Schedule 9: Wholesale cash distribution Part 1 – New Part 5A of the Banking Act 2009 Enforcement Section 206Q: Independent report
Subsection (1) enables the Bank to require a recognised person who performs a relevant function in relation to a wholesale cash distribution activity to appoint an expert to provide a report on the performance of the function.
	Subsection (2) specifies that the Bank may only impose this requirement where the Bank thinks that the person is not having sufficient regard to the principles published by the Bank under section 206K; the person is failing to comply with a code of practice under section 206L; or the report is likely for any other reason to assist the Bank in the performance of its functions under this Part.
	Subsection (3) enables the Bank to impose requirements about the nature of the expert to be appointed, the content of the expert’s report, how the report is subsequently treated (including whether or not it is to be disclosed or published); and the timeframe within which the report must be produced.