Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698752476565.pdf (New Zealand)
2012/82 Deposit Takers (Funding Conduits) Exemption Amendment Notice 2012 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).
Contents Title Commencement Principal notice New clauses 12 and 13 inserted 12 Certain conditions of exemptions in clauses 5 to 6C do not apply to GPG Finance plc Further condition of exemptions in clauses 5 to 6C for GPG Finance plc 13 Schedule amended Revocations taking effect on 30 November 2012 Page 1 1 2 2 2 2 2 2 Notice Title This notice is the Deposit Takers (Funding Conduits) Exemp- tion Amendment Notice 2012.
Commencement This notice comes into force on the day after the date of its notification in the Gazette.

1 cl 3 3 4 Deposit Takers (Funding Conduits) Exemption Amendment Notice 2012 2012/82 Principal notice This notice amends the Deposit Takers (Funding Conduits) Exemption Notice 2010 (the principal notice).
New clauses 12 and 13 inserted Before the Schedule, insert: “12 Certain conditions of exemptions in clauses 5 to 6C do not apply to GPG Finance plc The conditions in clauses 7(d) and 8 do not apply to GPG Fi- nance plc.
“13 Further condition of exemptions in clauses 5 to 6C for GPG Finance plc The exemptions in clauses 5 to 6C for GPG Finance plc are subject to the further condition that GPG Finance plc must not allot any debt security after the date that the Deposit Tak- ers (Funding Conduits) Exemption Amendment Notice 2012 comes into force.” Schedule amended In the Schedule, insert in its appropriate alphabetical order: GPG Finance plc, a company in- corporated in England and Wales Guinness Peat Group plc, a com- pany incorporated in England and Wales Revocations taking effect on 30 November 2012 Revoke clauses 12 and 13 on the close of 30 November 2012.
In the Schedule, revoke the item relating to GPG Finance plc on the close of 30 November 2012.

5 6 (1) (2) 2 2012/82 Deposit Takers (Funding Conduits) Exemption Amendment Notice 2012 Statement of reasons Dated at Wellington this 8th day of May 2012.

Grant Spencer, Deputy Governor.

Statement of reasons This notice, which comes into force on the day after the date of its notification in the Gazette, amends the Deposit Takers (Funding Con- duits) Exemption Notice 2010 (the principal notice).
The amend- ments add GPG Finance plc to the list of deposit takers (known as specified funding conduits) in the Schedule of the principal notice.

This has the effect of exempting GPG Finance plc from certain sec- tions of the Reserve Bank of New Zealand Act 1989 (the Act), in- cluding section 157I, which requires deposit takers to have a current credit rating.
The exemptions are subject to conditions, including the condition in new clause 13 (inserted by clause 4 of this notice) that GPG Finance plc must not allot any debt security after the date that this notice comes into force.

New clauses 12 and 13 (which apply only to the exemptions for GPG Finance plc) and the item in the Schedule of the principal notice that makes GPG Finance plc a specified conduit for the purposes of the principal notice are revoked on the close of 30 November 2012.
This means that, from that date, GPG Finance plc will lose the benefit of all the exemptions provided by the principal notice.

GPG Finance plc was specified in the list of deposit takers in the Schedule of the principal notice and also had a temporary uncondi- tional exemption from section 157I until 31 March 2012.

On that date, the provisions of the notice relating to GPG Finance plc were revoked by the operation of clause 7 of the Deposit Takers (Funding Conduits) Exemption Amendment Notice (No 3) 2011.
The over- all effect of the amendments made by the current notice is therefore to reinstate for a further period, ending on 30 November 2012, the exemptions that GPG Finance plc had up until 31 March 2012, but subject to the additional condition precluding GPG Finance plc from allotting any further debt securities.
3 Statement of reasons Deposit Takers (Funding Conduits) Exemption Amendment Notice 2012 2012/82 • The Reserve Bank of New Zealand, after taking into account the prin- ciples in section 157F of the Act and satisfying itself as to the matters set out in section 157G(2), considers that it is appropriate to grant the exemptions because— • the reasons supporting the original grant of the exemptions to funding conduits continue to apply to GPG Finance plc: GPG Finance plc and its specified parent are in the process of taking the steps necessary to ensure that GPG Finance plc falls outside the non-bank deposit takers regime in Part 5D of the Act.
The exemptions will enable GPG Finance plc to finalise that process by cancelling its remaining outstanding debt securities or restructuring its business without having to comply with requirements that the Bank is satisfied would be unduly onerous in the circumstances (for example, the compli- ance costs that would be involved in requiring GPG Finance plc to obtain a credit rating in the intervening period and which would serve no useful purpose).
At the same time, because the exemptions are granted for a limited time and are subject to the condition that GPG Finance plc must not allot any further debt securities, the exemptions are not broader than reasonably necessary to meet the circumstances giving rise to the exemp- tions.

Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 10 May 2012.

This notice is administered by the Reserve Bank of New Zealand.
12 4 Wellington, New Zealand: Published under the authority of the New Zealand Government—2012