Regulatory Alerts2022-05-17
Regulatory Impact Statement for NBDT Declarations
The Reserve Bank of New Zealand proposes declaring specific entities, including funding conduits, payment facility providers, small charities, and certain special purpose vehicles, outside the definition of non-bank deposit taker under the Non-Bank Deposit Takers Act 2013. This declaration replaces the current exemption regime to eliminate the unnecessary compliance costs and licensing requirements imposed on entities that do not substantially carry on NBDT business. The change aims to provide greater regulatory certainty, reduce public misperception regarding oversight, and minimize burdens on entities that pose minimal systemic risk.
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