5Interpretation

1. In this Act, unless the context otherwise requires,—

   AML Act means the Anti-Money Laundering and Countering Financing of Terrorism Act 2009

   Bank or Reserve Bank means the Reserve Bank of New Zealand continued under this Act

   Bank group has the meaning set out in section 215

   bank note means any negotiable instrument used or circulated, or intended for use or circulation, as currency

   board means the members of the Bank’s board who number not less than the required quorum acting together as a board

   class of outputs has the meaning set out in section 215

   committee—

   1. means a committee appointed under clause 14 of Schedule 2; but
   2. does not include the MPC

   committee member means a member of a committee

   chairperson—

   1. means the chairperson of the board; but
   2. in relation to the MPC, means the Governor (or a person who is acting under clause 36 of Schedule 3)

   charter means a charter that is in force under section 101

   code of conduct means a code of conduct for members of the MPC that is in force under section 106

   department has the same meaning as in section 2(1) of the Public Finance Act 1989

   deputy chairperson means the deputy chairperson of the board

   designated FMI has the same meaning as in section 5 of the Financial Market Infrastructures Act 2021

   direction means a direction given by a Minister to the Bank under this Act, the prudential legislation, or the AML Act (for example, a direction on government policy or a direction to perform an additional function)

   economic objective means an economic objective set out in section 9(1)(a) (or in an Order in Council made under section 125)

   excluded act or omission, for the purposes of sections 181 to 188, has the meaning set out in section 180

   fees framework means the framework determined by the Government from time to time for the classification and remuneration of statutory and other bodies in which the Crown has an interest

   financial policy remit means a remit issued under section 203

   financial product has the same meaning as in section 7 of the Financial Markets Conduct Act 2013

   financial stability objective means the objective of protecting and promoting the stability of New Zealand’s financial system

   financial year means the 12 months ending on the close of 30 June or any other date determined for the Bank by the Minister of Finance

   foreign exchange means—

   1. the currency of a country other than New Zealand:
   2. a financial product in respect of which any amount payable is payable in a foreign currency

   foreign reserves means foreign exchange held by the Bank

   formulating, in relation to monetary policy, has the meaning set out in section 117(2)

   generally accepted accounting practice has the meaning set out in section 215

   Governor means a person who occupies the position of Governor of the Bank (whether the person is appointed under section 82 or 96)

   information includes documents (within the meaning of section 4 of the Evidence Act 2006) and data

   infringement fee, in relation to an infringement offence, means the infringement fee for the offence specified in section 166 or 265

   infringement offence means an offence under section 166 or 265

   interested or interests has the meaning set out in section 61

   law enforcement or regulatory agency means any of the following:

   1. any department that, with the authority of the Prime Minister, is responsible for the administration of any part of this Act, the prudential legislation, the Financial Markets Authority Act 2011, the Financial Markets Conduct Act 2013, or the Credit Contracts and Consumer Finance Act 2003:
   2. the Inland Revenue Department:
   4. the Treasury:
   5. the Financial Markets Authority:
   6. the Commerce Commission:
   7. the Director of the Serious Fraud Office:
   8. the New Zealand Police:
   9. the Registrar of Companies:
   10. the Registrar of Financial Service Providers:
   11. the Registrar of Friendly Societies and Credit Unions:
   12. the regulator within the meaning of section 30 of the Overseas Investment Act 2005 and the regulating department referred to in that section:
   13. a person or agency that is prescribed by the regulations for the purposes of this definition

   licensed insurer has the same meaning as in section 6(1) of the Insurance (Prudential Supervision) Act 2010

   licensed NBDT has the same meaning as in section 4(1) of the Non-bank Deposit Takers Act 2013

   member—

   1. means a person who occupies the position of member of the board of the Bank (including the Governor); but
   2. in relation to the MPC, means a member of the MPC

   Minister means the Minister of the Crown who, under the authority of a warrant or with the authority of the Prime Minister, is responsible for the administration of this Act

   monitor means the department appointed under section 80(1)

   MPC or monetary policy committee means the committee of the Bank that is continued under section 97

   MPC remit means a remit issued under this Act (see section 122)

   prudential legislation means—

   1. the Banking (Prudential Supervision) Act 1989:
   2. the Insurance (Prudential Supervision) Act 2010:
   3. the Non-bank Deposit Takers Act 2013:
   4. the Financial Market Infrastructures Act 2021:
   5. the secondary legislation made under any Act referred to in paragraphs (a) to (d)

   registered bank has the same meaning as in section 2(1) of the Banking (Prudential Supervision) Act 1989

   regulated entity means any of the following:

   1. a registered bank:
   2. a licensed insurer:
   3. a licensed NBDT:
   4. an operator of a designated FMI

   regulations means regulations made under this Act

   remit advice means the advice given by the Bank under clause 2 of Schedule 3

   subsidiary has the meaning set out in section 110(2).

2. In this Act, unless the context otherwise requires, references to a person performing functions and exercising powers, or carrying out responsibilities, includes carrying out duties.