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Reserve Bank of New Zealand Act 2021

Financial and accountability matters - Other accountability statements and reports - Assessment of regulatory impacts of policies

255: Assessment of regulatory impacts of policies

You could also call this:

"The Reserve Bank checks how its rules affect people and reports back to the Minister."

Illustration for Reserve Bank of New Zealand Act 2021

The Reserve Bank of New Zealand has to assess how its policies will affect people. You can think of a policy as a rule or a plan that the Bank wants to put in place. The Bank must look at how these policies will work and tell the Minister about it. The Bank has to check its policies regularly to see how they are working. It is like checking if a plan is working or not. The Bank then gives a report to the Minister about what it found out. The Bank does not have to do this for policies that are small or just about tiny details. It can give its reports to the Minister in different ways, such as including them in another document or making a separate report. You can find more information about this by looking at the Reserve Bank of New Zealand Act and similar laws.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287212.

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254: Obligation to prepare statements of prudential policy, or

"The Bank must prepare and update rules on how it keeps the financial system safe."

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256: Content of assessment of proposed policy, or

"What to include when checking a new policy"

Part 5Financial and accountability matters
Other accountability statements and reports: Assessment of regulatory impacts of policies

255Assessment of regulatory impacts of policies

  1. The Bank must—

  2. assess the expected regulatory impacts of any policy that it intends to adopt under the prudential legislation (a proposed policy); and
    1. assess the regulatory impacts of the policies adopted and applied under that legislation at intervals appropriate to the nature of the policy being assessed; and
      1. give reports on the assessments to the Minister.

        1. Subsection (1) does not apply to any policy that is of a minor or technical nature.

        2. The Bank may provide reports on the assessments of regulatory impacts to the Minister—

        3. as part of another document or other report required by this Part; or
          1. as a stand-alone report prepared following a request by the Minister or on the Bank’s own initiative.

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