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Charities Commission,
If your charity is a deposit-taker you should be aware that new rules are coming in that could affect the way some charities are governed and managed.
From September 2008, The Reserve Bank became the regulator of non-bank deposit takers in New Zealand.
This means that all persons who meet the definition of “deposit-taker” will be regulated by the Bank and will be required to comply with specific prudential requirements set out by the Bank.
Most charities won’t be affected – because they do not take deposits as defined. Even for those that are caught, the Bank has the power to exempt entities from these obligations where they can be proven to be unduly onerous and burdensome.
The Reserve Bank’s full communication, including a definition of “deposit-taker” is available on an information sheet from the Commission’s website (see link below), and you can also visit the Reserve Bank website, http://www.rbnz.govt.nz/, for more information.
However, the Reserve Bank also recommends that if you are concerned about being captured, you should talk to your solicitor and trustee.
Deposit-taker information sheet (PDF document, 37 Kb)