Regulatory Alerts2022-05-17
Consultation on Proposed Type of Rating for Non-Bank Deposit Takers
The Reserve Bank of New Zealand proposes regulations under the Reserve Bank of New Zealand Act 1989 to require non-bank deposit takers to hold local currency, long-term, issuer credit ratings from approved agencies. This consultation seeks public submissions on why these specific rating types best capture creditworthiness while providing adequate risk information to depositors and minimizing compliance costs. The mandatory requirement for deposit takers to obtain and disclose these ratings is scheduled to commence on 1 March 2010.
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