18Additional criteria for overseas applicants

1. For the purposes of section 17(1)(f), the Bank must be satisfied that the following are appropriate:

2. the law and regulatory requirements of the applicant’s home jurisdiction that apply to the applicant and relate to the relevant matters:
3. the nature and extent of prudential supervision that applies to the applicant and to deposit takers generally in the applicant’s home jurisdiction.

4. The Bank must,—

5. in the case of subsection (1)(a), have regard to whether the law and regulatory requirements of the applicant’s home jurisdiction are, in terms of achieving the purposes of this Act, at least as satisfactory as the law and regulatory requirements of New Zealand that relate to the relevant matters and apply to deposit takers incorporated in New Zealand; and
6. in the case of subsection (1)(b), have regard to whether the prudential supervision is, in terms of achieving the purposes of this Act, at least as satisfactory as the nature and extent of prudential supervision that applies to deposit takers incorporated in New Zealand.

7. The relevant matters are—

8. the licensing, registration, or authorisation of deposit takers; and
9. the duties and powers of directors; and
10. the capital standards that apply to deposit takers; and
11. the disclosure of financial and other information to the public; and
12. assessments of the fitness and propriety of directors and senior managers; and
13. matters concerning deposit takers that are insolvent or otherwise in serious financial difficulties (including the recognition and priorities of claims of creditors or classes of creditors in the event of an insolvency).

14. In this section, deposit takers, in relation to an applicant’s home jurisdiction, includes banks or other entities that are licensed, registered, or otherwise authorised to accept deposits under the law of that jurisdiction.