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Deposit Takers Act 2023

Supervision of deposit takers - Confidentiality orders

131: Disclosure with Bank’s consent

You could also call this:

"Sharing secret information with the Bank's permission"

Illustration for Deposit Takers Act 2023

If you have information that you are not allowed to share because of a confidentiality order, you can still share it if the Bank says it is okay. The Bank must not say no to sharing the information without a good reason. You can think of a good reason as something that would stop the law from being enforced, or something that would hurt a deposit taker's business too much.

The Bank might also say no if sharing the information would go against the purposes of the Deposit Takers Act 2023. There could be other good reasons for the Bank to say no to sharing the information, not just the ones mentioned. These reasons can help the Bank decide whether to let you share the information or not.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS475870.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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130: Bank may make confidentiality order, or

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

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132: Offence to contravene confidentiality order, or

"Breaking a secrecy order is a crime"

Part 4Supervision of deposit takers
Confidentiality orders

131Disclosure with Bank’s consent

  1. A confidentiality order does not prohibit the disclosure of any information by a person if the disclosure is with the Bank’s consent.

  2. The Bank’s consent must not be unreasonably withheld.

  3. It is reasonable for the Bank to withhold its consent if it considers that the disclosure of the information would be likely to—

  4. prejudice the maintenance of the law, including the prevention, investigation, and detection of contraventions of any prudential obligations; or
    1. unreasonably prejudice the commercial position of a deposit taker; or
      1. be inconsistent with the purposes of this Act.

        1. Subsection (3) does not limit the circumstances in which it may be reasonable for the Bank to withhold its consent.