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Reserve Bank of New Zealand Act 2021

Financial and accountability matters - Miscellaneous

260: Consultation with House of Representatives on reporting standards

You could also call this:

"Minister shares new reporting rules with Parliament for feedback"

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You need to know what the Minister does when making rules about reporting standards. The Minister prepares a draft of the rules and sends it to the Speaker of the House of Representatives. The Speaker then shows the draft rules to the House of Representatives. You will see the draft rules are discussed and maybe changed. The Minister thinks about what the Speaker or a committee says and can change the rules. The Minister then gives the final rules to the House of Representatives. The Minister sends the final rules to the House of Representatives after they are made. This happens as soon as possible after the rules are issued. The Minister does this so the House of Representatives knows what the rules are.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287333.

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259: Minister of Finance instructions, or

"The Minister of Finance gives the Reserve Bank instructions on reporting and accounting standards."

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261: Interpretation for this subpart, or

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Part 5Financial and accountability matters
Miscellaneous

260Consultation with House of Representatives on reporting standards

  1. The Minister must prepare and submit to the Speaker of the House of Representatives a draft of any instruction proposed to be issued under section 259(1)(b).

  2. The Speaker must present the draft instruction to the House of Representatives as soon as is reasonably practicable.

  3. The Minister, after considering any comments of the Speaker or any committee of the House of Representatives that considered the draft instruction, may amend the draft instruction as the Minister thinks fit.

  4. The Minister must, as soon as practicable after issuing an instruction, present it to the House of Representatives.

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