Regulatory Alerts2022-02-27
Trans-Tasman Council on Banking Supervision
The Reserve Bank of New Zealand outlines the development of the Trans-Tasman Council on Banking Supervision, established in 2005 to foster closer integration of Australian and New Zealand banking regulation. The council's recommendations led to the 2006 legislative amendments requiring APRA and the Reserve Bank of New Zealand to support each other in prudential regulation and to consult before taking actions that could detrimentally affect the other country's financial stability. These measures represent a significant advancement in home-host supervisory cooperation, imposing obligations on regulators and statutory managers to avoid detrimental cross-border impacts where reasonably practicable.
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