Preparing your application
Your application must be made in writing and include the information below.
1. Provide your contact details
Provide your full name, address and corporate status as the applicant seeking the exemption. If you have a trustee, provide the full name and address of your appointed trustee company.
2. Describe the nature of your business
Provide a detailed background of your deposit-taking activities, including details of the debt securities offered to the public, any financial services offered and the borrowing and lending arrangements.
3. State what you want an exemption from
Specify the relevant provisions of the NBDT Act and/or regulations from which you seek to be exempted, and submit any terms and conditions on the exemption that you consider are appropriate.
4. Explain why you need an exemption
Explain for each provision of the NBDT Act and/or regulations from which you seek an exemption why you need the exemption, including how you believe that receiving an exemption would satisfy the principles of the NBDT Act.
You need to demonstrate in your application that it would be unduly onerous or burdensome for you to comply with the obligations under the NBDT Act or regulations.
5. Describe the effects on your business
Describe the effects on your business, and the relative costs and benefits, of:
- having an exemption; or
- not having an exemption.
6. Describe effects on existing and prospective depositors
Describe how your proposed exemption may affect existing and prospective depositors and any costs and benefits to them.
7. Supporting documentation
Supply the following documents to support your application:
- the product disclosure information under the Financial Markets Conduct Act 2013;
- a copy of your trust deed or deed of participation;
- your most recent financial statements; and
- details of your establishment or incorporation.
You may include other relevant documents such as:
- any other document relating to the offer of securities, financial services or lending and borrowing services that are relevant to the application;
- a draft exemption notice; and/or
- any relevant legal advice.
We may also request further information that we consider necessary to assess your application.
1. We consider your application
We may ask you to provide further information at any stage of the application process. We will let you know in writing if your application has been approved or not.
2. We draft an exemption notice
If your application is successful, we will draft an exemption notice that gives effect to the exemption. The Parliamentary Counsel Office will draft any notice that exempts a class of licensed NBDTs. You will have the opportunity to review the draft notice, and we will consider any comments you make.
3. Exemption published in New Zealand Gazette
The notice of the grant of the exemption is published in the New Zealand Gazette weekly on Thursdays. In most cases, the exemption does not come into force until the day it has been notified in the Gazette. You will usually be expected to pay the costs of gazettal.
Timeframe for applications
Generally you should allow three months from the time we receive your application and supporting documents until a successful exemption is gazetted. This includes the time for drafting the exemption notice and notification in the New Zealand Gazette. However, it may take longer than three months if policy questions arise. It is important that you provide us with all relevant information promptly as this will help reduce the time your application takes.
If your application is urgent, you must provide a timeframe within which you need a decision and for any exemption granted to take effect. You must give reasons why your request is urgent for our consideration.
Where to send your application
Banking and NBDT Supervision
Reserve Bank of New Zealand
2 The Terrace
PO Box 2498
Telephone +64 4 472 2029
Fax +64 4 471 3995
Email: [email protected]