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Deposit Takers Act 2023

Regulation of deposit takers - Standards

74: Application of standards

You could also call this:

"Rules for deposit takers: how standards apply to them"

Illustration for Deposit Takers Act 2023

When a standard is made, it can apply to all deposit takers or just some of them. It can also apply in all situations or just in certain ones. You can think of a standard like a set of rules that deposit takers must follow. A standard can say it applies to a deposit taker if their licence says so.

A standard can also say that some of its rules apply to a deposit taker if their licence says they do. You can find more information about this in section 24(1)(a) and (b). This means the standard's rules can be tailored to each deposit taker.

If a standard talks about something that is also mentioned in sections 78 to 90, the specific things mentioned do not limit what the standard is talking about. This means that just because a standard mentions a few specific things, it does not mean those are the only things it applies to. The standard can still apply to other things that are not specifically mentioned.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS497953.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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73: Licensed deposit taker must comply with applicable standards, or

"Licensed deposit takers must follow the rules that apply to them."

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75: Procedure for issuing standards, or

"How the Bank creates new rules to keep your money safe"

Part 3Regulation of deposit takers
Standards

74Application of standards

  1. A standard may do either or both of the following:

  2. apply to all deposit takers, a particular deposit taker, or a class of deposit takers:
    1. apply in all circumstances, particular circumstances, or a class of circumstances.

      1. A standard may provide for either or both of the following (see section 24(1)(a) and (b)):

      2. the standard to apply to a deposit taker if a condition of its licence states that the standard applies:
        1. a requirement of the standard to apply to a deposit taker if a condition of its licence states that the requirement applies.

          1. Subsection (2) does not limit subsection (1).

          2. If a matter referred to in any of sections 78 to 90 is specified as including certain specific matters, those specific matters do not limit the matter referred to.