Plain language law

New Zealand law explained for everyone

Deposit Takers Act 2023

Repeals and amendments to other Acts - Amendments to Financial Markets Conduct Act 2013

488: Schedule 1 amended

You could also call this:

"Changes to the rules about what information you must give people when offering financial products from licensed deposit takers"

Illustration for Deposit Takers Act 2023

When you look at the rules for deposit takers, you will see some changes to Schedule 1. You can find Schedule 1 at the New Zealand legislation website. The changes replace an old clause with a new one called "Exclusion for licensed deposit takers".

You do not need to give people certain information when you offer them financial products, if those products are from a licensed deposit taker. This applies to products like debt securities, or special kinds of financial products that are allowed under the rules. It also applies if the products are from a company that is owned by a licensed deposit taker, or if they are special currency deals from a licensed deposit taker or its subsidiary.

The new rule is in clause 21 of Schedule 1, which is about offers of financial products or debt securities from licensed deposit takers. This means you do not have to follow the usual disclosure rules in Part 3 of the Act for these products. You can find the exact rules by reading the updated Schedule 1.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS495515.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
Previous

487: Section 22 amended (False or misleading representations), or

"Stopping people from making false claims about deposits is now clearer in the law."

Next

489: Principal Act, or

"Changes to the Public Finance Act 1989 law"

Part 9Repeals and amendments to other Acts
Amendments to Financial Markets Conduct Act 2013

488Schedule 1 amended

  1. In Schedule 1, replace clause 21 and the cross-heading above clause 21 with:

    Exclusion for licensed deposit takers

    21Offers of prescribed financial products or debt securities by licensed deposit takers

    1. An offer of financial products does not require disclosure under Part 3 of this Act if the financial products are—

    2. financial products of a kind prescribed for the purposes of this paragraph that are issued by a licensed deposit taker; or
      1. debt securities issued by a licensed deposit taker; or
        1. financial products of a kind prescribed for the purposes of this paragraph that are issued by a subsidiary of a licensed deposit taker; or
          1. prescribed currency forwards that are issued by a licensed deposit taker or a subsidiary of a licensed deposit taker.