Dated at Wellington this 3rd day of March 2015.
Statement of reasons
This notice, which comes into force on 1 April 2015, amends the Deposit Takers (Charities) Exemption Notice 2014 and revokes the following notices:
The notices are being revoked because the entities they apply to are now declared not to be non-bank deposit takers (NBDTs) for the purposes of the Non-bank Deposit Takers Act 2013 (the Act), so long as certain circumstances apply. That declaration is made by the Non-bank Deposit Takers (Declared-out Entities) Regulations 2015 (the regulations).
The amendments to the Deposit Takers (Charities) Exemption Notice 2014 reflect the fact that some of the entities the notice applies to are now also declared by the regulations not to be NBDTs for the purposes of the Act (so long as certain circumstances apply).
The Reserve Bank of New Zealand, after taking into account the principles set out in section 8 of the Act and after satisfying itself as to the matters set out in section 70(2) of the Act, considers it appropriate to make the revocations and amendments in this notice because it is satisfied that,—
now that entities covered by the exemptions revoked by this notice are declared not to be NBDTs for the purposes of the Act (so long as certain circumstances apply), compliance with the prudential requirements to which those exemptions relate is not required by the Act and would therefore be unduly onerous and burdensome in the circumstances; and
the revocations and amendments in this notice are consistent with the maintenance of a sound and efficient financial system, because the revocations are only of those exemptions that applied to entities that are now declared not to be NBDTs for the purposes of the Act (so long as certain circumstances apply) and the amendments are consequential to those revocations; and
this notice is no broader than is reasonably necessary, because it revokes only those exemptions that applied to entities that have now been declared out of the definition of NBDT for the purposes of the Act (so long as certain circumstances apply) (as well as making consequential amendments arising out of those revocations).
Date of notification in Gazette: 12 March 2015.
This notice is administered by the Reserve Bank of New Zealand.