Non-bank Deposit Takers Act 2013

Part 4 Miscellaneous provisions

Exemptions

70 Exemptions from Act and regulations

(1)

The Bank may exempt any licensed NBDT, class of licensed NBDTs, or trustee from compliance with any provision of—

(a)

this Act (except the requirement to be licensed); or

(b)

the regulations.

(2)

The Bank must not grant an exemption under this section unless it is satisfied that—

(a)

the exemption will be consistent with the maintenance of a sound and efficient financial system; and

(b)

compliance with the relevant provision or provisions would, in the circumstances, require the licensed NBDT, class of licensed NBDTs, or trustee to comply with requirements that are unduly onerous or burdensome; and

(c)

the extent of the exemption is not broader than is reasonably necessary to address the matters that gave rise to the exemption.

(3)

An exemption may be granted on any terms and conditions that the Bank thinks fit, including terms and conditions relating to the following:

(a)

risk management:

(b)

governance:

(c)

disclosures:

(d)

minimum capital requirements:

(e)

exposures to related parties:

(f)

liquidity.

(4)

The Bank may amend or revoke an exemption in the same way as an exemption may be granted, and section 71 applies to any amendment or revocation as if it were an exemption.

Compare: 1978 No 103 ss 70B–70D; 1989 No 157 s 157G