The Bank has to talk to people who will be affected by new rules before giving advice about those rules. You will be affected if the new rules are about deposit takers that do not issue protected deposits. The Bank must do this before giving advice under section 455(3) about these new rules.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS712341.
459: Regulations providing for licensed deposit takers that do not issue protected deposits, or
"Rules for deposit takers that don't offer protected deposits, to keep the system fair and safe"
461: Regulations providing for temporary high balance limits, or
"Rules to help keep your money safe when you have a lot in the bank"
The Bank must, before giving advice under section 455(3) in relation to regulations under section 455(1)(e), consult the persons or representatives of the persons that the Bank considers will be substantially affected by the regulations.
