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Deposit Takers Act 2023

Supervision of deposit takers - Access to information by overseas supervisor

142: Duties of licensed deposit taker

You could also call this:

"What licensed deposit takers must do to follow the rules"

Illustration for Deposit Takers Act 2023

If you are a licensed deposit taker, you must follow the rules in a notice given to you under section 139. You have to do what the notice says, which might be letting someone from overseas come and check your work. You might also have to give them the information they need, and you must do this within the time and in the way the notice says.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS496791.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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141: Restriction on authorisation, or

"The Bank can only give permission if it knows secrets will be kept safe."

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143: Offence to contravene duties, or

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Part 4Supervision of deposit takers
Access to information by overseas supervisor

142Duties of licensed deposit taker

  1. A licensed deposit taker that is given a notice under section 139 must comply with the notice by, as the case may be,—

  2. permitting the overseas supervisor to conduct an on-site inspection of the deposit taker; or
    1. giving the overseas supervisor the required information within the period, and in the manner, specified in the notice.