6Interpretation

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

   agreement includes any contract, arrangement, or understanding

   applicable standard, in relation to a person, means a standard issued under subpart 2 of Part 3 that applies to the person

   approved rating agency means a rating agency approved by the Bank under subpart 1 of Part 3

   associated person or associate has the meaning set out in section 7

   Australian financial authority means an Australian public authority prescribed by the regulations

   bail-in instrument has the meaning set out in section 80

   Bank means the Reserve Bank of New Zealand continued under the Reserve Bank of New Zealand Act 2021

   Bank’s Internet site means an Internet site maintained by, or on behalf of, the Bank

   building society has the same meaning as in section 2(1) of the Building Societies Act 1965

   business, operation, or management has the meaning set out in section 99(5)

   communication includes an advertisement

   constitution means,—

   1. in the case of a company within the meaning of section 2(1) of the Companies Act 1993, the constitution of the company; and
   2. in the case of any other entity, the documents or instruments constituting or defining the constitution of the entity

   co-operative company means a company registered as a co-operative company under the Co-operative Companies Act 1996

   Council of Financial Regulators means the Council of Financial Regulators continued under subpart 4 of Part 6 of the Reserve Bank of New Zealand Act 2021

   court means, in relation to any matter, the court before which the matter is to be determined (see section 187, which confers exclusive jurisdiction on the High Court in proceedings other than proceedings for offences, banning orders, and certain other matters)

   credit has the same meaning as in section 6 of the Credit Contracts and Consumer Finance Act 2003

   credit union has the same meaning as in section 2 of the Friendly Societies and Credit Unions Act 1982

   current credit rating means a rating of creditworthiness that, in relation to a date on which a deposit taker is required to have a rating, was given not earlier than 15 months before that date

   debt security has the same meaning as in section 8 of the FMCA

   deposit taker has the meaning set out in clause 2 of Schedule 2

   depositor compensation scheme means the depositor compensation scheme established by Part 6

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

   director means,—

   1. in relation to a company, any person occupying the position of a director of the company by whatever name called:
   2. in relation to a partnership (other than a limited partnership), any partner:
   3. in relation to a limited partnership, any general partner:
   4. in relation to a body corporate or unincorporate, other than a company, partnership, or limited partnership, any person occupying a position in the body that is comparable with that of a director of a company

   document has the same meaning as in section 4(1) of the Evidence Act 2006

   eligible depositor has the meaning set out in section 191

   enters resolution has the meaning set out in section 277

   financial markets has the same meaning as in section 6(1) of the FMCA

   financial product has the same meaning as in section 7 of the FMCA

   financial service has the same meaning as in section 5 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008

   financial service provider means a person who carries on a business of providing a financial service, whether or not—

   1. the business is the provider’s only business or the provider’s principal business; or
   2. the person is required to be registered under the Financial Service Providers (Registration and Dispute Resolution) Act 2008

   financial system—

   1. means the financial system in New Zealand; and
   2. includes the financial markets

   fit and proper certificate means a certificate that complies with the requirements of an applicable standard referred to in section 81(1)(c)

   FMA means the Financial Markets Authority established by Part 2 of the Financial Markets Authority Act 2011

   FMCA means the Financial Markets Conduct Act 2013

   friendly society has the same meaning as in section 2 of the Friendly Societies and Credit Unions Act 1982

   governing body means,—

   1. in relation to a body corporate, the board of directors (or other persons or body exercising powers of management, however described) of the body corporate:
   2. in relation to a partnership or other unincorporated body of persons, either—
      1. the board of directors (or other persons or body exercising powers of management, however described) of the partnership or other unincorporated body of persons; or
      2. if there is no board or other persons or body as described in subparagraph (i), the partners of the partnership or members of the unincorporated body of persons

   Governor means a person who occupies the position of Governor of the Bank (whether the person is appointed under section 82 or 96 of the Reserve Bank of New Zealand Act 2021)

   holding entity has the meaning set out in section 7

   home jurisdiction means,—

   1. in the case of an overseas person that is a body corporate, the country in which that body is incorporated:
   2. in the case of an overseas person that is an unincorporated body, the country in which that body has its head office or principal place of business

   in resolution has the meaning set out in section 277

   information includes any data, forecast, or document

   infringement fee, in relation to an infringement offence, means the infringement fee for the offence specified in the provision that identifies the infringement offence

   infringement offence means an offence identified in this Act as being an infringement offence

   insolvent, in relation to a deposit taker or any other entity (A), means that—

   1. A is unable to pay A’s debts as they become due in the normal course of business; or
   2. the value of A’s assets is less than the value of A’s liabilities, including contingent liabilities (and for that purpose section 4(4) of the Companies Act 1993 applies in respect of A as if it were a company even if it is not)

