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Deposit Takers Act 2023

Crisis management and resolution - Resolution manager - Key duties

356: Resolution manager must report annually on conduct of resolution

You could also call this:

"The person in charge must write a yearly report on how they handled problems with banks and other deposit takers."

Illustration for Deposit Takers Act 2023

The resolution manager has some jobs to do every year. You need to know that they must prepare a report on how they handled the resolution of a licensed deposit taker and its associated people. They have to do this within four months after the balance date of the deposit taker.

They must write this report about what happened during the accounting period that just ended. The resolution manager also has to send the report to the Registrar of Financial Service Providers, along with some other documents that are required under section 461H of the FMCA.

The resolution manager must also give a copy of these documents to the Bank.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS564622.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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355: Resolution manager must regularly report as required by Bank, or

"The person in charge must tell the Bank how things are going, as often as the Bank says."

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357: Bank may appoint resolution manager, or

"The Bank can pick someone to help fix problems if the bank gets into trouble."

Part 7Crisis management and resolution
Resolution manager: Key duties

356Resolution manager must report annually on conduct of resolution

  1. A resolution manager must, within 4 months after the balance date of a licensed deposit taker (A) that is in resolution,—

  2. prepare a report on the conduct of the resolution of A and of its associated persons during the accounting period ending on that date; and
    1. lodge the report with the Registrar of Financial Service Providers together with the documents that are lodged under section 461H of the FMCA in relation to A; and
      1. give the Bank a copy of those documents.