Registered Bank Disclosure Statements (Overseas Incorporated Registered Banks) Order 2014 Amendment Order 2022
Rt Hon Dame HELEN WINKELMANN, Administrator of the Government
Order in Council
At Wellington this 5th day of September 2022
Present:
Her Excellency the Administrator of the Government in Council
These regulations are made under section 81 of the Banking (Prudential Supervision) Act 1989—
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This order is the Registered Bank Disclosure Statements (Overseas Incorporated Registered Banks) Order 2014 Amendment Order 2022.
This order comes into force on 31 December 2022.
This order amends the Registered Bank Disclosure Statements (Overseas Incorporated Registered Banks) Order 2014.
After the definition of “allowance for credit impairment loss” insert:
“applicable auditing and assurance standard has the same meaning as in section 5(1) of the Financial Reporting Act 2013”.
(1) In clause 8(1) replace “audited” with “subject to a reasonable assurance engagement”.
(2) In clause 8(2) replace “reviewed by an auditor if it is not audited” with “subject to a limited assurance engagement if it is not subject to a reasonable assurance engagement”.
(3) Replace clause 8(3) with “The assurance engagements required under subclauses (1) and (2) must be carried out in accordance with applicable auditing and assurance standards.”.
(4) Insert as new subclause (4):
“(4) The assurance report or reports on a full or half year disclosure statement—
Revoke clause 21.
Insert the following clauses in Subpart 2 of Part 2, after clause 26:
“26A Assurance reports for full year disclosure statement
A full year disclosure statement of a registered bank must be accompanied by assurance reports that—
“26B Assurance reports for half year disclosure statement
(1) Unless subclause (2) applies, the half year disclosure statement must be accompanied by one or more limited assurance reports that—
(2) The registered bank may opt to have a reasonable assurance report prepared on the interim financial statements that are published in accordance with clause 26.
(3) If subclause (2) applies, the half-year disclosure statement must be accompanied by one or more assurance reports that—
Replace Schedule 1 with the following:
“Schedule 1—Full year and half year
“Information in assurance reports
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“1 Assurance reports required for full year disclosure statement
(1) The auditor’s report, as required under the Financial Markets Conduct Act 2013, on the financial statements of the registered bank’s banking group required under clause 25 of the order.
(2) A reasonable assurance report which states whether, in the auditor’s opinion, the information that is required to be disclosed under Schedules 4, 7, 11, and 13, in all material respects,—
(3) A limited assurance report, in relation to the information specified in clause 4, which states whether anything has come to the auditor’s attention that causes the auditor to believe that the information is not in all material respects disclosed in accordance with Schedule 9.
“2 Limited assurance report for half year disclosure statement
(1) A limited assurance report on the interim financial statements of the registered bank’s banking group required under clause 26 of the order, which states whether anything has come to the auditor’s attention that causes the auditor to believe that the interim financial statements have not been prepared, in all material respects, in accordance with NZ IAS 34.
(2) A limited assurance report which states whether anything has come to the auditor’s attention that causes the auditor to believe that the information that is required to be disclosed under Schedules 5, 7, 12, and 14,—
(3) A limited assurance report, in relation to the information specified in clause 4 of this schedule, which states whether anything has come to the auditor’s attention that causes the auditor to believe that the information is not in all material respects disclosed in accordance with Schedule 9.
“3 Optional assurance reports for half year disclosure statement
(1) An auditor’s report on the interim financial statements of the registered bank’s banking group required under clause 26 of the order, which states whether, in the auditor’s opinion, the interim financial statements are prepared, in all material respects, in accordance with NZ IAS 34.
(2) A reasonable assurance report which states whether, in the auditor’s opinion, the information that is required to be disclosed under Schedules 5, 7, 12, and 14, in all material respects,—
(3) A limited assurance report, in relation to the information specified in clause 4, which states whether anything has come to the auditor’s attention that causes the auditor to believe that the information is not in all material respects disclosed in accordance with Schedule 9.
“4 Applicable capital adequacy and other disclosure
The information referred to in clauses 1(3), 2(3), and 3(3) is the information relating to credit and market risk exposures and capital adequacy that is required to be disclosed under Schedule 9.”
Replace clause 13 of Schedule 2 with “The name and address of any auditor whose assurance report or reports are referred to in the disclosure statement.”.
Revoke clause 21 of Schedule 2.
Replace clause 10 of Schedule 3 with “The name and address of any auditor whose assurance report or reports are referred to in the disclosure statement.”.
Revoke clause 16 of Schedule 3.
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RACHEL HAYWARD, Acting Clerk of Executive Council.
This note is not part of the order, but is intended to indicate its general effect.
This order comes into force on 31 December 2022. It amends the Registered Bank Disclosure Statements (Overseas Incorporated Registered Banks) Order 2014, published in a Supplement to the New Zealand Gazette, 21 February 2014, No. 21, page 542. The purpose of this order is to simplify the content of the auditor’s opinions that are required to accompany disclosure statements.
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This order is administered by the Reserve Bank of New Zealand