Regulatory Alerts2022-02-27
Helping you identify a non-bank deposit taker
The Reserve Bank of New Zealand provides guidance to help trustees and stakeholders determine if an entity qualifies as a non-bank deposit taker under the Non-bank Deposit Takers Act 2013. The document defines these entities as those issuing regulated debt securities while carrying on the business of borrowing, lending, or providing financial services, excluding specific entities like registered banks and local authorities. It further clarifies identification criteria by distinguishing between corporate issuers and funding conduits, and explains that activities must be more than incidental to meet the business test.
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