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Deposit Takers Act 2023

Supervision of deposit takers - Confidentiality orders

130: Bank may make confidentiality order

You could also call this:

"The Bank can stop people from sharing secret information for up to 3 years."

Illustration for Deposit Takers Act 2023

The Bank can make an order to stop people sharing certain information. You might not be allowed to share information that shows the Bank using its powers under this Act. You also might not be allowed to share information that the Bank gets when it is investigating something. The Bank can make this order on its own or because someone asked it to. The Bank decides what the order says and for how long it lasts, which can be up to 3 years.

When the order ends, the Official Information Act 1982 and the Privacy Act 2020 apply to the information that was secret. The Bank's order must follow other laws and court orders. This means the Bank's order is not the most important rule if it disagrees with another law or court order.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS475869.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesRights and equality > Privacy
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129: Offences in relation to investigations, or

"Breaking the rules during an investigation can lead to a big fine"

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131: Disclosure with Bank’s consent, or

"Sharing secret information with the Bank's permission"

Part 4Supervision of deposit takers
Confidentiality orders

130Bank may make confidentiality order

  1. The Bank may make an order prohibiting the publication or communication of any information—

  2. that discloses, or is reasonably likely to disclose, the exercise of a power under this Act; or
    1. that is provided or obtained in connection with any inquiry, investigation, or other proceeding of the Bank under this Act.

      1. The Bank may make the order on its own initiative or on the application of any person.

      2. The Bank may make the order on the terms and conditions (if any) that it thinks fit.

      3. The prohibition in the order has effect for the period specified in the order (which must not exceed 3 years).

      4. At the end of the period specified in the order, the Official Information Act 1982 and the Privacy Act 2020 apply to any information that was the subject of the order.

      5. An order made under this section is subject to any other legislation or an order of the court.