Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Regulations 2011

Prescribed entities

9 Overseas banks prescribed entities for purposes of section 77P(1)(b) of Act

(1)

Overseas banks are prescribed entities for the purposes of section 77P(1)(b) of the Act.

(2)

In this regulation,—

overseas bank means a bank that is—

(a)

an overseas person; and

(b)

subject to regulatory controls that are substantially the same as those applying in New Zealand in relation to—

(i)

the composition of the board of directors or other controlling body of the bank; and

(ii)

the disclosure requirements relating to the bank’s financial position; and

(iii)

the requirements relating to the capital adequacy of the bank; and

(iv)

the requirements relating to the taking of deposits

overseas person means—

(a)

a body corporate incorporated outside New Zealand; or

(b)

an unincorporated body that has its head office or principal place of business outside New Zealand.