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Offshore Renewable Energy Bill

Decommissioning of ORE infrastructure - Obligation to provide Crown with financial security - Financial capability assessments

92: Relevant persons must provide supporting information

You could also call this:

"People involved must give the Minister extra information to check their money situation."

Illustration for Offshore Renewable Energy Bill

If you may be subject to a financial capability assessment under section 88, you must follow some rules. You must keep a record of certain information that the regulations say is relevant and necessary for the Minister to assess your financial capability. You must also provide a copy of this information to the Minister at certain times or when they ask for it.

The Minister can ask you for more information if they need it to assess your financial capability. You will get a written notice saying what information you need to provide and when you need to provide it. You must give the Minister the information they ask for, in the way they say, and by the time they say.

The Minister can also ask other people for information if they think it will help with the financial capability assessment. This could be a company you own, a bank, or someone who audits your accounts. You should check section 116 to see how the Minister can use and share the information you provide.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS992258.

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91: Minister must notify outcome of financial capability assessment, or

"Minister must tell you if you have enough money for decommissioning costs"

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"Who can own the equipment that sends offshore renewable energy to the mainland"

Part 3Decommissioning of ORE infrastructure
Obligation to provide Crown with financial security: Financial capability assessments

92Relevant persons must provide supporting information

  1. This section applies to—

  2. a person who may be subject to a financial capability assessment under section 88; and
    1. any other person who the Minister considers is likely to hold information that is relevant and reasonably necessary to carry out a financial capability assessment (for example, parent companies, banks, or auditors).

      1. The person must keep a record of any information prescribed by the regulations as relevant and reasonably necessary to enable the Minister to carry out a financial capability assessment.

      2. The person must provide a copy of the information to the Minister—

      3. at the times, or within a period after the occurrence of any events, that are prescribed by the regulations (if any); and
        1. on request from the Minister, within any reasonable time specified in the request.

          1. The Minister may, by written notice, require the person to provide any further information that the Minister considers relevant and reasonably necessary to carry out the financial capability assessment.

          2. The person must provide a copy of the information to the Minister—

          3. in the form and in the manner set out in the notice; and
            1. within any reasonable time specified in the notice requiring the information.

              1. See section 116 (which relates to the use and disclosure of information).