Banks and Deposit Companies (Exemption) Order 2001

Summary

This Order amends the First Schedule (Exemptions) to the Banks and Deposit Companies Act 1999. It adds two new categories of persons who are exempt from the Act's licensing requirements for deposit-taking business, provided the deposit-taking occurs only incidentally to another regulated activity they already carry on.

• Insurance registrants: Persons registered under the Insurance Act 1978 are exempt from deposit-taking licensing, but only to the extent they accept deposits in the course of the insurance business for which they are registered.
• Investment business licensees: Persons licensed under the Investment Business Act 1998 are exempt from deposit-taking licensing, but only to the extent they accept deposits in the course of the investment business for which they are licensed.

The Order does not impose new compliance duties; it narrows the scope of persons who otherwise would need a licence under the Banks and Deposit Companies Act 1999 for deposit-taking activity that is incidental to their existing regulated insurance or investment business.

Applies to

banks and deposit companies, persons registered under the Insurance Act 1978, persons licensed under the Investment Business Act 1998

Deadlines

• 20 December 2001: Date the Order was made by the Minister of Finance

Related documents

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