Deposit Takers (Depositor Compensation Scheme) Standard 2027

Deposit Takers (Depositor Compensation Scheme) Standard 2027
Part 1
Information about depositor compensation scheme Advertisement 6 Restrictions on information about DCS in advertising 6 DCS logo 7 Product page for protected deposit must display DCS logo 6 8 Visual communication must not display DCS logo unless about protected deposit 6 9 How DCS logo must be displayed 7 DCS information sheet 10 Deposit taker must provide DCS information sheet 7
Part 2
DCS depositor page
DCS depositor page
11 Account software must contain DCS depositor page or means of getting to page 8 Configuration of DCS depositor page 12 DCS depositor page must collect depositor information 8 13 DCS depositor page must collect depositor information only from authorised individual 8 14 DCS depositor page must collect depositor information in respect of depositor 8 15 DCS depositor page must confirm receipt 9 16 DCS depositor page must display certain information 9 Activating DCS depositor page and deactivating account software 17 Deposit taker must be able to activate DCS depositor page at all times 9 18 Activating DCS depositor page and deactivating account software 9 19 Activated DCS depositor page must remain readily accessible 10 Deactivating DCS depositor page 20 Deposit taker must deactivate DCS depositor page if directed by Bank 10 Other requirements 21 Security, performance, and information storage 10
Part 3
Alternate model to DCS depositor page
Certain deposit takers may use alternate model 22 Deposit taker may use alternate model instead of DCS depositor page 11 23 Deposit taker ceasing to meet requirements of alternate model 11 Requirements for using alternate model 24 Deposit taker must notify Bank before starting to use alternate model 11 25 Deposit taker using alternate model must hold depositor information 12 26 Deposit taker using alternate model must comply with other requirements 12 27 Deposit taker using alternate model must deactivate account software after specified event notice issued 12 28 Deposit taker must notify Bank before ceasing to use alternate model 13

Deposit Takers (Depositor Compensation Scheme) Standard 2027
Part 4
Depositor information file
29 Deposit taker must be able to produce depositor information file 13
Part 5
Single depositor view
30 Deposit taker must provide single depositor view if specified event notice issued 13 31 Deposit taker must be able to produce single depositor view 13 32 Deposit taker not required to obtain information for single depositor view 13
Part 6
Annual testing and assurance reports
33 Annual testing requirements 14
34 Assurance report 15
35 Assurance report to be provided to deposit taker's board 15 36 Assurance report to be sent to Bank 15
Schedule 1
Transitional provisions
Schedule 2
SDV information
Standard
1 Title
This is the Deposit Takers (Depositor Compensation Scheme) Standard 2027. 2 Commencement This standard comes into force on 1 December 2028. 3 Interpretation In this standard, unless the context otherwise requires,— account software means online software provided by a deposit taker for persons to view or manage accounts in which deposits are placed (for example, an Internet site or a mobile application) Act means the Deposit Takers Act 2023 activate, in relation to online software, means to make the software readily accessible to the public alternate model has the meaning set out in clause 22(1) applicable trust— (a) means an express trust that is created by or under legislation or under a trust deed or other written document (see regulation 8 of the regulations); but

