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Deposit Takers Act 2023

Crisis management and resolution - No creditor or shareholder worse off - Valuer’s information-gathering power

387: Valuer may require person to supply information for purposes of this subpart

You could also call this:

"Valuers can ask you for information to help them do their job"

Illustration for Deposit Takers Act 2023

If you are involved with a deposit taker, a valuer might need some information from you to do their job. The valuer can ask you to give them certain information, show them specific documents, or help make copies of the information in those documents. You will get a notice telling you what you need to do.

The valuer can ask you for this information if you are a bank, a company that is being looked at, someone who works with that company, or a financial service provider. The notice will say what you need to do and when you need to do it.

You must follow the instructions in the notice and give the valuer the information they need within the time they specify. The valuer is also allowed to make copies of any documents you show them.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS550653.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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386: Transfer of entitlement by assignment or operation of law, or

"When someone else takes over your debt or shares, they get your compensation instead"

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388: Offence to fail to supply information, or

"Breaking the law by not giving information when asked"

Part 7Crisis management and resolution
No creditor or shareholder worse off: Valuer’s information-gathering power

387Valuer may require person to supply information for purposes of this subpart

  1. If the valuer considers it necessary or desirable for the purposes of performing or exercising the valuer’s functions, powers, or duties under this subpart, the valuer may, by notice to any relevant person, require the person to do 1 or more of the following:

  2. give to the valuer any information, or class of information, that is specified in the notice:
    1. produce for inspection any documents, or class of documents, that is specified in the notice:
      1. if necessary, reproduce, or assist in reproducing, in usable form, information recorded or stored in those documents.

        1. In this section, relevant person means any of the following:

        2. the Bank:
          1. the affected entity, any associated person of the affected entity, or any creditor or shareholder of the affected entity:
            1. any financial service provider.

              1. The relevant person must comply with a requirement under subsection (1) within the period, and otherwise in the manner, that is specified in the notice.

              2. The valuer may take copies of any documents produced for inspection under subsection (1).