   investigator means a person appointed as an investigator under subpart 5 of Part 4

   law enforcement or regulatory agency has the same meaning as in section 5 of the Reserve Bank of New Zealand Act 2021

   licence means a licence issued under Part 2

   licensed deposit taker means a person that holds a licence

   licensed deposit taker group, in relation to a licensed deposit taker, means the licensed deposit taker and all of its holding entities and subsidiaries (if any)

   liquidation under New Zealand law, in relation to an overseas body corporate, includes a liquidation as referred to in section 342 of the Companies Act 1993

   local authority has the meaning set out in section 5(1) of the Local Government Act 2002

   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

   New Zealand chief executive officer, in relation to an overseas deposit taker, means—

   1. the most senior officer of the deposit taker who is ordinarily resident in New Zealand; or
   2. another person who may be nominated by the deposit taker and agreed to in writing by the Bank

   New Zealand chief financial officer, in relation to an overseas deposit taker, means—

   1. the most senior officer of the deposit taker who is ordinarily resident in New Zealand (other than the New Zealand chief executive officer) and who is responsible for the accounting and financial reporting obligations of the deposit taker; or
   2. another person who may be nominated by the deposit taker and is agreed to in writing by the Bank

   non-deposit-taking lender means a person that carries on the business of lending money but is not a deposit taker

   overseas company means a body corporate that is incorporated outside New Zealand

   overseas deposit taker means a deposit taker that is an overseas person

   overseas licensed deposit taker means a licensed deposit taker that is an overseas person

   overseas person means—

   1. a body corporate incorporated outside New Zealand; or
   2. an unincorporated body that has its head office or principal place of business outside New Zealand

   overseas supervisor means any authority or body in any country other than New Zealand that performs functions in relation to deposit takers that correspond with, or are similar to, those conferred on the Bank under this Act

   personal information has the same meaning as in section 7(1) of the Privacy Act 2020

   protected deposit has the meaning set out in section 192

   prudential legislation has the same meaning as in section 5 of the Reserve Bank of New Zealand Act 2021

   prudential obligation means an obligation imposed by or under any of the following:

   1. this Act or the regulations:
   2. the standards:
   3. a condition of a licence issued under Part 2:
   4. a direction given under this Act:
   5. the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 and regulations made under that Act (but see sections 93(3) and 94(3))

   regulations means regulations made under this Act

   relative, in relation to any person, means—

   1. the person’s spouse, civil union partner, or de facto partner; or
   2. any parent, step-parent, brother, sister, child, or stepchild of the person; or
   3. any parent, step-parent, brother, sister, child, or stepchild of the person’s spouse, civil union partner, or de facto partner

   resolution manager means—

   1. a person appointed under section 357; or
   2. the Bank if the Bank has appointed itself as a resolution manager or no other person holds office as a resolution manager

   restricted word—

   1. means any of the words bank, banker, and banking; and
   2. includes—
      1. any of those words as part of any other word:
      2. a translation of those words into another language (whether or not the translation of those words is part of any other word)

   security interest means an interest in property created or provided for by a transaction that in substance secures payment or performance of an obligation, without regard to—

   1. the form of the transaction; and
   2. the identity of the person who has title to the collateral

   senior manager, in relation to a person (A), means a person who occupies any of the following positions in respect of A (by whatever name called):

   1. if A is an overseas person,—
      1. New Zealand chief executive officer:
      2. New Zealand chief financial officer:
   2. in any other case,—
      1. chief executive:
      2. chief financial officer:
      3. a manager who reports directly to the chief executive

   significant transaction has the meaning set out in section 41

   SPV means a special purpose vehicle

   standard means a standard issued under subpart 2 of Part 3

   statement of funding approach means a statement published under subpart 7 of Part 6

   subsidiary means a subsidiary within the meaning of sections 5 to 8 of the Companies Act 1993

   temporary high balance limit has the meaning set out in section 203

   voting product means a financial product that confers a voting right

   voting right means a currently exercisable right to cast a vote at meetings of members or shareholders of a body corporate, not being a right to vote that is exercisable only in 1 or more of the following circumstances:

   1. during a period in which a payment or distribution (or part of a payment or distribution) in respect of the financial product that confers the voting right is in arrears or some other default exists:
   2. on a proposal that affects rights attached to the financial product that confers the voting right:
   3. during the liquidation of the body corporate:
   4. in respect of a special, immaterial, or remote matter that is inconsequential to control of the body corporate.