Part 4 s 159 Crown Entities Act 2004 Version as at 1 July 2024 Acquisition of financial products, borrowing, guarantees, indemnities, and derivatives Heading: amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70). 159 Application of acquisition of financial products, borrowing, guarantees, indemnities, and derivatives rules Sections 160 to 164 apply on and after 1 April 2005. Section 159 heading: amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70). 160 Further provision relating to acquisition of financial products, borrowing, guarantees, indemnities, and derivatives rules (1) Sections 161 to 164 apply subject to— (a) any regulations made under this Part; and (b) any approval given jointly by the entity’s responsible Minister and the Minister of Finance; and (c) an entity’s Act; and (d) an exemption granted in Schedule 1 or Schedule 2. (2) Sections 161 to 164 apply to a Crown entity subsidiary in the same way as they apply to its parent. (3) The Minister of Finance must notify in the Gazette an approval given under subsection (1)(b). Section 160 heading: amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70). 161 Restrictions on acquisition of financial products (1) A Crown entity must not acquire financial products other than— (2) (a) a debt security denominated in New Zealand dollars that is issued by a registered bank, or by any other entity, that satisfies a credit-rating test that is specified in either regulations made under this Part or a notice in the Gazette published by the Minister of Finance: (b) a public security: (c) as provided in section 160. This section does not apply to any money, financial product, or credit balance in a bank account held by a Crown entity on trust for any purpose or for another person. (2A) This section does not apply to derivatives. (3) 92 This section does not prohibit a Crown entity from acquiring subsidiaries or shares if section 96 or, as the case may be, section 100 allows the acquisition.