Plain language law

New Zealand law explained for everyone

Deposit Takers Act 2023

Supervision of deposit takers - Bank’s information-gathering power

99: Bank may require person to supply information for purposes of Act

You could also call this:

"The Bank can ask you for information to help them do their job."

Illustration for Deposit Takers Act 2023

The Bank can ask you to give them information if they need it to do their job under the Deposit Takers Act 2023. They can ask you to give them specific information, or to show them certain documents. You might also need to help them make copies of the information in those documents.

The Bank will tell you what information they need, and how they want you to give it to them. They might ask for information about a business or organisation you are involved with, whether it operates in New Zealand or somewhere else. You will have to give the Bank the information they ask for within a certain time frame, and in the way they specify.

The Bank can also make copies of any documents you show them. When the Bank asks for information about a business or organisation, they might be looking for details about how it is run, its finances, or how it makes decisions.

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 It might be out of date or be missing some parts.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=LMS475522.

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

98: Prudential supervision, or

"The Bank watches over companies that take deposits to ensure they work properly."

Next

100: Offence to fail to supply information, or

"Breaking the law by not giving information when asked can lead to a big fine."

Part 4Supervision of deposit takers
Bank’s information-gathering power

99Bank may require person to supply information for purposes of Act

  1. If the Bank considers it necessary or desirable for the purposes of performing or exercising its functions, powers, or duties under this Act, the Bank may, by notice to any person, require the person to do 1 or more of the following:

  2. give to the Bank any information, or class of information, that is specified in the notice:
    1. produce for inspection any documents, or class of documents, that are specified in the notice:
      1. if necessary, reproduce, or assist in reproducing, in usable form, information recorded or stored in those documents.

        1. The information required under subsection (1)(a) must be given—

        2. for the periods, and in the form (including consolidated form), that may be specified in the notice; and
          1. in respect of the business, operation, or management of a person who is or may be any of the following:
            1. a deposit taker or any other financial service provider:
              1. an associated person of a deposit taker; and
              2. in respect of business carried on in New Zealand or elsewhere and whether as principal, broker, agent, or intermediary; and
                1. within the period, and otherwise in the manner, that is specified in the notice.

                  1. The person must comply with subsection (1)(b) and (c) within the period, and otherwise in the manner, that is specified in the notice.

                  2. The Bank may take copies of any documents produced for inspection under subsection (1).

                  3. For the purposes of this Act, a reference to matters relating to the business, operation, or management of a person includes the corporate, financial, or prudential matters of the person.