Deposit Takers Act 2023

Crisis management and resolution - Bank may give directions, approve sales, and replace directors - Disclosure of direction or notice

272: Prohibition on disclosing or publishing direction or notice

You could also call this:

"Keep quiet about secret bank directions or notices unless the Bank says you can share them."

Illustration for Deposit Takers Act 2023

You must not tell anyone or publish that a direction has been given under this part of the law or that a notice has been given under section 271. This rule does not apply if you tell a director, senior manager, or adviser of the deposit taker, or someone who is helping the deposit taker. You can also tell someone if the Bank says you can, for things like selling the deposit taker's business.

You can tell the public or someone who needs to know if the Bank says you can. The Bank must think about how long ago the direction or notice was given before deciding if you can tell someone. If a direction was given for a special reason, you can tell someone if it is to make the direction happen.

There are some exceptions to this rule, like if the Bank has directed something to happen under section 80(4)(a), (b), (c), or (d), which is about bail-in, or under section 267(1)(d) to make the direction happen.

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This page was last updated on 6 August 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS529209.

Topics:

Money and consumer rights > Banking and loansBusiness > Industry rules

271: How Bank exercises power to remove, replace, or appoint director, or

"How the Bank removes, replaces, or appoints a director of a company."

273: Offence to contravene prohibition, or

"Breaking the rules can lead to a big fine of up to $100,000 or more."

Part 7Crisis management and resolution
Bank may give directions, approve sales, and replace directors: Disclosure of direction or notice

272Prohibition on disclosing or publishing direction or notice

A person must not disclose or publish the fact that a direction has been given under this subpart or that a notice has been given under section 271.
Subsection (1) does not apply to the disclosure or publication of the fact that a direction or notice has been given if the disclosure or publication is made—
to any director, senior manager, or professional or financial adviser of the licensed deposit taker, or associated person of a licensed deposit taker, to which the direction or notice relates; or
with the written consent of the Bank, for the purposes of the sale or other disposition, or the possible sale or other disposition, of the whole or any part of the capital, or business undertaking, of the licensed deposit taker or associated person of a licensed deposit taker; or
by, or on behalf of, the Bank, or with the written consent of the Bank,—
1. to the public or any class of the public; or
2. to any person who has a proper interest in knowing that the direction or notice has been given.

For the purposes of subsection (2)(b) and (c),—
the Bank’s consent must not be unreasonably withheld; and
in considering whether to give its consent, the Bank must take into account the time that has elapsed since the direction or notice was given.

Subsection (1) does not apply to the disclosure or publication of the fact that a direction has been given under section 267(1)(d) if the disclosure or publication is for the purpose of giving effect to the direction.
Subsection (1) does not apply to the disclosure or publication of the fact that the Bank has directed a matter in section 80(4)(a), (b), (c), or (d) to occur (which relates to bail-in).

Compare

2010 No 111 s 150(1)–(4)