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Regulations declaring certain entities not to be NBDTs

This paper to the Cabinet Economic Growth and Infrastructure Commitee proposes that regulations be made under the Non-bank Deposit Takers Act 2013 (NBDT Act) to exclude certain entities from the prudential regime for non-bank deposit takers (NBDTs).

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)