Deposit Takers (Depositor Compensation Scheme) Standard 2027 (b) does not include a trust under a relevant arrangement (see section 209(1)(b)(i) of the Act) authorised individual, in relation to a deposit, means any individual who has authority to do either or both of the following:
(a) authorise money to be paid to a person who is not a depositor:
(b) authorise money to be paid to an account with another deposit taker compensation means compensation payable under the DCS contact details, for a person, means the following details:
(a) a contact email address:
(b) a contact telephone number:
(c) the person's preferred method of contact
DCS means the depositor compensation scheme
DCS depositor page has the meaning set out in clause 11(2) DCS logo means a logo made available by the Bank for the purpose of helping the public to identify a protected deposit deactivate, in relation to online software, means to remove or disable the software or otherwise prevent it from being accessed by the public deposit taker means a deposit taker (as that term is defined in clause 2 of Schedule 2 of the Act) to which this standard applies (see clause 4) depositor means the holder of a deposit or a person on whose behalf a deposit is held (whether or not the debt security was issued to, or subsequently acquired by, the holder of the security) depositor information means— (a) the information described in clause 12(1); and (b) for the purposes of clauses 29, 33 and 34, the information in respect of depositors specified in a depositor information file format depositor information file means an electronic file that— (a) contains the depositor information in respect of the deposit taker's depositors; and (b) complies with a depositor information file format; and (c) is transferable by secure electronic transmission using an information management facility (if any) made available by the Bank for that purpose. depositor information file format means, as updated from time to time, notified to the deposit taker, and made available by the Bank,— (a) a format that— (i) depositor information must be provided in; and (ii) specifies information (if any) in respect of depositors as depositor information; and (b) an accompanying document (if any) setting out definitions, procedures, or other information for the purposes of completing the depositor information file

Deposit Takers (Depositor Compensation Scheme) Standard 2027 express trust has the same meaning as in section 12 of the Trusts Act 2019 identifying information, for a person, means the following information:
(a) the person's name:
(b) the unique identifier the deposit taker has assigned to the person:
(c) for an individual, the person's date of birth:
(d) for a person other than an individual, the person's New Zealand Business Number made available by the Bank means made available— (a) on an Internet site maintained by, or on behalf of, the Bank; or (b) by the Bank in another way that is readily accessible to deposit takers mobile application means software that is designed to be used on a mobile device New Zealand Business Number means a number allocated under the New Zealand Business Number Act 2016 online software means software that is— (a) on the Internet; and (b) maintained by, or on behalf of, the deposit taker quantification time, in relation to a specified event notice, means the time specified in the notice under section 194(3) of the Act regulations means the Deposit Takers Regulations 2025 relevant arrangement has the same meaning as in section 191(2) of the Act revolving credit contract has the same meaning as in section 5 of the Credit Contracts and Consumer Finance Act 2003 SDV information means the information specified in the following:
(a) Schedule 2:
(b) a single depositor view format single depositor view means an electronic file that— (a) contains the SDV information; and (b) complies with a single depositor view format; and (c) is transferable by secure electronic transmission using an information management facility (if any) made available by the Bank for that purpose single depositor view format means, as updated from time to time, notified to the deposit taker, and made available by the Bank,— (a) a format that— (i) SDV information must be provided in; and (ii) specifies information (if any) that relates to the information specified in
Schedule 2 as SDV information; and
(b) an accompanying document (if any) setting out definitions, procedures, or other information for the purposes of completing the single depositor view specified event notice means a notice issued under section 194 of the Act.

Deposit Takers (Depositor Compensation Scheme) Standard 2027 4 Application This standard applies to a licensed deposit taker except for an overseas licensed deposit taker described in regulation 6(2) of the regulations. 5 Transitional, savings, and related provisions The transitional, savings, and related provisions set out in Schedule 1 have effect according to their terms.
Part 1
Information about depositor compensation scheme Advertisement 6 Restrictions on information about DCS in advertising (1) A deposit taker must not, in relation to the matters in subclause (2),— (a) engage in conduct that is liable to mislead the public; or (b) make false or misleading representations; or (c) make unsubstantiated representations. (2) The matters are as follows:
(a) whether a financial product is a protected deposit:
(b) the nature of the deposit taker's participation in the DCS.
(3) A deposit taker does not contravene subclause (1) solely because it refers to a product that is a revolving credit contract as a protected deposit, if the deposit taker makes it clear that only a positive account balance of a revolving credit contract is a protected deposit. DCS logo 7 Product page for protected deposit must display DCS logo (1) A deposit taker must display, in accordance with clause 9, at least 1 DCS logo on each product page unless a product page for the product does not exist. (2) Despite subclause (1), a product page in relation to revolving credit contracts may display a DCS logo but only if the product page makes it clear that only positive balances are protected deposits. (3) In this clause, product page means the main page, on an Internet site maintained by or on behalf of the deposit taker, that contains general information for the public about a financial product that is a protected deposit. 8 Visual communication must not display DCS logo unless about protected deposit (1) A deposit taker must not display a DCS logo on a visual communication unless— (a) the communication is about a financial product that is a protected deposit; or

