Regulatory Alerts2018-10-09
Non-bank Deposit Takers (Nelson Building Society) Exemption Notice 2018
The Reserve Bank of New Zealand issued this notice to exempt Nelson Building Society from the standard 25% capital limit on perpetual non-cumulative preference shares. The exemption allows these shares to constitute up to 50% of the Society's capital, provided investors receive specific written notifications regarding the exemption's terms. This notice, effective from October 11, 2018, to November 1, 2025, revokes the prior 2015 amendment notice and reflects updates to the Non-bank Deposit Takers Act 2013.
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