Plain language law

New Zealand law explained for everyone

Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Board of Bank and its members - Conflict of interest disclosure rules

61: When person is interested

You could also call this:

"When you might gain or lose money from a Reserve Bank decision"

Illustration for Reserve Bank of New Zealand Act 2021

You are interested in a matter if you may get money from it or lose money because of it. You are also interested if someone close to you, like a spouse or child, may get money from it or lose money because of it. You can be interested in a matter in other ways too, like if you have a job or a role with a company that is involved in the matter. You are not interested in a matter just because you work for the Reserve Bank or get paid for your work. You are not interested if you get benefits like insurance or a salary that you are allowed to get under the law. You are not interested if your connection to the matter is so small that it would not affect your decisions. In this context, a matter refers to what the Reserve Bank does or decides, or an agreement it makes with someone else. The Reserve Bank's actions and decisions are what matter here. You can find more information about this by looking at s 62 of a related law.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287092.

This page was last updated on — View changes

Topics:
Money and consumer rights > Banking and loansWork and jobs > Worker rights
Previous

60: When members may rely on certain information and advice, or

"When can members trust information and advice?"

Next

62: Obligation to disclose interest, or

"Tell others about your interest in the Bank's business"

Part 2Reserve Bank of New Zealand
Board of Bank and its members: Conflict of interest disclosure rules

61When person is interested

  1. A person is interested in a matter if the person—

  2. may derive a financial benefit, or suffer a financial loss, from the matter; or
    1. is the spouse, civil union partner, de facto partner, child, or parent of a person who may derive a financial benefit, or suffer a financial loss, from the matter; or
      1. may have a financial interest in a person to whom the matter relates; or
        1. is a partner, director, officer, board member, or trustee of a person who may have a financial interest in a person to whom the matter relates; or
          1. is otherwise directly or indirectly interested in the matter.

            1. However, a person is not interested in a matter—

            2. only because they hold office as the Governor; or
              1. only because they are a member or an officer of a wholly-owned subsidiary of the Bank; or
                1. because the person receives an indemnity, insurance cover, remuneration, or other benefits authorised under this Act or another Act; or
                  1. if the person’s interest is so remote or insignificant that it cannot reasonably be regarded as likely to influence them in carrying out their responsibilities under this Act or another Act; or
                    1. only because the person has past or current involvement in the relevant sector, industry, or practice.

                      1. In this section, matter means—

                      2. the Bank’s performance of its functions or exercise of its powers; or
                        1. an arrangement, agreement, or contract made or entered into, or proposed to be entered into, by the Bank.

                          Compare