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Deposit Takers Act 2023

Regulation of deposit takers - Standards - Procedural matters

76: When procedural requirements do not apply

You could also call this:

"When the Bank doesn't have to follow all the rules to make or change standards for deposit takers"

Illustration for Deposit Takers Act 2023

You do not have to follow some rules when the Bank is making a new standard that only applies to one deposit taker. The Bank also does not have to follow these rules if they think the new standard is minor or technical. This is according to section 75(1)(a).

If the Bank is changing an existing standard, some rules do not apply if the change is minor. You can find more information about this in section 75(1)(b) and (c). The Bank decides if a change is minor or technical.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS497962.

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Money and consumer rights > Banking and loansBusiness > Industry rules
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75: Procedure for issuing standards, or

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

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Part 3Regulation of deposit takers
Standards: Procedural matters

76When procedural requirements do not apply

  1. Section 75(1)(a) does not apply if—

  2. the proposed standard will apply only to a particular deposit taker; or
    1. the Bank is satisfied that the prudential policy is of a minor or technical nature only.

      1. Section 75(1)(b) and (c) does not apply to a standard that amends another standard if the Bank is satisfied that the amendment—

      2. is only correcting a minor error; or
        1. is otherwise of a minor or technical nature only.