Regulatory Alerts2022-05-17
Reserve Bank of New Zealand Consultation Paper on Remaining NBDT Regulatory Requirements
The Reserve Bank of New Zealand proposes implementing the final stage of its regulatory framework for non-bank deposit takers by introducing licensing, fit and proper requirements, and distress management powers. The consultation seeks submissions on specific measures including mandatory licensing for entities taking deposits, vetting of directors and senior officers, and controls on changes of ownership to ensure prudential soundness. These amendments aim to close existing regulatory gaps, enhance investor confidence, and provide the Reserve Bank with necessary intervention powers to maintain financial system stability.
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