Cabinet agreed in 2014 to make regulations declaring certain entities not to be NBDTs for the purposes of the Non-bank Deposit Takers Act 2013. A Cabinet paper and Regulatory Impact Statement (RIS) relating to this decision were released.
These decisions were given effect by the Non-bank Deposit Takers (Declared-out) Entities Regulations 2015. These regulations came into force on 1 April 2015 and in certain specified circumstances exclude from the definition of NBDT:
- Intragroup funding vehicles
- Payment facility providers
- Certain special purpose vehicles
- Small charities
- The Public Trust.
Cabinet paper: Regulations excluding certain entities from the scope of the prudential regime for Non-Bank Deposit Takers (PDF 105KB)