Regulatory Alerts2022-05-17
Regulations for Non-Bank Deposit Takers - Debt Securities and Suitability Concerns
The Minister of Finance recommends regulations under the Non-bank Deposit Takers Bill to declare debt-like building society shares as debt securities and prescribe specific suitability concerns for NBDT directors and senior officers. These measures aim to maintain prudential regulation for building societies while establishing clear triggers for assessing the fitness of individuals involved in public fund-raising activities. The proposed rules address insolvency, criminal convictions, regulatory investigations, and conflicts of interest to restore investor confidence and ensure sound governance within the sector.
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