Regulatory Alerts2020-09-02
Non-bank Deposit Takers (UDC Finance Limited) Exemption Revocation Notice 2020
The Reserve Bank of New Zealand has revoked the Non-Bank Deposit Takers (UDC Finance Limited) Exemption Notice 2016 under section 70 of the Non-bank Deposit Takers Act 2013. The revocation follows the cancellation of UDC Finance Limited’s NBDT licence on 15 January 2020, rendering the previous exemption unnecessary. The notice officially comes into force on 3 September 2020, formally removing the regulatory exemption from the statutory register.
RESERVE BANI( OF NEW ZEALAND TE PUTEA MATUA Non-bank Deposit Takers (UDC Finance Limited) Exemption Revocation Notice 2020 Under section 70 of the Non-bank Deposit Takers Act 2013, the Reserve Bank of New Zealand gives the following notice (to which is appended a statement of reasons of the Bank). Notice 1 Title This notice is the Non-bank Deposit Takers (UDC Finance Limited) Exemption Revocation Notice 2020. 2 Commencement This notice comes into force on 3 September 2020. 3 Revocation The Non-Bank Deposit Takers (UDC Finance Limited) Exemption Notice 2016 is revoked. Dated at Wellington this 2nd day of September 2020. Ref #920722 1 v 1.2 Geoff Bascand Deputy Governor
2 Statement of reasons This notice, which comes into force on 3 September 2020, revokes the Non-Bank Deposit Takers (UDC Finance Limited) Exemption Notice 2016 (the Exemption). The NBDT licence granted to UDC Finance Limited on 2 March 2015 was cancelled on 15 January 2020 and consequently the Exemption is no longer required. Ref/19207221 vl.2