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Reserve Bank of New Zealand Act 2021

Miscellaneous provisions - Information-gathering power - Requirement that information be reviewed

267: Requirement that information be reviewed

You could also call this:

"The Bank must check information is correct"

Illustration for Reserve Bank of New Zealand Act 2021

You need to know about a rule called 'Requirement that information be reviewed'. This rule applies when someone gives information to the Bank under section 262 and the Bank thinks the information is not complete or correct. The Bank can ask this person to get the information checked and give the results to the Bank. The check must be done by someone the Bank approves of and in the way the Bank says. You have to give the results to the Bank by the time they say and in the way they say.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287200.

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Topics:
Money and consumer rights > Banking and loans
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"Breaking the law by not following the Bank's review rules can lead to a big fine."

Part 6Miscellaneous provisions
Information-gathering power: Requirement that information be reviewed

267Requirement that information be reviewed

  1. This section applies if—

  2. information is supplied by a relevant person under section 262; and
    1. the Bank has reasonable grounds to believe that the information is inadequate or inaccurate.

      1. The Bank may, by written notice, require the relevant person to—

      2. obtain a review of the information; and
        1. give the results of the review to the Bank.

          1. The review must be carried out—

          2. by a suitably qualified independent person approved by the Bank; and
            1. in the manner specified by the Bank in the notice.

              1. The results of the review must be given to the Bank within the period, and otherwise in the manner, that is specified in the notice.

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