Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this Act, unless the contrary intention appears:
"action that is likely to have a detrimental effect on financial system stability in New Zealand" includes an action that prevents or interferes with an outsourcing arrangement.
"ADI" is short for authorised deposit-taking institution.
"ADI statutory manager" has the meaning given by subsection 13A(2).
"administrator of an ADI's business" means an administrator appointed under subsection 13A(1) to take control of an ADI's business.
"APRA" means the Australian Prudential Regulation Authority.
"APRA member" has the same meaning as in the Australian Prudential Regulation Authority Act 1998 .
"APRA staff member" has the same meaning as in the Australian Prudential Regulation Authority Act 1998 .
"ASIC" means the Australian Securities and Investments Commission.
"Australia" includes the Territories.
"authorised deposit-taking institution" means a body corporate in relation to which an authority under subsection 9(3) is in force.
"authorised NOHC" means a body corporate:
(a) in relation to which an authority under subsection 11AA(2) is in force; and
(b) that is a NOHC of an ADI or ADIs.
(a) a business that consists of banking within the meaning of paragraph 51(xiii) of the Constitution; or
(b) a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of:
(i) both taking money on deposit (otherwise than as part‑payment for identified goods or services) and making advances of money; or
(ii) other financial activities prescribed by the regulations for the purposes of this definition.
"business day" means a day that is not a Saturday, a Sunday or a public holiday or bank holiday in the place concerned.
"foreign ADI" means a body corporate that:
(a) is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution; and
(b) is authorised to carry on banking business in a foreign country; and
(c) has been granted an authority under section 9 to carry on banking business in Australia.
"industry support contract" means a contract under which emergency financial support is to be provided by parties to the contract to any ADI that is a party to the contract if a specified event occurs. The contract may also deal with matters associated with the provision of the financial support.
"insolvent" , in relation to a body corporate, means that the body corporate is not able to pay all its debts as and when they become due and payable.
"New Zealand registered bank" means a registered bank, as defined in section 2 of the Reserve Bank of New Zealand Act 1989 of New Zealand, that carries on a business in New Zealand.
"NOHC" is short for non-operating holding company.
"NOHC authority" means an authority under subsection 11AA(2).
"non-operating holding company" means, in relation to a body corporate, a body corporate:
(a) of which the first body corporate is a subsidiary; and
(b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and
(c) that is incorporated in Australia.
"outsourcing arrangement" means an arrangement for the business of a New Zealand registered bank, or functions relating to such business, to be carried on by an entity other than the bank.
"prescribed New Zealand authority" means the following:
(a) the Reserve Bank of New Zealand;
(b) an authority of the government of New Zealand that:
(i) has statutory responsibilities relating to prudential regulation or financial system stability; and
(ii) is prescribed by the regulations for the purposes of this definition.
"prudential matters" means matters relating to:
(a) the conduct by an ADI, an authorised NOHC, a relevant group of bodies corporate, or a particular member or members of such a group, of any part of its or their affairs in such a way as:
(i) to keep the ADI, NOHC, group or member or members of the group in a sound financial position; or
(ii) not to cause or promote instability in the Australian financial system; or
(iii) not to cause or promote instability in the New Zealand financial system; or
(b) the conduct by an ADI, an authorised NOHC, a relevant group of bodies corporate, or a particular member or members of such a group, of its or their affairs with integrity, prudence and professional skill.
"prudential requirement regulation" means a regulation under section 11A.
"prudential standard" means a standard under section 11AF.
"relevant group of bodies corporate" has the meaning given by subsection 5(3).
section 9 authority means an authority under subsection 9(3).
"senior manager" of an ADI or an authorised NOHC or the Australian operations of a foreign ADI means a person who has or exercises any of the senior management responsibilities ( within the meaning of the prudential standards) for the ADI or NOHC or for the Australian operations of the foreign ADI, as the case may be.
"subsidiary" has the meaning given by subsection (2).
"the Reserve Bank" means the Reserve Bank of Australia.
"ultimate termination of control" has the meaning given by subsection 13C(1).
(2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Act 2001 .
(3) For the purposes of this Act:
(a) an ADI and its subsidiaries together constitute a relevant group of bodies corporate ; and
(b) an authorised NOHC and its subsidiaries together also constitute a relevant group of bodies corporate .
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