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Companies Act 1993

Liquidations - Creditors' claims

310L: Matters that Bank must or may have regard to when making, varying, or revoking declaration under section 310K

You could also call this:

“Factors the Bank considers when declaring, changing, or cancelling rules for clearing houses”

When the Bank decides to make, change, or cancel a declaration under section 310K, they must think about how it will help make the financial system stronger or work better. They look at how the rules in sections 310A to 310O might affect agreements between multiple parties for settling debts.

The Bank can also think about other things when making these decisions. They might look at what kinds of deals happen through the clearing house. They can check if the clearing house follows the laws and rules it needs to. The Bank can also think about anything else they think is important for that specific case.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM322394.

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310K: Certain persons may be declared to be recognised clearing houses, or

“The Bank can officially recognise organisations that handle payment clearing”

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310M: Bank may impose conditions in declaration under section 310K, or

“Bank can set rules for clearing houses when making declarations”

Part 16 Liquidations
Creditors' claims

310LMatters that Bank must or may have regard to when making, varying, or revoking declaration under section 310K

  1. In determining whether a declaration should be made, varied, or revoked under section 310K, the Bank must have regard to the extent to which the application of sections 310A to 310O to any multilateral netting agreement that is subject to the rules of that clearing house would assist in promoting the soundness or efficiency of the financial system.

  2. In determining whether a declaration should be made, varied, or revoked under section 310K, the Bank may have regard to any of the following matters:

  3. the type of transactions that may be effected through the clearing house; or
    1. any laws or regulatory requirements relating to the operation of that clearing house and compliance with those laws or regulatory requirements; or
      1. any other matters that the Bank may, in any particular case, consider appropriate.

        Notes
        • Section 310L: inserted, on , by section 15 of the Companies Amendment Act 1999 (1999 No 19).