This notice, which comes into force on the day after the date of its notification in the Gazette, amends the Deposit Takers (Payment Facility Providers) Exemption Notice 2009 (the principal notice). The amendment is necessary because the exemptions and conditions in the principal notice are now to apply to Travelex Card Services Limited (HK) (Travelex (HK)) rather than Travelex Card Services Limited (UK) (Travelex (UK)), as was the case prior to this amendment.

The Reserve Bank of New Zealand (the Bank), after taking into account the principles set out in section 157F of the Reserve Bank of New Zealand Act 1989 (the Act) and satisfying itself as to the matters set out in section 157G(2) of the Act, considers it appropriate to grant the exemptions, by way of this amendment notice, to Travelex (HK) because,—

• for the reasons specified in the statement of reasons appended to the principal notice, the Bank has determined that payment facility providers (as defined in clause 4(1) of the principal notice, being deposit takers that issue call debt securities in New Zealand in the form of prepaid instruments), are exempt from all the requirements of the deposit takers regime, provided that they meet the relevant conditions specified in the principal notice:

• extending the exemptions in the principal notice to Travelex (HK) is consistent with the maintenance of a sound and efficient financial system, as Travelex (HK) intends to issue call debt securities in the form of prepaid instruments and will have to satisfy all the generic and individual conditions of the principal notice. Travelex (HK) (which will become a payment facility provider under the principal notice) is able to meet the eligibility criteria for the exemptions by satisfying (or being able to satisfy) the generic and individual conditions of the exemptions.