Deposit Takers (Depositor Compensation Scheme) Standard 2027 (b) the communication relates to financial products the deposit taker offers, and the communication provides sufficient context for the use of the DCS logo. (2) If a deposit taker displays a DCS logo on a visual communication, the logo must be displayed in accordance with clause 9. (3) Despite subclause (1), a deposit taker must not display a DCS logo on a visual communication in relation to revolving credit contracts unless the communication— (a) is in accordance with subclause (1); and (b) makes clear that only positive balances are protected deposits. (4) This clause is subject to clause 7. (5) In this clause, visual communication means a communication in any medium that can include a DCS logo. 9 How DCS logo must be displayed (1) This clause applies if a deposit taker displays a DCS logo. (2) The deposit taker must display the DCS logo clearly and prominently. (3) A DCS logo that is displayed in electronic form must, in accordance with subclause (4), provide a clear and prominent means of getting to a page about the DCS on an Internet site maintained by, or on behalf of, the Bank (the Bank information page). (4) The DCS logo must be accompanied by— (a) a link to the Bank information page; or (b) a page about the DCS maintained by, or on behalf of the deposit taker, that has a link to the Bank information page. DCS information sheet 10 Deposit taker must provide DCS information sheet (1) When a depositor places a protected deposit and it does not have any other protected deposits with the deposit taker, the deposit taker must make a DCS information sheet available to a person who will be an authorised individual in relation to the deposit once the deposit is placed. (2) A deposit taker must also— (a) make a copy of a DCS information sheet available on an Internet site that identifies protected deposits of the deposit taker under section 193(1) of the Act; and (b) provide a copy of a DCS information sheet to any individual who requests it as soon as practicable after the deposit taker receives the request (and the individual may require it to be provided in hard copy). (3) In this clause, DCS information sheet means a document that— (a) contains information for the public about the DCS; and (b) is made available by the Bank.

Deposit Takers (Depositor Compensation Scheme) Standard 2027
Part 2
DCS depositor page
DCS depositor page
11 Account software must contain DCS depositor page or means of getting to page (1) A deposit taker that provides account software must ensure that the software— (a) contains a DCS depositor page; or (b) provides a link or other means to get to a DCS depositor page. (2) In this standard, DCS depositor page means online software for collecting depositor information from authorised individuals in accordance with this standard. Configuration of DCS depositor page 12 DCS depositor page must collect depositor information (1) A DCS depositor page must be configured so that the page can collect, in relation to a depositor, the following information (depositor information):
(a) account details for a New Zealand account into which any compensation under the DCS may be paid:
(b) contact details for the authorised individual providing the account details. (2) The DCS depositor page must be configured so that it cannot collect information unless the information includes account details. (3) In this clause, account details means the name of an account and the unique number assigned to the account. 13 DCS depositor page must collect depositor information only from authorised individual (1) A DCS depositor page must be configured so that the page cannot collect depositor information unless the identity of the person providing the information and their status as an authorised individual are verified using their electronic credentials. (2) In this clause, electronic credentials means credentials (for example, a password) that the authorised individual can use to access the deposit through the deposit taker's account software immediately before a specified event notice is issued in respect of the deposit taker. 14 DCS depositor page must collect depositor information in respect of depositor (1) A DCS depositor page must be configured so that— (a) an authorised individual can provide depositor information in respect of each depositor for which they are an authorised individual; and (b) depositor information provided by an authorised individual is linked to the depositor to which it relates; and

