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Deposit Takers Act 2023

Crisis management and resolution - Resolution of licensed deposit takers and associated persons

283: Application of resolution provisions to other persons in resolution

You could also call this:

"Rules for some businesses also apply to other related people in similar situations."

Illustration for Deposit Takers Act 2023

When you read about rules for licensed deposit takers in certain parts of the law, such as subparts 5, 6, 7, and 8, you must also think about other people who are in a similar situation, unless it's clear that doesn't apply. You need to consider people like subsidiaries of licensed deposit takers, or other associated people, as well as companies set up under section 314 or 320 of the law. These people are called "another person in resolution" when they are going through a resolution process.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS535173.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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282: End of resolution, or

"When a bank is no longer in trouble and its problems are solved, that's the end of resolution."

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Part 7Crisis management and resolution
Resolution of licensed deposit takers and associated persons

283Application of resolution provisions to other persons in resolution

  1. References in subparts 5, 6, 7, and 8 to a licensed deposit taker (or similar references) must be read as including references to another person in resolution (unless the context otherwise requires).

  2. In this section, another person in resolution means any of the following persons if the person is in resolution:

  3. a subsidiary or any other associated person of a licensed deposit taker:
    1. a body corporate formed and registered under section 314 or 320.

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