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Reserve Bank of New Zealand Act 2021

Miscellaneous provisions - Regulations

296: Consultation about proposed levy regulations

You could also call this:

"Minister talks to people before making levy rules"

Illustration for Reserve Bank of New Zealand Act 2021

You need to know what happens when the Minister wants to make rules about levies. The Minister must talk to people who will be affected by the levies before making any decisions. This includes people who will have to pay the levies and others who will be significantly affected. You will be consulted about how much of the costs should be paid by the levies. You will also be asked about the amount of the levies and how they will be calculated. The Reserve Bank can do the consultation on the Minister's behalf if they agree to it. If the Minister does not follow this process, it does not mean the rules they make are not valid. The Minister is referring to rules made under section 294 and section 293. They also consider costs referred to in section 294(3)(a) and rules made under section 294.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287360.

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Part 6Miscellaneous provisions
Regulations

296Consultation about proposed levy regulations

  1. The Minister must, before making a recommendation under section 294, ensure that the following are consulted:

  2. the persons or organisations that the Minister considers are able to represent the views of those regulated entities that are liable to pay a levy under section 293; and
    1. any other representatives of persons who the Minister believes are significantly affected by a levy.

      1. The consultation must include consultation relating to—

      2. the portion of the costs referred to in section 294(3)(a) that should be met by the levies; and
        1. the amount of levies or method of calculating or ascertaining the amount of levies.

          1. The Bank may carry out the consultation on the Minister’s behalf if the Minister and the Bank agree to the Bank acting under this subsection.

          2. A failure to comply with this section does not affect the validity of any regulations made under section 294.

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