Deposit Takers (Depositor Compensation Scheme) Standard 2027 (c) the date and time the authorised individual submitted the depositor information is captured; and (d) the identity of the authorised individual submitting the depositor information is recorded. (2) For the purposes of subclause (1)(d), identification of the authorised individual may be by either recording— (a) the full name of the authorised individual; or (b) other information that allows the deposit taker to uniquely identify the authorised individual. (3) Information that is recorded according to subclause (2)(b) must be recorded in a manner that enables the information to be reconciled, for all deposits for which the individual is an authorised individual, to the authorised individual's full name. 15 DCS depositor page must confirm receipt A DCS depositor page must be configured so that, after an authorised individual provides depositor information, the page displays a statement to the effect that— (a) the information has been received; and (b) any compensation will be paid into an account, according to details provided, after the Bank determines who is entitled to compensation and calculates the amount of their entitlement. 16 DCS depositor page must display certain information A DCS depositor page must be configured so that the page cannot collect depositor information unless, before the information is collected, the page displays— (a) a statement to the effect that— (i) the deposit taker is in liquidation, receivership, or resolution (whichever applies); and (ii) the Bank has begun the process under the DCS for compensation to be paid to, or on account of, eligible depositors in respect of their protected deposits placed with the deposit taker; and (b) a statement that information about the DCS is available on the Bank's Internet site. Activating DCS depositor page and deactivating account software 17 Deposit taker must be able to activate DCS depositor page at all times A deposit taker must be able to comply with clause 18 at all times, as if the Bank has acted as described in clause 18(1). 18 Activating DCS depositor page and deactivating account software (1) This clause applies if the Bank— (a) issues a specified event notice in relation to a deposit taker; and

Deposit Takers (Depositor Compensation Scheme) Standard 2027 (b) directs the deposit taker to activate a DCS depositor page. (2) The deposit taker must,— (a) activate the DCS depositor page; and (b) in respect of its account software,— (i) deactivate the means for persons to use the software to manage accounts with the deposit taker and its subsidiaries that have been placed in liquidation, receivership or resolution (but not the means for persons to view account balances and transactions on the software (the view-only data) unless the deposit taker is required to do so under other legislation); and (ii) ensure that the view-only data displayed matches the information at the quantification time. (3) The deposit taker must comply with subclause (2) as soon as practicable (which may be outside normal business hours) after receiving the direction. (4) A deposit taker must not activate a DCS depositor page except in accordance with this clause. 19 Activated DCS depositor page must remain readily accessible A deposit taker must ensure that, after a DCS depositor page is activated,— (a) the page remains readily accessible to the public until it is deactivated under clause 20; and (b) assistance is available for queries from the public about accessing or using the
page.
Deactivating DCS depositor page
20 Deposit taker must deactivate DCS depositor page if directed by Bank (1) This clause applies if the Bank directs a deposit taker to deactivate a DCS depositor
page.
(2) The deposit taker must deactivate the DCS depositor page as soon as practicable but, in any event, no later than 8 am on the day after receiving the direction. Other requirements 21 Security, performance, and information storage A deposit taker must, in relation to a DCS depositor page, take all reasonable steps to ensure that— (a) depositor information provided through the page is securely collected (including preventing the information from being intercepted while a person types it into the
page); and
(b) depositor information collected through the page is stored— (i) in a secure manner; and (ii) according to the depositor to which it relates; and

