Regulatory Alerts2016-08-03
Non-bank Deposit Takers (UDC Finance Limited) Exemption Notice 2016
The Reserve Bank of New Zealand issued this notice to exempt UDC Finance Limited from related party exposure requirements under the Deposit Takers Regulations 2010. The exemption is valid from September 2, 2016, to September 1, 2021, and is conditional on UDC remaining a wholly owned subsidiary of a registered bank and its aggregate related party exposures not exceeding 50% of capital. This notice replaces the 2015 exemption to avoid unduly burdensome restrictions on intra-day liquidity and risk management within the ANZ group while maintaining financial system soundness.
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