Non-bank Deposit Takers Act 2013

5 NBDT defined

(1)

In this Act, NBDT means any of the following:

(a)

a person that—

(i)

makes an NBDT regulated offer of debt securities; and

(ii)

carries on the business of borrowing and lending money, or providing financial services, or both:

(b)

a person, or a member of a class of persons, that is declared by regulations made under section 73(1)(c) to be an NBDT for the purposes of this Act:

(c)

a person that—

(i)

is, or has been at any time since this section came into force, an NBDT; and

(ii)

has debt securities that remain unpaid and that were offered under an NBDT regulated offer:

(d)

a person that—

(i)

was a deposit taker (as defined in section 157C of the Reserve Bank of New Zealand Act 1989) on or after 3 August 2011 but before this section came into force; and

(ii)

has debt securities that were issued to the public in New Zealand before this section came into force and that remain unpaid.

(2)

Despite subsection (1), the following are not NBDTs:

(a)

a bank that is a registered bank under the Reserve Bank of New Zealand Act 1989:

(b)

a local authority:

(c)

the Crown (as defined in the Public Finance Act 1989):

(d)

an entity that is in receivership (provided that no debt securities are being offered under an NBDT regulated offer by, or on behalf of, the entity):

(e)

an entity that is in liquidation (whether under Part 16 of the Companies Act 1993 or under any other enactment):

(f)

a person, or a member of a class of persons, declared by regulations made under section 73(1)(d) not to be an NBDT for the purposes of this Act.

Compare: 1989 No 157 s 157C

Section 5(1)(a)(i): replaced, on 1 December 2014, by section 96(1).

Section 5(1)(c)(ii): replaced, on 1 December 2014, by section 96(2).

Section 5(2)(d): amended, on 1 December 2014, by section 96(3).