section 8 (transitional, savings, and related provisions) (but only for the purpose of giving effect to the provisions of Schedule 1 that come into force under paragraph (p)):

(c)

section 98 (prudential supervision):

(d)

section 99 (Bank may require person to supply information for purposes of Act):

(e)

section 100 (offence to fail to supply information):

(f)

subpart 9 of Part 4 (miscellaneous):

(g)

subpart 4 of Part 5 (false or misleading declarations, representations, and other information):

(h)

subpart 6 of Part 5 (miscellaneous):

(i)

section 190 (additional purpose of Part 6):

(j)

section 191 (interpretation in Part 6):

(k)

section 195 (Bank’s function under Part 6):

(l)

subparts 3 and 4 of Part 8 (confidentiality and Bank’s power to specify how things are done):

(m)

sections 474 and 475 (which relate to how notices, directions, and other documents must be given and treated as given):

(n)

section 479(3) (which amends the Reserve Bank of New Zealand Act 2021 to add the management and administration of the depositor compensation scheme to the Bank’s functions):

(o)

section 495(1) (consequential amendments) (but only for the purpose of giving effect to the items in Schedule 3 that come into force under paragraph (q)):

(p)

the following provisions of Schedule 1:

(i)

clause 7 (depositor compensation and information disclosure standards may apply during transitional period):

(ii)

clause 22 (information obtained under former law):

(q)

the following items in Schedule 3:

(i)

the item relating to new section 49(2)(d) of the Reserve Bank of New Zealand Act 2021:

(ii)

the item relating to new section 31(3)(ea) of the Russia Sanctions Act 2022.

(2)

The following provisions of the Deposit Takers Act 2023 come into force on 1 July 2025:

(a)

section 8 (transitional, savings, and related provisions) (but only for the purpose of giving effect to the provisions of Schedule 1 that come into force under paragraph (s)):

(b)

subparts 2, 3, and 5 of Part 5 (pecuniary penalty, infringement offences, and ban ordered by District Court):

(c)

section 192 (meaning of protected deposit and related terms):

(d)

section 193 (licensed deposit taker must publish list of protected deposits):

(e)

section 194 (when Bank may issue specified event notice):

(f)

subpart 2 of Part 6 (depositor compensation fund):

(g)

subpart 3 of Part 6 (entitlement to compensation):

(h)

subpart 4 of Part 6 (Bank assumes rights and remedies in relation to protected deposit):

(i)

subpart 5 of Part 6 (use of fund to support resolution):

(j)

sections 235 to 237 (which relate to levies for the depositor compensation scheme):

(k)

subpart 8 of Part 6 (deficiency in fund):

(l)

subpart 9 of Part 6 (accountability):

(m)

subpart 10 of Part 6 (miscellaneous provisions):

(n)

section 484 (which amends the Reserve Bank of New Zealand Act 2021 in relation to financial statements of the depositor compensation fund):

(o)

section 487 (which amends the Financial Markets Conduct Act 2013 in relation to false or misleading representations):

(p)

sections 490 to 492 (which amend the Public Finance Act 1989 in relation to certain powers in connection with a financial institution in serious financial difficulties):

(q)

section 494 (which amends the Insurance (Prudential Supervision) Act 2010 in relation to the meaning of carrying on insurance business in New Zealand):

(r)

section 495 (but only for the purpose of giving effect to the items in Schedule 3 that come into force under paragraph (t)):

(s)

the following provisions of Schedule 1:

(i)

clause 1 (overview):

(ii)

clause 2 (interpretation):

(iii)

clause 3 (existing registered banks and licensed NBDTs treated as licensed deposit takers for purposes of depositor compensation scheme):

(iv)

clause 4 (debt securities issued before issuer becomes licensed deposit taker are protected):

(v)

clause 5 (when Bank may issue specified event notice):

(vi)

clause 6 (use of fund to support statutory management):

(vii)

clause 15 (first proportionality framework):

(viii)

clause 17 (first statement of funding approach):

(t)

the following items in Schedule 3:

(i)

the item relating to new section 286(1)(j) of the Companies Act 1993:

(ii)

the item relating to new section 248(2A) of the Reserve Bank of New Zealand Act 2021:

(iii)

the item relating to the Financial Markets Conduct Regulations 2014.

Rachel Hayward,
Clerk of the Executive Council.

Explanatory note

This note is not part of the order but is intended to indicate its general effect.

This order brings into force certain provisions of the Deposit Takers Act 2023 on 2 different dates, 1 April 2025 and 1 July 2025.

The provisions being brought into force relate to the depositor compensation scheme (the scheme), which provides certain compensation to eligible depositors when the Reserve Bank of New Zealand (the Bank) has issued a specified event notice in relation to banks or other deposit takers. The Bank may issue a notice in certain circumstances after, for example, a bank or other deposit taker has been put into liquidation or receivership or has become subject to statutory management.

The provisions that come into force on 1 April 2025 relate to the Bank’s information-gathering powers.

The provisions that come into force on 1 July 2025 enable or support the operation of the scheme.

See also the Deposit Takers Regulations 2025. Those regulations, which come into force on 1 July 2025, prescribe matters relating to the scope and operation of the scheme.

Issued under the authority of the Legislation Act 2019.

Date of notification in Gazette: 30 January 2025.

This order is administered by the Reserve Bank of New Zealand.

Deposit Takers Act Commencement Order 2025