1.0.02AA
CurrentMeaning of basic deposit product—prescription of prior notice requirement
Chapter 1Introductory
Part 1.0Miscellaneous
1.0.02AA Meaning of basic deposit product—prescription of prior notice requirement
(1)
This regulation is made for the purposes of subparagraph (d)(ii) of the definition of basic deposit product in section 9 of the Act.
(2)
The prior notice requirement for an ADI included in the class of ADIs specified in subregulation (3) is a period of not more than 7 days before a withdrawal or transfer of funds from a facility made available by the ADI.
(3)
The class of ADIs is ADIs entitled under the Banking Act 1959 to use any of the following expressions in relation to their financial business:
(a)
credit union;
(b)
credit society;
(c)
credit co‑operative;
(d)
building society.
This Act’s bill:Explanatory statement
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