Regulatory Alerts2022-05-17
Reserve Bank of New Zealand Consultation on Approving Credit Rating Agencies for Non-Bank Deposit Takers
The Reserve Bank of New Zealand issued this consultation paper to propose criteria and processes for approving credit rating agencies under the non-bank deposit taker regime established by the Reserve Bank of New Zealand Amendment Act (No 3) 2008. The document outlines that deposit takers must hold credit ratings from approved agencies by March 2010 and details the statutory key matters and principles the Reserve Bank must consider during the approval decision. It further specifies draft approval criteria covering independence, resources, objectivity, disclosure, and credibility, which are largely aligned with existing standards for banks.
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