Non-bank Deposit Takers Act 2013

71 Status and publication of exemptions

(1)

Every exemption granted under section 70 must—

(a)

state the date on which it comes into force, which must be a date after the date on which the exemption is granted; and

(b)

include a statement of the Bank’s reasons for granting the exemption (including why the exemption is appropriate).

(2)

An exemption that applies to a class of licensed NBDTs (a class exemption) is a legislative instrument and a disallowable instrument for the purposes of the Legislation Act 2012 and must be presented to the House of Representatives under section 41 of that Act.

(3)

An exemption that is not a class exemption is not a legislative instrument but is a disallowable instrument for the purposes of the Legislation Act 2012 and—

(a)

must be presented to the House of Representatives under section 41 of that Act; and

(b)

must, as soon as practicable after it is granted,—

(i)

be published on an Internet site maintained by or on behalf of the Bank; and

(ii)

be notified in the Gazette; and

(iii)

be made available in printed form on request by members of the public.

(4)

A notification in the Gazette for the purpose of subsection (3)(b)(ii) does not have to include the text of the exemption.

Compare: 1978 No 103 s 70C