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Deposit Takers Act 2023

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

101: Bank may require report relating to licensed deposit taker or associated person

You could also call this:

"The Bank can ask deposit takers for a report about their business or the people they work with."

Illustration for Deposit Takers Act 2023

The Bank can ask a licensed deposit taker to give them a report about their business. You might wonder what kind of things the report would be about - it could be about how the deposit taker operates or how they manage their business. The report could also be about someone connected to the deposit taker, like a person who works with them.

The Bank gets to choose who prepares the report, and they must be someone the Bank approves of. When the Bank asks for the report, they have to tell the deposit taker why they want it.

The deposit taker has to do what the Bank asks, and they have to do it within a certain time frame and in a certain way that the Bank specifies.

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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=LMS475526.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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100: Offence to fail to supply information, or

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

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102: Associated person must supply information, or

"Tell a deposit taker about yourself if they ask, so they can follow the rules."

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

101Bank may require report relating to licensed deposit taker or associated person

  1. The Bank may, by notice to a licensed deposit taker, require the deposit taker to give the Bank a report or series of reports on any matters relating to the business, operation, or management of either or both of the following:

  2. the deposit taker:
    1. any associated person of the deposit taker.

      1. The report or series of reports must be prepared by a person approved by the Bank.

      2. The notice must contain a statement of the reasons why the Bank wants the report or series of reports to be given.

      3. The licensed deposit taker must comply with the notice within the period, and otherwise in the manner, that is specified in the notice.