 2020) New Zealand Gazette, 21 September 2020, Notice No. 2020-au4434 is revoked.
Dated at Wellington this 15th day of August 2024.
ANGUS McGREGOR, Director Specialist Supervision.
This note is for explanatory purposes only.
This notice changes the date on which the class authorisations in clauses 5 to 12 of the principal notice are revoked from 22 September 2024 to 22 September 2028.
Note that the principal notice was made under section 65(1)(b) of the Reserve Bank of New Zealand Act 1989: https://legislation.govt.nz/act/public/1989/0157/106.0/DLM200085.html.
Clause 2 of Schedule 1 of the Reserve Bank of New Zealand Act 2021: https://www.legislation.govt.nz/act/public/2021/0031/latest/LMS296111.html states that on and after the main commencement date of that Act (being 17 August 2021), every reference in any legislation and in any document to the Reserve Bank of New Zealand Act 1989 must, unless the context otherwise requires, be read as a reference to the Banking (Prudential Supervision) Act 1989.
Therefore, this amendment notice is made under section 65(1)(b) of the Banking (Prudential Supervision) Act 1989: https://legislation.govt.nz/act/public/1989/0157/latest/DLM200085.html.