Deposit Takers (Depositor Compensation Scheme) Standard 2027 (iii) separately from any other information that the deposit taker holds in relation to the deposit; and (c) the page functions efficiently, and in accordance with the requirements in this standard, for the maximum number of persons who could reasonably be expected to access the deposit taker's account software simultaneously in the usual course of business.
Part 3
Alternate model to DCS depositor page
Certain deposit takers may use alternate model 22 Deposit taker may use alternate model instead of DCS depositor page (1) Despite clause 11, a deposit taker may, instead of having a DCS depositor page, use another means to hold depositor information for the purposes of the DCS (an alternate model) if payments out of deposits placed with the deposit taker can only be made to another account with the deposit taker or to a nominated account with another deposit taker. (2) A deposit taker must, instead of having a DCS depositor page, use an alternate model if the deposit taker does not have account software. (3) A deposit taker that uses an alternate model in accordance with this Part is not required to comply with Part 2. 23 Deposit taker ceasing to meet requirements of alternate model (1) This clause applies to a deposit taker that is using an alternate model, but who subsequently ceases to meet the requirements for using an alternate model. (2) The deposit taker may apply to the Bank for approval to continue to use the alternate model and the duration of the continued use. (3) The Bank may approve the continued use of the alternate model and the duration of that use if it is satisfied that— (a) the criteria set out in subclause (4) are met; and (b) the deposit taker will continue to comply with clause 26. (4) The criteria the Bank will have regard to in determining whether to approve the continued use of the alternate model and the duration of that use are the deposit taker's estimates of the following:
(a) take-up of the feature that causes the deposit taker to no longer meet clause 22(1) or (2):
(b) the deposit taker's ability to provide information under Part 2 or this Part. Requirements for using alternate model 24 Deposit taker must notify Bank before starting to use alternate model A deposit taker must notify the Bank before starting to use an alternate model.

Deposit Takers (Depositor Compensation Scheme) Standard 2027 25 Deposit taker using alternate model must hold depositor information A deposit taker that uses an alternate model must take all reasonable steps to always hold depositor information for eligible depositors. 26 Deposit taker using alternate model must comply with other requirements (1) A deposit taker that uses an alternate model must take all reasonable steps to ensure that— (a) depositor information is collected and stored in a secure manner; and (b) depositor information in relation to a deposit is stored according to the depositor to which it relates; and (c) depositor information is up to date by— (i) including the depositor information in relation to a deposit in significant correspondence with an authorised individual about the deposit; and (ii) providing a means for the authorised individual to confirm or update the information; and (d) the date is recorded on which depositor information in relation to a deposit was most recently confirmed or updated; and (e) an authorised individual who provides depositor information is notified that the information is provided for the purposes of the DCS and would be provided to the Bank if the deposit taker were to enter into liquidation, receivership or resolution. (2) In this clause, significant correspondence includes— (a) correspondence with an authorised individual about the maturity of a term deposit; and (b) correspondence accompanying an RWT withholding certificate provided to an authorised individual under section 26C of the Tax Administration Act 1994. 27 Deposit taker using alternate model must deactivate account software after specified event notice issued (1) This clause applies if the Bank issues a specified event notice in respect of a deposit taker that uses an alternate model. (2) The deposit taker must, in respect of its account software (if any), deactivate the means for persons to use the software to manage accounts (but not the means for persons to view account balances and transactions on the software). (3) The deposit taker must also display clearly and prominently on online software a statement to the effect that— (a) the deposit taker is in liquidation, receivership, or resolution (whichever applies); and (b) the Bank has begun the process under the DCS for compensation to be paid to, or on account of, eligible depositors in respect of their protected deposits placed with the deposit taker.

Deposit Takers (Depositor Compensation Scheme) Standard 2027 (4) The deposit taker must comply with this clause as soon as practicable (which may be outside normal business hours) after the notice is issued. 28 Deposit taker must notify Bank before ceasing to use alternate model A deposit taker must notify the Bank before it ceases using an alternate model.
Part 4
Depositor information file
29 Deposit taker must be able to produce depositor information file A deposit taker must be able to produce a depositor information file— (a) within 24 hours after receiving a notice under section 99 of the Act from the Bank requiring a depositor information file; and (b) that contains the depositor information held by the deposit taker at the time specified in the notice. Guidance note See section 99 of the Act, which allows the Bank to require a person to give specified information, or a class of specified information, to the Bank.
Part 5
Single depositor view
30 Deposit taker must provide single depositor view if specified event notice issued (1) A deposit taker must provide a single depositor view to the Bank within 24 hours after the Bank issues a specified event notice in relation to the deposit taker. (2) The single depositor view provided under subclause (1) must contain the SDV information known by the deposit taker at the quantification time. 31 Deposit taker must be able to produce single depositor view A deposit taker must, at all times, be able to produce within 24 hours a single depositor view containing the SDV information known by the deposit taker. 32 Deposit taker not required to obtain information for single depositor view A deposit taker is not required to obtain information from an authorised individual or other person for the purpose of including SDV information in a single depositor view under this Part.

