Banks and Deposit Companies (Exemption) Order 1999

Summary

This is a short amending Order made under the Banks and Deposit Companies Act 1999. It adds a new category of exempt entity to the First Schedule of that Act, meaning the listed entity type does not need to be licensed as a bank or deposit company under the Act.

• What it does: Inserts a new item (d) into the First Schedule (Exemptions) of the Banks and Deposit Companies Act 1999.
• Who is exempted: A credit union registered under the Credit Unions Act 1982 is added as an exempt entity.
• Effect: Such credit unions fall outside the licensing and regulatory requirements that otherwise apply to banks and deposit companies under the principal Act.

The Order contains no ongoing compliance duties beyond establishing this exemption; it is a legislative amendment rather than a document imposing reporting or filing requirements.

Applies to

banks, deposit companies, credit unions registered under the Credit Unions Act 1982

Deadlines

• 1 January 2000: Date on which the Order comes into operation.

Related documents

• This document amends Banks and Deposit Companies Act 1999
• This document is made under Banks and Deposit Companies Act 1999