Plain language law

New Zealand law explained for everyone

Deposit Takers Act 2023

Miscellaneous - Regulations

454: General regulations

You could also call this:

"Rules made by the Governor-General to help the Deposit Takers Act 2023 work properly"

Illustration for Deposit Takers Act 2023

The Governor-General can make regulations for the Deposit Takers Act 2023. You need to know that the Minister will recommend these regulations. The regulations can be about things like how to do something, what information to provide, and what forms to use. The Minister must consider advice from the Bank before recommending some regulations. The Bank must give the Minister this advice before the regulations are made. The Minister must be satisfied that some regulations are necessary to promote public confidence in the financial system or avoid risks. You can find more information about fees and charges in section 292 of the Reserve Bank of New Zealand Act 2021. Regulations made under this section are secondary legislation, which means they have special publication requirements, as explained in Part 3 of the Legislation Act 2019. If the regulations let the Bank make notices, these notices are also secondary legislation and the regulations must say so.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS471893.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
Previous

453: Bank may refuse to act if requirements not complied with, or

"The Bank can say no if you don't follow the rules."

Next

455: Regulations relating to depositor compensation scheme, or

"Rules about helping people get their money back if a bank fails"

Part 8Miscellaneous
Regulations

454General regulations

  1. The Governor-General may, by Order in Council, on the recommendation of the Minister, make regulations for all or any of the following purposes:

  2. providing for anything this Act says may or must be provided for by regulations:
    1. prescribing, for the purposes of any provision of this Act that requires a thing to be done in a manner prescribed by the regulations, the manner in which the thing must be done, including prescribing—
      1. by whom, when, where, and how the thing must be done:
        1. the form that must be used in connection with doing the thing:
          1. what information or other evidence or documents must be provided in connection with the thing:
            1. requirements with which information, evidence, or documents that are provided in connection with the thing must comply:
            2. authorising the Bank to determine or prescribe, by notice, any of the matters under paragraph (b):
              1. prescribing criteria for the purposes of the definition of specified overseas entity in clause 1(1) of Schedule 2:
                1. providing for anything incidental that is necessary for carrying out, or giving full effect to, this Act.

                  1. Before recommending regulations under this section for the purposes of Part 6, the Minister must have regard to the advice given by the Bank under subsection (4).

                  2. The Minister may recommend regulations under this section in any other case only on the recommendation of the Bank.

                  3. The Bank must, before regulations are made under this section for the purposes of Part 6, give the Minister advice about the proposed regulations.

                  4. The Minister must, before recommending regulations under subsection (1)(d), be satisfied that the regulations are necessary or desirable to—

                  5. promote public confidence in the financial system; or
                    1. avoid or mitigate the adverse effects of the following risks:
                      1. risks to the stability of the financial system:
                        1. risks from the financial system that may damage the broader economy.

                        2. See section 292 of the Reserve Bank of New Zealand Act 2021, which allows regulations to be made that impose fees, charges, and costs in connection with this Act.

                        3. Regulations made under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

                        4. If regulations made under subsection (1)(c) authorise the Bank to determine or prescribe matters by notice,—

                        5. a notice made under the regulations is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements); and
                          1. the regulations must contain a statement to that effect.

                            Notes