Deposit Takers (Depositor Compensation Scheme) Standard 2027
Part 6
Annual testing and assurance reports
33 Annual testing requirements
(1) A deposit taker must, at least once every 12 months, carry out a testing programme to assess the deposit taker's capacity and capability to comply with Parts 2 to 5 of this standard. (2) The testing programme must include the following:
(a) if the deposit taker's account software has a DCS depositor page, an assessment of the performance and reliability of the DCS depositor page:
(b) if the deposit taker uses an alternate model, an assessment of— (i) the number of eligible depositors for which it does not hold depositor information and whether the deposit taker has taken all reasonable steps to hold this information as required by clause 25; and (ii) whether the deposit taker has systems and controls in place to enable it to comply with clause 26(1)(c):
(c) the production of a depositor information file which contains— (i) the depositor information held by the deposit taker at the time of testing, if the deposit taker uses an alternate model; or (ii) a suitable set of test data collected through a DCS depositor page, if the deposit taker's account software has a DCS depositor page:
(d) in relation to the depositor information file produced under subclause (2)(c), an assessment of— (i) whether the information contained in the file was complete and reasonably accurate; and (ii) whether the format used for the file was consistent with a depositor information file format:
(e) the production of a single depositor view which contains the SDV information known by the deposit taker as at the time of the testing, except for the accrued interest for a debt security:
(f) in relation to the single depositor view produced under subclause (2)(e), an assessment of— (i) whether the information contained in the single depositor view was complete and reasonably accurate; and (ii) whether the information in the single depositor view (including account balances) exactly matches the view-only data produced for testing purposes; and (iii) whether the format used for the single depositor view was consistent with a single depositor view format:

Deposit Takers (Depositor Compensation Scheme) Standard 2027 (g) an assessment of whether the deposit taker has sufficient capability and capacity to produce a single depositor view in accordance with clause 30. 34 Assurance report (1) Following the completion of each testing programme, an assurance report must be prepared by the deposit taker. (2) The assurance report must— (a) explain how the testing was undertaken in relation to— (i) the DCS depositor page (if applicable); and (ii) the alternate model (if applicable); and (iii) the depositor information file; and (iv) the single depositor view; and (b) set out the following:
(i) whether the testing demonstrated that the deposit taker has the capacity and capability to comply with Parts 2 to 5 of this standard:
(ii) a description of the outcomes of the assessments that the deposit taker is required to undertake under clause 33(2):
(iii) whether the depositor information file and single depositor view produced as part of testing were complete and reasonably accurate:
(iv) any errors identified in the depositor information file or single depositor view:
(v) any other deficiencies, weaknesses or gaps in the deposit taker's capacity and capability to comply with Parts 2 to 5 of this standard identified during testing:
(vi) any planned remediation or action plans to address any errors, deficiencies, weaknesses or gaps. 35 Assurance report to be provided to deposit taker's board An assurance report must be provided to the deposit taker's board at the first board meeting after completion of the testing or, if that is not possible, as soon as reasonably practicable. 36 Assurance report to be sent to Bank An assurance report must be provided to the Bank as soon as reasonably practicable after the deposit taker's board has considered the report.

Deposit Takers (Depositor Compensation Scheme) Standard 2027 cl 5
Schedule 1
Transitional provisions
Part 1
Provisions relating to this standard as made
1 Implementation of alternate model on commencement (1) This clause applies if a deposit taker has notified the Bank before this standard comes into force that it will start using an alternate model immediately after the standard comes into force. (2) The deposit taker must be treated as having complied with the requirement in clause 24 (Deposit taker must notify Bank before starting to use alternate model).

