New Zealand Legislation: Regulations
Regulations are laws made under Acts
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as at 1 December 2010
(SR 2009/299)
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
This notice is administered by the Reserve Bank of New Zealand.
Pursuant to section 157G of the Reserve Bank of New Zealand Act 1989, the Reserve Bank of New Zealand gives the following notice (to which is appended a statement of reasons of the Bank).
4 Exemption from requirement to have credit rating
5 Exemption from governance requirements
6 Exemption from risk management programme requirements
7 Exemption from capital ratio requirements
This notice is the Deposit Takers (In Receivership or Liquidation) Exemption Notice 2009.
This notice comes into force on the day after the date of its notification in the Gazette.
(1) In this notice, unless the context otherwise requires,—
Act means the Reserve Bank of New Zealand Act 1989
deposit taker in receivership or liquidation means a deposit taker that—
(a) is in receivership, and no debt securities, except specified debt securities, are being offered for subscription by, or on behalf of, the deposit taker; or
(b) is in liquidation under Part 16 of the Companies Act 1993 or under any other enactment
eligible person has the same meaning as in section 5(2CC) of the Securities Act 1978
specified debt securities means debt securities in respect of which the only persons in New Zealand who are able, under the terms of the offer of the securities, to subscribe for the securities are all or any of the following:
(a) eligible persons:
(b) persons referred to in section 3(2)(a) of the Securities Act 1978.
(2) Any term or expression that is defined in the Act and used, but not defined, in this notice has the same meaning as in the Act.
Clause 3 deposit taker in receivership or liquidation: inserted, on 1 December 2010, by clause 4(1) of the Deposit Takers (In Receivership or Liquidation) Exemption Amendment Notice 2010 (SR 2010/434).
Clause 3 registered prospectus: revoked, on 1 December 2010, by clause 4(2) of the Deposit Takers (In Receivership or Liquidation) Exemption Amendment Notice 2010 (SR 2010/434).
A deposit taker in receivership or liquidation is exempted from section 157I of the Act.
Clause 4: substituted, on 1 December 2010, by clause 5 of the Deposit Takers (In Receivership or Liquidation) Exemption Amendment Notice 2010 (SR 2010/434).
A deposit taker in receivership or liquidation is exempted from section 157L of the Act.
Clause 5: added, on 1 December 2010, by clause 5 of the Deposit Takers (In Receivership or Liquidation) Exemption Amendment Notice 2010 (SR 2010/434).
A deposit taker in receivership or liquidation is exempted from section 157M of the Act.
Clause 6: added, on 1 December 2010, by clause 5 of the Deposit Takers (In Receivership or Liquidation) Exemption Amendment Notice 2010 (SR 2010/434).
(1) A deposit taker in receivership or liquidation is exempted from sections 157T and 157U of the Act.
(2) The trustee in respect of the debt securities of a deposit taker in receivership or liquidation is exempted from section 157T of the Act in respect of those securities.
Clause 7: added, on 1 December 2010, by clause 5 of the Deposit Takers (In Receivership or Liquidation) Exemption Amendment Notice 2010 (SR 2010/434).
(1) A deposit taker in receivership or liquidation is exempted from sections 157X and 157Y of the Act.
(2) The trustee in respect of the debt securities of a deposit taker in receivership or liquidation is exempted from section 157X of the Act in respect of those securities.
Clause 8: added, on 1 December 2010, by clause 5 of the Deposit Takers (In Receivership or Liquidation) Exemption Amendment Notice 2010 (SR 2010/434).
(1) A deposit taker in receivership or liquidation is exempted from sections 157ZA and 157ZB of the Act.
(2) The trustee in respect of the debt securities of a deposit taker in receivership or liquidation is exempted from section 157ZA of the Act in respect of those securities.
Clause 9: added, on 1 December 2010, by clause 5 of the Deposit Takers (In Receivership or Liquidation) Exemption Amendment Notice 2010 (SR 2010/434).
Dated at Wellington this 5th day of October 2009.
Grant Spencer,
Deputy Governor.
Note: The following statement of reasons should be read in conjunction with the statement(s) of reasons appended to the:
This notice comes into force on the day after the date of its notification in the Gazette.
Section 157I of the Reserve Bank of New Zealand Act 1989 (the Act) requires entities that are deposit takers for the purposes of Part 5D of the Act to have a credit rating by an approved rating agency on and after 1 March 2010, and section 157M of the Act requires these entities to have and comply with a risk management programme on and after 1 September 2009. This notice exempts entities from these requirements if—
they are in receivership and no longer offering deposits, except deposits that could only be accepted by persons who come within the definition of eligible person in the Securities Act 1978 (which relates to wealthy persons and persons experienced in investing money or experienced in the industry or business to which the security relates) or by persons referred to in section 3(2)(a) of the Securities Act 1978 (to whom an offer of securities would not constitute an offer of securities to the public for the purposes of that Act):
they are in liquidation.
The Reserve Bank, after taking into account the principles in section 157F of the Act and satisfying itself as to the matters set out in section 157G(2) of the Act, considers it is appropriate to grant the exemption because—
the Bank is satisfied that the exemption is consistent with the maintenance of a sound and efficient financial system:
the additional direct and indirect costs of obtaining a credit rating or a risk management plan are unduly onerous or burdensome in the circumstances. The relevant circumstances are that the deposit taker is subject to external management intended to realise its assets for the benefit of existing creditors. The value of a credit rating or risk management plan is premised on the entity being a going concern:
limiting this exemption only to deposit takers in liquidation or those in receivership that are not offering deposits to the general public ensures that this exemption is not broader than necessary in that it only applies to entities that have no, or little likelihood of, ongoing viability; but at the same time it does not preclude the possibility of investment, for example by a wealthy or experienced investor, that may assist an entity in receivership.
Note: The preceding statement of reasons should be read in conjunction with the statement(s) of reasons appended to the:
Date of notification in Gazette: 8 October 2009.
1General
2Status of reprints
3How reprints are prepared
4Changes made under section 17C of the Acts and Regulations Publication Act 1989
5List of amendments incorporated in this reprint (most recent first)
This is a reprint of the Deposit Takers (In Receivership or Liquidation) Exemption Notice 2009. The reprint incorporates all the amendments to the notice as at 1 December 2010, as specified in the list of amendments at the end of these notes.
Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ 
.
Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.
This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.
A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.
Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.
A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.
In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:
•omission of unnecessary referential words (such as “of this section”
and “of this Act”
)
•typeface and type size (Times Roman, generally in 11.5 point)
•layout of provisions, including:
•indentation
•position of section headings (eg, the number and heading now appear above the section)
•format of definitions (eg, the defined term now appears in bold type, without quotation marks)
•format of dates (eg, a date formerly expressed as “the 1st day of January 1999”
is now expressed as “1 January 1999”
)
•position of the date of assent (it now appears on the front page of each Act)
•punctuation (eg, colons are not used after definitions)
•Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly
•case and appearance of letters and words, including:
•format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)
•small capital letters in section and subsection references are now capital letters
•schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly
•running heads (the information that appears at the top of each page)
•format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).
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