Exemptions granted

The Bank has exercised its power under section 70 of the Non-bank Deposit Takers Act 2013 (the Act) and has granted the following exemptions from some of the requirements of the Act.

Class exemptions

Non-bank Deposit Takers (Credit Ratings Minimum Threshold) Exemption Notice 2016
(commencement date 15 February 2015, expiry date 29 February 2020). This is a class exemption for certain NBDTs from the requirement to have a mandatory credit rating under the Act. This exemption is available if an NBDT has only just commenced business, or the consolidated liabilities of the borrowing group of the NBDT are less than $40 million measured as an average over a 12-month period. The exemption notice outlines certain conditions, including specified capital ratio requirements, that a NBDT must comply with in order to benefit from this class exemption.

Non-bank Deposit Takers (Exposures to Co-op Money NZ) Exemption Notice 2018
(commencement date 5 October 2018, expiry date 30 September 2019) This is a class exemption for specified Credit Unions from the requirement to include their exposure to Co-op Money NZ when calculating their related party exposures until 30 September 2019.

Individual exemptions

Non-bank Deposit Takers (UDC Finance Limited) Exemption Notice 2016 (commencement date 2 September 2016) (PDF 2.2MB).
This notice exempts UDC Finance Limited from related party requirements in the Deposit Takers (Credit Ratings, Capital Ratios, and Related Party Exposures) Regulations 2010 subject to specific conditions set out in the exemption. The notice will be revoked on 1 September 2021.

Non-bank Deposit Takers (Nelson Building Society) Exemption Notice 2018 (PDF 945 KB).
The Non-bank Deposit Takers (Nelson Building Society) Exemption Notice 2018 is a consolidation of the Deposit Takers (Nelson Building Society) Exemption Notice 2011 (the principal notice) and the Deposit Takers (Nelson Building Society) Exemption Amendment Notice 2015 (the amendment notice). It exempts Nelson Building Society from one of the requirements as to how it must calculate its capital for the purpose of the prudential requirements of the Deposit Takers (Credit Ratings, Capital Ratios, and Related Party Exposures) Regulations 2010. The provisions of the principal notice and the amendment notice are largely carried forward in this notice with amendments to various statutory references to reflect legislative changes since the principal notice; primarily the repeal of Part 5D of the Reserve Bank of New Zealand Act 1989 and enactment of the Non-bank Deposit Takers Act 2013. This notice will be revoked on 1 November 2025.

 

Exemption revocation notices

Expired exemptions