Deposit Takers (Depositor Compensation Scheme) Standard 2027 cl 31
Schedule 2
SDV information
1 Information about depositors
The information is, for each depositor in respect of a protected deposit,— (a) identifying information and contact details for the depositor; and (b) information needed to identify whether the depositor is excluded from being an eligible depositor under section 191(1)(b) of the Act; and (c) the deposit taker's estimate of total compensation under section 203 of the Act, excluding any deposit held under a relevant arrangement; and (d) information required for the Bank to calculate any taxation liabilities that arise in respect of entitlements under the DCS; and (e) information identifying assistance or support (if any) required for communication with the depositor; and (f) information required for the Bank to calculate total compensation under section 203 of the Act. 2 Information about deposits (1) The information is, for each deposit placed with a deposit taker,— (a) the account number assigned by the deposit taker to the deposit; and (b) the product name assigned by the deposit taker to deposits of that type of debt security; and (c) the number of persons who are depositors in respect of the deposit; and (d) if there is more than 1 depositor, whether the deposit is held jointly or other than jointly (see sections 204 and 205 of the Act); and (e) whether the depositor holds the deposit for or on behalf of 1 or more other persons under a relevant arrangement; and (f) whether the deposit is held for or on behalf of 1 or more other persons as a trustee under an applicable trust; and (g) whether the deposit taker has suspended, in whole or in part, the repayment of the deposit for any reason; and (h) the amount of principal to be repaid under the debt security, and the accrued interest for the debt security, as at the time the single depositor view is produced; and (i) whether the deposit is a protected deposit (see section 192 of the Act). (2) For the purposes of subclause (1), a deposit includes a revolving credit contract that has a negative balance but does not include a revolving credit contract that is a credit card

Deposit Takers (Depositor Compensation Scheme) Standard 2027 contract as defined in section 19(2) of the Credit Contracts and Consumer Finance Act 2023. 3 Information about protected deposits The information is, for each protected deposit placed with a deposit taker, the type of debt security that comprises the deposit, according to the list in regulation 5(2)(a) of the regulations. 4 Information about authorised individuals other than depositors The information is, for each authorised individual other than a depositor,— (a) the name and contact details for the individual; and (b) the nature of the individual's authority to be an authorised individual. Made at Wellington on [day month year]. Reserve Bank of New Zealand Explanatory note This note is not part of the standard but is intended to indicate its general effect. This standard prescribes matters contemplated by sections 86 and 88 of the Deposit Takers Act 2023 (the Act) relating to the depositor compensation scheme (the DCS) set up under Part 6 of the Act. It comes into force on 1 December 2028. Under the DCS, deposits up to the value of $100,000 per eligible depositor are protected in the event of a deposit taker failing. The standard applies to all licensed deposit takers except for overseas licensed deposit takers that mainly provide services to wholesale clients.
Part 1
Part 1 of the standard relates to the provision of information about the DCS by deposit takers.
The standard prohibits a deposit taker from engaging in conduct that is liable to mislead the public, to make false or misleading representations, or to make unsubstantiated representations as to—

• whether the product is a protected deposit under the DCS; or
• the nature of the deposit taker's participation in the DCS.
  The Reserve Bank of New Zealand (the Bank) provides a DCS logo to help the public identify protected deposits. The standard sets out requirements about using a DCS logo. In general terms, a deposit taker—

