The Non-bank Deposit Takers Act 2013 (NBDT Act) implements a new licensing regime for NBDTs to be overseen by the Reserve Bank of New Zealand (RBNZ). It also incorporates the prudential regulation provisions for NBDTs which are now in Part 5D of the Reserve Bank of New Zealand Act 1989, with some additional requirements.
Non-bank Deposit Takers Act Commencement Order 2014
The Non-bank Deposit Takers Act Commencement Order 2014 brings most of the NBDT Act into force on 1 May 2014. Later implementation dates are provided for provisions which relate to some consequential amendments to the Financial Service Providers (Registration and Dispute Resolution) Act 2008 and amendments to the NBDT Act which will be required once the Financial Markets Conduct Act 2013 is in force.
Non-bank Deposit Takers (Debt Securities and Suitability Concerns) Regulations 2014
The Non-bank Deposit Takers (Debt Securities and Suitability Concerns) Regulations 2014, which also come into force on 1 May, provide for:
building societies to be covered by the Act’s new regime for every NBDT if the building society offers certain specified shares to the public in New Zealand, and meets all other requirements of the definition of a NBDT in section 5 of the NBDT Act;
a list of matters, circumstances, or conditions that are “suitability concerns” under the NBDT Act if one or more of them applies or apply to a person who is a director or senior officer, or a proposed director or senior officer, of an NBDT or a proposed NBDT. (The NBDT Act requires the fact or possibility of suitability concerns to be notified to RBNZ. Suitability concerns may prevent the licensing of a proposed NBDT, or enable the removal of a director of a licensed NBDT.)