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Deposit Takers Act 2023

Crisis management and resolution - No creditor or shareholder worse off - Valuer’s role

371: Valuer must act in manner prescribed by regulations

You could also call this:

"Valuers must follow the rules when doing their job"

Illustration for Deposit Takers Act 2023

When you are a valuer, you must do your job in the way the regulations say. The regulations tell you how to do your job, and they might say things like what methods to use when valuing something. They might also say what principles to apply, or how to work out the value of something at a certain time.

The regulations can say what things you should think about when making a decision, and what things to ignore. They can also say how you should use the information you get from other people, like the Bank or shareholders. You might have to make assumptions when you are valuing something, and the regulations will guide you on how to do this.

The regulations are like a set of rules that you must follow when you are doing your job as a valuer. They help make sure you do your job in a fair and consistent way. The rules in the regulations are important, and you must follow them when you are working as a valuer.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS550640.

Topics:
Business > Industry rules
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370: Functions of valuer, or

"What a valuer's job is: deciding payments for people affected by a company's financial troubles"

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372: Valuer must prepare list of pre-resolution creditors and shareholders, or

"Valuer must make a list of people owed money or owning the company before big decisions."

Part 7Crisis management and resolution
No creditor or shareholder worse off: Valuer’s role

371Valuer must act in manner prescribed by regulations

  1. A valuer must perform or exercise the valuer’s functions, powers, and duties in the manner prescribed by the regulations.

  2. The regulations may, in particular, require a valuer to do 1 or more of the following:

  3. to apply, or not to apply, specified methods of valuation:
    1. to apply specified principles:
      1. to assess values or average values at specified dates or over specified periods:
        1. to take specified matters into account in a specified manner:
          1. to disregard specified matters:
            1. not to take specified matters into account.

              1. The regulations may also require or permit a valuer to make assumptions.

              2. The regulations may prescribe—

              3. the manner in which the Bank, pre-resolution creditors, pre-resolution shareholders, or other persons may or must give information, or submit claims, to the valuer; and
                1. the manner in which the valuer must or may deal with the information and those claims.

                  1. Subsections (2) to (4) do not limit subsection (1).