Deposit Takers (Depositor Compensation Scheme) Standard 2027

• must display a DCS logo on its Internet product page for each protected deposit
  (unless a product page does not exist); and
• must not include a DCS logo on a visual communication unless the communication is
  about a protected deposit or the communication relates to financial products the deposit taker offers and provides sufficient context for the use of the DCS logo. The standard specifies how a deposit taker must display a DCS logo. It must be displayed prominently and clearly and must provide a link to an information page provided by the Bank. The standard requires a deposit taker to make available to prospective depositors a Bank information sheet about the DCS when a protected deposit is placed with the deposit taker. A deposit taker must also make the information sheet available online and provide it to individuals on request.
  Part 2
  Part 2 of the standard sets out requirements in respect of a DCS depositor page, which is
  software that enables a deposit taker to collect, in relation to a depositor, account information and contact details (depositor information). The standard requires a deposit taker that provides account software for customers to have a DCS depositor page or a link or other means of getting to a page. A deposit taker must not activate a DCS depositor page unless the Bank—
• issues a specified event notice under the Act (a specified event notice); and
• directs the deposit taker to activate the page.
  The standard sets out requirements for configuring a DCS depositor page. In particular, the
  page must—
• collect depositor information only from authorised individuals; and
• be configured so that the date and time the depositor information is submitted is
  captured and the identity of the authorised individual submitting the information is recorded; and
• be able to collect depositor information from an authorised individual in respect of
  more than 1 depositor; and
• link the depositor information to the depositor to which it relates; and
• confirm receipt of depositor information and display certain information.
  The standard requires a deposit taker, when it activates its DCS depositor page, to deactivate account software used to manage accounts. It must also display specified information online. The activated page must remain accessible to the public until the deposit taker is directed by the Bank to deactivate it and customers must have a point of contact for assistance with queries. The standard also sets out requirements relating to security and performance of a DCS depositor page and storage and transfer of information collected through the page.
  Part 3
  Part 3 of the standard allows a deposit taker to use another means to hold depositor information
  (an alternate model) if payments out of deposits placed with the deposit taker can only be made to another account with the deposit taker or to a nominated account with another deposit taker. A deposit taker must use an alternate model if it does not have account software. Under

Deposit Takers (Depositor Compensation Scheme) Standard 2027 an alternate model, a deposit taker holds depositor information at all times rather than activating a DCS depositor page in accordance with Part 2. A deposit taker must, if a specified event notice is issued, deactivate account software used to manage accounts and display specified information online. In cases where a deposit taker is using an alternate model but subsequently ceases to meet the requirements for use, it may seek approval from the Bank to continue to use an alternate model for a specified period. The standard also requires a deposit taker using an alternate model to take precautions to ensure that the depositor information it holds is kept up to date. These precautions include providing the information in significant correspondence with authorised individuals so they can confirm or update it. A deposit taker must notify the Bank before ceasing to use an alternate model.
Part 4
Part 4 of the standard requires a deposit taker to be able to produce an electronic depositor
information file within a period of 24 hours after receiving a notice under section 99 of the Act from the Bank requiring the depositor information file. A depositor information file is an electronic file that contains the depositor information in respect of the deposit taker's depositors, complies with a depositor information file format, and is transferable by secure electronic transmission to the Bank.
Part 5
Part 5 of the standard requires a deposit taker to provide a single depositor view to the Bank
within 24 hours after the Bank issues a specified event notice. A single depositor view is an electronic file that contains the SDV information, complies with a single depositor view format, and is transferable by secure electronic transmission to the Bank. A deposit taker also must, at all times, be able to produce a single depositor view within 24 hours.
Part 6
Part 6 of the standard relates to annual testing and assurance reports. A deposit taker must carry
out a testing programme at least once every 12 months to assess its capacity and capability to comply with the requirements in Parts 2 to 5 of the standard. The testing programme must include certain things. Following the completion of each testing programme, an assurance report must be prepared by the deposit taker. The report must be provided to the deposit taker's board for its consideration at the first board meeting after completion of the testing or, if that is not possible, as soon as reasonably practicable. When the board has considered the report, it must then be provided to the Bank as soon as reasonably practicable. This is secondary legislation issued under the authority of the Legislation Act 2019. Title Deposit Takers (Depositor Compensation Scheme) Standard 2027 Principal or amendment Principal Consolidated version No Empowering Act and provisions Deposit Takers Act 2023
section 72

Deposit Takers (Depositor Compensation Scheme) Standard 2027 Replacement empowering Act and provisions Not applicable Maker name Reserve Bank of New Zealand Administering agency Reserve Bank of New Zealand Date made [day month year] Publication date Click or tap to enter a date Notification date Click or tap to enter a date [Insert date notified. If there is no requirement to notify, state "Not applicable"] Commencement date 1 December 2028 End date (when applicable) Not applicable Consolidation as at date Not applicable Related instruments Not applicable