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Deposit Takers Act 2023

Licensing of deposit takers - Issue of licences

19: Overseas requirements may be treated as appropriate

You could also call this:

"Some overseas rules can be used if they are similar to New Zealand's rules."

Illustration for Deposit Takers Act 2023

If you are applying for a licence to take deposits, some overseas rules might be treated as suitable. This happens when your home country has rules that are listed in the regulations. The law and supervision rules from your home country are considered suitable if they are mentioned in section 18(1)(a) and section 18(1)(b). You can think of supervision as a way to make sure companies are following the rules. The nature and extent of this supervision are also considered suitable. This means that the way your home country supervises companies and how much supervision they do can be treated as suitable.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS497944.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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18: Additional criteria for overseas applicants, or

"Extra rules for companies from other countries that want to take New Zealanders' money"

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20: Consultation requirements, or

"The Bank must talk to certain groups before making some decisions"

Part 2Licensing of deposit takers
Issue of licences

19Overseas requirements may be treated as appropriate

  1. The following must be treated as being appropriate if the applicant’s home jurisdiction is a jurisdiction prescribed in the regulations:

  2. the law and regulatory requirements referred to in section 18(1)(a):
    1. the nature and extent of the prudential supervision referred to in section 18(1)(b).